by Lance Turner
Posted 8/15/2014 07:40 am
Updated 2 months ago
Dillard's Inc. of Little Rock posted a 5 percent drop in second-quarter earnings, but same-store sales rose 1 percent.
"Although our 1 percent comparable store sales increase led to a profitable quarter, we are somewhat disappointed in the bottom line performance," CEO William T. Dillard II said in a news release. "We are pleased with our inventory management during the quarter and with our ending inventory position."
The company said net income for the 13 weeks ended Aug. 2 was $34.5 million, or 80 cents per share, down from $36.5 million, or 79 cents per share, in the same quarter last year.
Net sales quarter were $1.475 billion, down 0.3 percent from $1.480 billion in the same quarter last year.
Dillard's missed analysts forecasts, according to Thomson Reuters, which called for profit of 86 cents per share and $1.53 billion in revenue.
Excluding net sales from the company's construction business, CDI Contractors LLC, total merchandise sales were $1.461 billion, dow 0.1 percent from the same time last year. Same-store sales were up 1 percent.
The company said sales trends were strongest in juniors' and children's apparel, followed by men's apparel and accessories. Sales were weakest in its home and furniture category.
Sales trends were strongest in Dillard's Central region, followed by the Eastern and Western regions.