Consolidated gross margin for the second quarter of 2022 was 40.8 per cent of sales compared to 41.0 per cent of sales for the prior year second quarter. The company achieved a gross margin exceeding 40 per cent for the sixth consecutive quarter. Retail gross margin for the 13 weeks ended July 30, 2022 declined 20 basis points of sales to 41.5 per cent compared to 41.7 per cent for the prior year second quarter, the company said in a press release.
The net sales of Dillard’s in the second quarter of 2022 were $1.589 billion as compared to $1.570 billion in the second quarter of 2021. Total retail sales increased 1 per cent. Sales in comparable stores were flat. Stronger performing categories included men’s apparel and accessories and cosmetics. Ladies’ apparel was the weakest performing category.
The company has announced the upcoming closing of locations in Sikes Senter in Wichita Falls, Texas and East Hills Mall in St. Joseph, Missouri. Both locations are expected to close during the third quarter. Dillard’s confirmed its commitment to The Empire Mall in Sioux Falls, South Dakota. The new store is expected to open in the fall of 2023 and will mark the Company’s 30th state of operation.
“Business softened in the quarter as we lapped the strongest second quarter in our history. Our first half performance was far better than last year’s with net income up 21 per cent, earnings per share up 44 per cent and gross margin up 240 basis points. We repurchased $412 million of stock during the half versus $171 million last year,” chief executive officer William T. Dillard, II, said.
Fibre2Fashion News Desk (RR)