Dillard’s operates 274 stores in 29 US states. Credit: Robert Stinnett/ Flickr (Creative Commons).

Department store chain Dillard’s has generated $3.013bn in sales in the first half (H1) of fiscal year(FY) 2023, down 4% from the same period in FY22.

For the 26 weeks ending 29 July 2023, the retailer’s comparable store sales declined by 4%.

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Dillard’s posted a net income of $333.0m in H1 FY23, down from $414.5m in the same period a year ago.

Its earnings per share (EPS) were $19.89 compared to $23.07 in the prior year’s period.

The retailer’s consolidated gross margin accounted for 41.3% of sales in H1 FY23 and its retail gross margin was 43.0% of sales during the period.

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In the second quarter of FY23, the retailer’s total retail sales were $1.49bn, down 3% from the corresponding period in FY22. The figure excludes the company’s construction business, CDI Contractors.

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Dillard’s reported net income of $131.5m over the quarter, compared to $163.4m and an EPS of $7.98 in Q2 FY23 against $9.30.

The retail gross margin, excluding CDI, represented 40.4% of sales in Q2 FY23 compared to 41.5% of sales a year ago.

The retailer saw its gross margin drop in the men’s apparel and accessories categories. It decreased moderately in juniors’ and children’s apparel.

Dillard’s chief executive officer William Dillard II said: “The cautious consumer we noted in the first quarter continued in the first few weeks of the second, leading to a sales decline of 3%. We exited the quarter with inventory flat year over year while maintaining a strong retail gross margin of 40.4%. We repurchased $103m of stock and ended the quarter with $924m in cash and short-term investments.”