Dillard's Inc post net Income of $38mn for 13 weeks ended April 30, 05
25 May '05
4 min read
gross margin for the 13 weeks ended april 30, 2005 declined 90 basis points as a percentage of sales. the decline was driven by higher levels of markdowns. increased markdown activity was necessary during the quarter as the company monitored and responded to lower than expected sales performance as it maintained acceptable inventory levels. inventory increased primarily due to an increase relating to inventory in transit.
dillard's continues to execute key merchandise initiatives as it works to maintain relationships with existing loyal customers while attracting new customers with expanded offerings in upscale and contemporary fashions. the company will continue to use existing technology and research to edit its assortments by store to meet the specific preference, taste and size requirements of the local area.
advertising, selling, administrative and general expenses
advertising, selling, administrative and general ("sg&a") expenses declined $12.5 million to $497.3 million for the 13 weeks ended april 30, 2005 compared to $509.8 million for the prior year first quarter. savings were driven primarily by decreases in bad debt expense, payroll and communication costs as a result of the company's sale of its credit card business in november of 2004.
debt/interest expense
interest and debt expense declined $11.8 million during the 13 weeks ended april 30, 2005 as a result of lower debt levels. interest and debt expense declined to $2interest and debt expense declined to $26.2 million compared to $38.0 million for the thirteen weeks ended may 1, 2004.
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