Dillard’s Inc. reported a higher-than-expected adjusted quarterly profit Thursday, helped by stronger sales and leaner inventories and costs.

For the quarter ended Oct. 27, the department store posted net income of $48.5 million, or $1.01 a diluted share, compared with year-ago income of $228.2 million, or $4.31 a share.

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Excluding one-time tax items including a credit last year, the retailer earned 96 cents a share in the quarter versus 48 cents a year earlier.
Net sales for the quarter gained 4.8 percent to $1.45 billion from $1.38 billion.

Analysts’ expected earnings per share of 72 cents on sales of $1.41 billion.
“We are entering the holiday season confidently based on these strong results and we look forward to serving our customers at the highest possible level in the coming weeks,” chief executive officer William Dillard II said.