Gross margin from retail operations (which excludes CDI) was 37.1% (of sales) for the 13 weeks ended October 27, 2012 compared to 36.7% for the prior year third quarter. Consolidated gross margin for the 13 weeks ended October 27, 2012 was 36.6% compared to 36.3% during the prior year third quarter. Inventory in comparable stores decreased 1% at October 27, 2012 compared to October 29, 2011.
Advertising, Selling, Administrative and General Expenses
Advertising, selling, administrative and general expenses decreased approximately 140 basis points of sales during the 13 weeks ended October 27, 2012 compared to the 13 weeks ended October 29, 2011.
Operating expenses were $404.6 million (27.9% of sales) and $404.8 million (29.3% of sales), respectively. During the third quarter, cost savings in advertising were mostly offset by increases in payroll and services purchased.
Dillard's Inc