Dillard’s Inc. reported higher revenue but substantially lower profits as the Little Rock-based mall retailer exited its third quarter.
The company disclosed third quarter revenues topped $1.486 billion and net income of $48.5 million. One year ago, Dillard’s posted $1.418 billion in third quarter income and $228.2 million in profits.
For the nine months ended October 27, 2012, Dillard’s eclipsed $4.597 billion in sales and revenue and $174.5 million in net income for the period.
Dillard’s CEO William T. Dillard, said he was buoyed by the 5% increase in sales from the previous year as well as other company internals.
“We are pleased with our gross margin improvement and expense control during the quarter as well as with our ending inventory level,” said Dillard. “We are entering the holiday season confidently based on these strong results and we look forward to serving our customers at the highest possible level in the coming weeks.”
Dillard’s shares (NYSE:DDS) opened trading on Thursday (Nov. 8) at $84.81.