Dillard’s Q3 comparable sales decline but net income improves
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Dillard's Chief Executive Officer, William T. Dillard, II, stated, “Returning cash to shareholders was a high priority during the quarter, and we completed the remaining 224.5 million dollars of share repurchase authorization. Although comparable sales declined 1 percent, we were pleased with a 69 basis point merchandise gross margin improvement.”
Dillard's reported net income for the 39 weeks ended November 1, 2014 of 201.4 million dollars, or 4.67 dollars per share, compared to net income of 204.6 million dollars, or 4.43 dollars per share, for the prior year 39-week period. Included in net income for the current 39-week period is a net after-tax credit of 3.8 million dollars or 0.09 dollars per share related to the sale of a store location.
Net sales for the 13 weeks ended November 1, 2014 were 1.460 billion dollars and 1.469 billion dollars for the 13 weeks ended November 2, 2013. Total merchandise sales were 1.422 billion dollars and 1.437 billion dollars for the 13-week period ended November 2, 2013. Total merchandise sales decreased 1 percent and sales in comparable stores for the period decreased 1 percent.
Sales trends were strongest in juniors' and children's apparel followed by men's apparel and accessories. Sales were weakest in the home and furniture category. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.
Net sales for the 39 weeks ended November 1, 2014 were 4.486 billion dollars and 4.498 billion dollars for the 39 weeks ended November 2, 2013. Sales in comparable stores for the period increased 1 percent. At November 1, 2014, the company operated 280 Dillard's locations and 18 clearance centers spanning 29 states and ecommerce platform.