Little Rock, Ark. – Dillard’s Inc. reported declining net income for the fourth quarter and fiscal year 2014. Compared to the same period a year earlier, Dillard’s reported a 26% decline in net income to $119.1 million from $161.4 million.
Net sales in the fourth quarter declined 3% to $2.03 billion from $2.1 billion, and same-store sales grew 2%. During the fiscal year, net income dropped about 4% to $323.7 million from $336 million, and net sales slightly declined to $6.53 billion from $6.59 billion. Same-store sales rose 1%.
Looking ahead, Dillard’s plans to open two new stores in October 2014: a 200,000-sq.-ft. location in The Shops at Summerlin in Las Vegas and a 180,000-sq.-ft. location in The Mall at University Town Center in Sarasota, Fla.
Dillard’s cited the extra week in the 53-week fiscal 2013 period, as well as one-time tax benefits and after-tax gains, as reasons for the year-over-year drop in net income.