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Dillard`s second quarter net income rises on better gross margins

Published: 22:47 13 Aug 2010 BST

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Dillard’s Inc (NYSE:DDS), a fashion apparel company, increased net income for the second quarter of 2010 on a year-to-year basis as a result of improved gross margins.

Net income for the three month period ended July 31, 2010, totalled $6.8 million, or $0.01 per share, on revenues of of $1.389 billion.  For the second quarter of 2009, net income totalled ($26.7) million, or ($0.36) per share, on revenues of $1.428 billion. 

Gross margins improved in the second quarter of 2010 to 33% compared to 30% for the second quarter of 2009.  Improved inventory management, which reduces the risk of marking down prices, was responsible for the increase.

Cash flow of operations reported under GAAP totaled $128.7 million for the second quarter of 2010 compared to $183.1 million for the second quarter of 2009. 

The company also completed their share repurchase program by purchasing $77.6 million worth of shares during the quarter.  Approximately $105 million worth of shares were repurchased duing the first quarter.  A total of 7.2 million shares were repurchased through the program leaving 62.8 million shares outstanding at the end of second quarter 2010. 

Arkansas-based Dillard’s Inc. sells fashion apparel for both men and women.  The company operates in 29 states through its 296 retail stores and 14 clearance centers.   The company also sells merchandise through its website.

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