Dillard's Inc. of Little Rock on Wednesday reported its first-quarter net income fell 2% and same-store sales were flat.
The publicly traded department store chain (NYSE: DDS) beat Wall Street expectations for earnings per share by 22 cents and beat revenue expectations by $10 million. Revenue was $1.5 billion for the quarter.
Dillard’s reported quarterly profit of $78.6 million, or $2.99 cents per share, down from $80.5 million, but up from $2.89 cents per share, in the same quarter last year.
Included in net income is a pretax gain of $7.4 million related to the sale of two stores, according to a press release.
Dillard’s also repurchased approximately 200,000 shares for $17.4 million during the first quarter of 2019. The company’s stock price late Wednesday afternoon was $63.39, down slightly from $63.84 when the market opened Wednesday.
Total merchandise sales, which exclude revenue from the company's construction company, CDI Contractors of Little Rock, were $1.42 billion, up 1% from the same quarter last year. Net sales were $1.47 billion, up from $1.46 billion.
Dillard's said sales were strongest in juniors’ and children’s apparel, followed by home and furniture and men’s apparel and accessories.
Sales in shoes and cosmetics were below trend.
The strongest sales were in the Eastern region, followed by the Central and Western regions, respectively.
Dillard’s operates 261 Dillard’s locations and 28 clearance centers across 29 states.