US fashion retailer Dillard's Q2 net income skyrockets to $186 mn

14 Aug '21

2 min read

Pic: Dillard's

With ladies' apparel and shoes sales significantly outperforming other merchandise categories, the US based luxury department store chain Dillard's recorded sales of $1.6 billion in second quarter (Q2) of FY21 ended on July 31, 2021, against $919.0 million in the same period of 2020. Net income shot up to $185.7 million (Q2 FY20: loss $8.6 million).

“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,” William T Dillard, II, chief executive officer at Dillard's, said in a press release.

Cost of sales in the quarter surged to $927.2 million ($639.8 million), while income before income taxes expanded to $240.3 million against loss of $33.4 million in Q2 FY20.

Retail sales escalated 72 per cent in the three-month period to $1.5 billion ($893.2 million). These retail figures also improved 12 per cent compared to same period’s sales in 2019 ($1.4 billion).

The American retailer closed its Paradise Valley Mall location in Phoenix, Arizona, during the second quarter and further plans to close its clearance centre at Valle Vista Mall in Harlingen, Texas in Q3. Dillard's plans to open its new location at Mesa Mall in Grand Junction, Colorado during current quarter.

Fibre2Fashion News Desk (JL)

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