Dillard’s Sees Sales Drop but Profits Rise
May 16, 2009 by Stephen Kersey
Filed under Business
Dillard’s surprised many industry experts by posting a hefty profit in the first quarter of 2009. CEO William Dillard, II said that he was happy with how the company performed in the first three months of this year.
“We are pleased with our results for the first quarter considering the economic conditions in which we are operating,” said Dillard. “Our aggressive efforts with regard to inventory management, expense reduction and cash conservation clearly benefited us during the quarter.”
In the first quarter of 2008, Dillard’s posted a profit of $2.7 million. This year, that profit was up to $7.7 million. However, revenue was down – from $1.67 billion to $1.47 billion.
Despite the good news in the profit department, investors on the stock market weren’t too impressed. Dillard’s stock remained steady at $7.51 after the news of the profit.
Dillard's (Image: Flickr)
