Good times for Dillard’s as the retailer saw its Q3 year-over-year (Y-o-Y) retail sales shoot up by 47 per cent to US $ 1.46 billion. When compared to the same period in 2019, the rise has been 9 per cent.
The American clothing and footwear retailer saw its store comps rise by 48 per cent Y-o-Y in the said period.
Notably, sales of juniors and children’s apparel and men’s apparel and accessories significantly outperformed other categories, when compared to the performance back in 2019.
The most noteworthy aspect, however, was the retailer’s Q3 net income surging by a massive 518 per cent to US $ 197.3 million – owing also to a net tax benefit of US $ 32.4 million from the Coronavirus Aid, Relief and Economic Security Act.
Besides, Dillard’s saw the retail gross margin (excluding construction sales) rise by a good 46.7 per cent Y-o-Y.
More on this, William Dillard, CEO, Dillard’s, said that the third quarter has turned out to be another record quarter for the retailer and that the company is sitting on US $ 620 million in cash.
Many experts believe despite good performance, Dillard’s will have to work on some of the challenges that it faces like still having an older customer base and relying heavily on apparels.
Known majorly for clothing, footwear, bedding, furniture and beauty products, amongst others, Dillard’s has around 282 stores in 29 states and is headquartered in Little Rock, Arkansas.
