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22.02.2016 23:27:54

Dillard's Q4 Profit Drops - Update

(RTTNews) - Dillard's Inc. (DDS) Monday reported a drop in profit for the fourth quarter, hurt largely by lower sales and poor margins, with both earnings and revenue falling short of Wall Street estimates.

Commenting on the results, Chief Executive William Dillard said, "The fourth quarter was difficult. As sales came in less than planned, we worked hard to control our inventory during an unusually competitive environment. Sales were particularly weak on the Southern border and in the energy producing regions."

Little Rock, Arkansas-based Dillard's fourth-quarter profit dropped to $84.0 million or $2.31 per share from $130.5 million or $3.17 per share last year. Analysts polled by Thomson Reuters estimated earnings of $2.48 per share for the quarter.

Dillard's sales for quarter dropped to $2.07 billion from $2.14 billion last year. Analysts had a consensus revenues expectation of $2.10 billion.

Sales in comparable stores for the quarter decreased 2 percent.

Sales trends were strongest in home and furniture followed by ladies' accessories and lingerie, while sales were notably weak in juniors' and children's apparel and shoes.

Consolidated gross margin for the 13 weeks ended January 30, 2016 declined 318 basis points. Selling, general and administrative expenses, as a percentage of sales, rose to 21.7 percent from 21.4 percent last year.

DDS closed Monday's trading at $72.45, up $0.63 or 0.88%, on the NYSE. The stock further dropped $1.95 or 2.69% in the after-hours trade.

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