Dillard’s net income drops in Q2

Little Rock, Ark. – Dillard’s Inc. reported net income of $34.5 million for the second quarter of fiscal 2014, down 5% from $36.5 million the same period the prior year. Increased markdowns and the loss of after-tax credits and gains drove the decline in net income.

Net sales slightly fell to $1.47 billion from $1.48 billion, although same-store sales rose 1%. Sales trends were strongest in juniors’ and children’s apparel followed by men's apparel and accessories. Sales were weakest in the home and furniture category. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.

"Although our 1% same-store sales increase led to a profitable quarter, we are somewhat disappointed in the bottom line performance,” said William T. Dillard II, CEO. “We are pleased with our inventory management during the quarter and with our ending inventory position."

 

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