Dillard’s Q3 profit jumps on lower inventory and expense control
Little Rock, Ark. Dillard’s said Friday its third-quarter profit surged 80% benefiting from improved margins, reduced expenses and lower inventory.
The department store operator reported net income of $14.4 million for the period ended Oct. 30, up from $8 million a year ago. Revenue dipped 1% to $1.37 billion from $1.39 billion.
Dillard’s lowered its advertising, selling, administrative and general expenses to $398.5 million from $402.1 million during the quarter.
The chain said its gross margin from retail operations improved because of its tightened inventory which led to fewer markdowns.
Inventory at stores open at least a year fell 2%.
Barnes & Noble testing in-store interactive play spaces
New York City — A report released Thursday said that Barnes & Noble has launched a test of store-in-store toy boutiques at a few select locations, in order to boost sales and fill shelf space.
According to a report by Reuters, the retailer has opened five 3,000-sq.-ft. play areas over the last week, featuring educational toys and games.
The five stores, open on a trial basis, are located in New York, New Jersey and Connecticut. Barnes & Noble has said it will open more if the boutiques prove successful during the upcoming holiday season. The retailer is also broadening its array of items at its children’s department at 500 stores for the 2010 holiday season.
"It could be huge for us," William Lynch, CEO, said in the report.
But the company, which operates about 720 stores, has said it has no plans to significantly reduce its store count and instead intends to repurpose much of its floor space these children’s toy areas and for demonstrations of its Nook e-readers.
Barnes & Noble put itself up for sale in August and in September fended off a proxy fight waged by dissident investor Ron Burkle.
Kmart offers in-store pickup for online purchases
Hoffman Estates, Ill. — Sears Holdings Corp. said Thursday that its Kmart division has launched an in-store pickup program for online purchases this holiday season.
Kmart customers who buy items online can pick up their purchases on the same day at more than 600 locations. Customers can now buy items through the Kmart2go mobile website or smartphone applications and select in-store pickup. The apps also can be used in-store for product information.
The company said it is able to offer same-day pickup through its newly expanded mygofer service, an Internet company that works with retailers. It is also owned by Sears.