Dillard’s has released operating results for the second quarter of 2021.
“The strong consumer demand we saw in the first quarter continued throughout the second quarter. This momentum, combined with our continuing focus on inventory and expense control, produced a sequential record performance. We ended the quarter with $670 million in cash even after repurchasing $112 million of stock,” William T. Dillard, Chief Executive Officer.
Second Quarter Metrics:
- Total retail sales increased 72%
- Net income of $185.7 million compared to a net loss of $8.6 million
- Net income of $8.81 per share compared to a net loss of $0.37 per share
- Retail gross margin of 41.7% compared to 31.1%
- Inventory decreased approximately 13%
- Operating expenses were $365.9 million (23.3% of sales) compared to $267.1 million (29.1% of sales)
- Share repurchases of $112.2 million during the quarter
- Cash flow provided by operations of $492.4 million compared to $294.5 million of cash used in operations (26 weeks)
- Ending cash of $669.5 million compared to $82.9 million with no short-term borrowings compared to $229.6 million
Source: Dillard’s Press Release
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