LITTLE ROCK, Ark. (AP) — Dillard's Inc. said Wednesday that its fiscal second-quarter net income increased nearly 18 percent as its costs dropped and margins improved.
The company, based in Little Rock, Ark., operates 282 Dillard's department store locations, as well as clearance centers and its online store.
Dillard's reported net income of $36.5 million, or 79 cents per share, for the period that ended Aug. 3. That is up from $31 million, or 63 cents per share, in last year's second quarter.
Sales revenue slipped to $1.48 billion from $1.49 billion, service charges and other income fell as well. That led to total revenue of $1.52 billion versus $1.53 billion.
The quarter's profit far exceeded market expectations and its shares jumped in after-hours trading following the release.
Analysts polled by FactSet, on average, were anticipating earnings of 74 cents per share on revenue of $1.53 billion.
Dillard's said that its revenue from stores open at least a year increased 1 percent. This is considered a key indicator of financial performance, as it strips away the impact of recently opened and closed stores.