Despite posting lower sales and earnings, Dillard’s did better than Wall Street expected in the second quarter.
A Yahoo Finance-published analyst consensus estimate had Dillard’s earning $4.66 per diluted share on revenues of $1.55 billion.
Comparable sales slipped 3% year over year in the quarter, Dillard’s reported. Net sales were $1.57 billion versus $1.59 billion in the year-prior period, while net revenues were $1.6 billion versus $1.62 billion.
In announcing the financial results, company CEO William Dillard, said, “The cautious consumer we noted in the first quarter continued in the first few weeks of the second, leading to a sales decline of 3%. We exited the quarter with inventory flat year over year while maintaining a strong retail gross margin of 40.4%. We repurchased $103 million of stock and ended the quarter with $924 million in cash and short-term investments.”
Dillard’s is closing its MacArthur Center location in Norfolk, VA, the company announced. It operates 274 Dillard’s stores, including 27 clearance centers, across 29 states as well as an e-commerce website at dillards.com.
