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Shares of Dillard's (DDS) - Get Dillard's Inc. Report fell more than 10% on Thursday after the department store chain reported earnings that were flat with a year earlier.

The earnings report prompted analysts at Wedbush Securities to cut their price target for the second time in a month.

Dillard's said net income for its first quarter ended May 4 was $78.6 million, or $2.99 a share, vs. $80.5 million, or $2.89 a share in the comparable year-earlier quarter. Analysts polled by FactSet had been expecting earnings of $2.84 a share.

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Revenue was $1.47 billion compared to $1.46 billion. Retail gross margins, an indicator of the cost of stocking shelves with goods vs. revenue from sales, dropped 141 basis points, the company said.

The lackluster results spurred Wedbush analysts to cut their target price on the stock to $55 from $65, their second price-target reduction in less than a month.

On April 22, Wedbush lowered its rating on the company to underperform from neutral and reduced its 12-month price target to $65.

Shares of Dillard's tumbled 10.42%, or $4.95, to $56.84 in Thursday afternoon trading on the New York Stock Exchange. The stock has fallen nearly 17% over the past month.