(Filed Under Financial and General Interest News). Dillard’s, Inc. reported an 85 percent jump in net income for the third quarter of 2011. Net income reached $26.6 million, or 50 cents a share, up from $14.4 million, or 22 cents a share, in the third quarter of 2010.
Comparable store sales rose 5 percent, while net sales increased 2.9 percent to $1.38 billion. Gross margins moved from 36.2 percent to 36.4 percent due to the company’s cost-cutting measures, including closing stores and reducing inventory.
"This record-setting third-quarter performance further solidifies our confidence in our strategy as we enter the holiday season," stated C.E.O. William T. Dillard.
At the end of the quarter, Dillards, Inc. was operating 288 full-line stores and 16 clearance centers spanning 52.9 million square feet in 29 states.
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