Dillard’s boosts quarterly income, revenue

by The City Wire staff ([email protected]) 29 views 

Dillard’s Department Stores nearly doubled its second quarter profit in route to another stellar quarter of financial performance.

The Little Rock-based mall and online retailer reported second quarter 2012 net income of $31 million on revenue of $1.525 billion.

One year ago, Dillard’s reported net income of $17.6 million on sales and income of $1.476 billion.

“Continuing on the momentum of a successful first quarter, we are proud to report a 97% increase in second quarter earnings per share. Our 3% sales increase combined with gross margin improvement and control of our expenses enabled us to report a notable improvement in operating results today,” CEO William T. Dillard II, said in the earnings report/ “Additionally, with strong cash flow during the quarter, we repurchased $134.6 million of Class A Common Stock under our share repurchase program.”

Highlights of Dillard’s second quarter included:
• A 3% increase in comparable store sales;
• Merchandise gross margin improvement of 70 basis points of sales; and,
• Operating expense leverage of 70 basis points of sales.

Dillard’s shares closed trading on Wednesday at $70.31. The company’s stock has traded between $38.99 and $72.46 during the past year.