Dillard's Inc.(NYSE: DDS) reported strong fiscal third-quarter earnings reflecting a 4.9 percent increase on positive comp-store sales and lowered operating expenses. The numbers topped expectations and continue the chain's multiyear streak of double- to triple-digit quarterly profit growth.
The Little Rock, Ark.-based department store operator earned net income of $50.9 million, or $1.13 per share, compared to $48.5 million, or $1.01 per share last year. Revenue increased 1.4 percent to $1.51 billion.
Year to date, Dillard's reported a 17.3 percent increase in net income to $204.6 million, or $4.43 per share, compared to $174.5 million, or $3.55 per share for the same period last year. Another bright spot for the retailer was an increase of 1 percent in comp-store sales.
"Another positive comparable store sales increase and expense control highlighted our third quarter at Dillard's, as did our aggressive execution of $187 million of share buyback," said William T. Dillard II, CEO, in a statement. "In spite of a somewhat disappointing 30 basis point decline in merchandise gross margin, we were pleased to deliver increased net income."
The retailer attributed the strong growth to women's accessories, apparel, shoes and lingerie and a 0.5 percent decrease in overhead costs.
Dillard's shares were up 2 percent at a five-month high of $91.43 in afternoon trading on the stock market today.
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