Dillard’s has announced record third quarter operating results, showcasing strength in comparable retail sales.
Selected Q3 Financial Metrics:
- Comparable retail sales increased 48%
- Net income of $197.3 million compared to net income of $31.9 million
- Net income of $9.81 per share compared to net income of $1.43 per share
- Retail gross margin of 46.7% compared to 36.6%
- Operating expenses were $393.2 million (26.5% of sales) compared to $318.2 million (31.0% of sales)
- Share repurchases of $239.2 million (approximately 1.2 million shares)
- Cash flow provided by operations of $728.0 million compared to $62.9 million of cash used in operations (39 weeks)
- Ending cash of $619.7 million compared to $61.1 million with no short-term borrowings compared to $15.0 million
“We are pleased to report another record quarter. Continued strong sales combined with record gross margin and expense control produced $197 million of net income. We ended the quarter in another strong cash position of $620 million after repurchasing $239 million of stock,” said Dillard’s Chief Executive Officer, William T. Dillard.
Compared to pre-pandemic numbers in 2019, store retail sales for the first 39 weeks of 2021 increased 7%.