by Lance Turner
Posted 11/9/2017 03:46 pm
Updated 1 week ago
Dillard's Inc. of Little Rock on Thursday reported third-quarter net income of $14.5 million, down 36 percent from the same quarter last year, as same-store sales were affected by hurricanes in Texas and Florida.
The publicly traded department store chain (NYSE: DDS) said earnings came in at 50 cents per share, down from 67 cents in the same quarter last year. Results from the latest quarter included an 11 cents per share gain on disposal of assets and a 2 cents per share loss on on extinguishment of debt.
Same-store sales were down 1 percent, the retailer said, making it the ninth consecutive quarter of declines. Net sales were $1.355 billion, up from $1.366 billion in the same quarter last year. Excluding revenue from its construction company, CDI Contractors LLC, the company had merchandise sales of $1.313 billion, down from $1.323 billion in the same quarter last year.
"Hurricanes Harvey and Irma affected our two largest states, Texas and Florida, leading to a sales decline of 1 percent," CEO William T. Dillard II said in a news release. "Excluding these events, we believe sales would have been flat for the quarter. We were encouraged by positive sales trends in the past few weeks of the quarter, and we hope it continues."
The company did not offer details about any hurricane damage at its stores except to say it was "minimal."
The company said sales of ladies' apparel were "notably above" average company sales trend, with above-trend performances also noted in ladies' accessories and lingerie and juniors' and children's apparel.
Sales were "slightly above" trend in men's apparel and accessories and "consistent" with trend in home and furniture. The company said sales were "slightly below" trend in shoes and "significantly below" trend in cosmetics.
Dillard's said sales were strongest in its western and eastern regions, followed by its central region.
As of Oct. 28, Dillard's operated 268 stores and 25 clearance centers in 29 states. Total square footage was 49.1 million SF.