Dillard’s Q2 loss widens; to close three stores
Department stores woes continued as Dillard’s posted a much wider second-quarter loss than expected.
The department store retailer reported a net loss of $40.7 million, or $1.59 a share, for the quarter ended Aug.3, compared with a loss of $2.9 million, or 10 cents a share, in the year-ago period. Analysts had expected a loss of $0.67 cents a share.
Revenue fell to $1.427 billion from $1.468 billion in the year-ago period. Analysts estimated sales of $1.48 billion. Same-store sales fell 2%.
Dillard’s joined Macy’s and J.C. Penney in reporting disappointing sales. According to data by the U.S. Census Bureau, department stores saw monthly sales fall over 4% in July year-over-year.
Dillard’s strongest categories during the quarter were juniors’ and children’s apparel, men’s apparel and accessories and home and furniture. The weakest categories were ladies’ apparel and ladies’ accessories and lingerie.
Dillard’s announced that it will close its stores at Oakwood Mall in Enid, Oklahoma and Cary Village in Cary, North Carolina, along with a clearance center at Mall of the Bluffs in Council Bluffs.
The company operates 260 Dillard’s locations and 29 clearance centers spanning 29 states.
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