Dillard's swings to profit, beats street

LITTLE ROCK, Ark. Dillard's has announced sales results for the 13 weeks ended Oct. 31.

Net income for 13 weeks ended Oct. 31 was $8 million, or 11 cents per share, compared with a net loss for 13 weeks ended Nov. 1 the prior year of $56 million, or 76 cents per share. Net sales were $1.36 billion compared with net sales the prior year of $1.51 billion. Total merchandise sales were $1.32 billion, declining 11% during 13-week period ended Oct. 31 compared with 13 week period ended Nov. 1 the prior year. Merchandise sales in comparable-stores declined 9%.

Dillard’s CEO, William Dillard, II, stated, “[E]ven with the substantial inventory decline [of 22%] at the end of the quarter, we believe we are well-positioned to meet anticipated fourth quarter holiday demand with a steady flow of compelling product receipts throughout the season.”