DILLARD’S BLAMES MEN’S APPAREL FOR LOWER THIRD-QUARTER
Dillard’s, Inc. announced operating results for the 13 weeks which ended October 31, 2015. Both net income and net sales were lower than in 2014, with a weakness in men’s apparel and accessories being mentioned as part of the cause for the decline.
Dillard’s reported net income in the period of $45.7 million, or $1.19 per share, compared to net income of $55.2 million, or $1.30 per share, for the prior year third quarter. Net sales in the period, were $1.435 billion, just slightly below last year’s third quarter. Sales in comparable stores for the period decreased 4 percent.
According to the company, better performing categories for the quarter were shoes, juniors’ and children’s apparel, cosmetics, and ladies’ apparel, while weaker performing categories were men’s apparel and accessories, ladies’ accessories and lingerie, and home and furniture. Sales were strongest in the Eastern region, followed by the Western and Central regions, respectively.
As of October 31, 2015, the Company operated 274 Dillard’s locations and 23 clearance centers spanning 29 states and an Internet store at www.dillards.com.
In a release, Dillard’s CEO, William T. Dillard, II, stated: “We are disappointed with our third quarter sales performance and in the resulting decline in profit. Share buyback remained a high priority, and we repurchased $175 million of stock under our share repurchase program.”
In early morning trading, Dillard’s stock had lost about 7 percent of its value since the opening of the market, and was down approximately 18 points since its high point of $89.14 on November 10.
