Dillard's, Inc. Reports Third Quarter Results

Dillard's, Inc. (NYSE: DDS) (the "Company" or "Dillard's") announced operating results for the 13 and 39 weeks ended October 29, 2016. This release contains certain forward-looking statements. Please refer to the Company's cautionary statements regarding forward-looking information included below under "Forward-Looking Information."

Third Quarter Results

Dillard's reported net income for the 13 weeks ended October 29, 2016 of $22.8 million, or $0.67 per share, compared to net income of $45.7 million, or $1.19 per share, for the prior year third quarter. Included in net income for the prior year third quarter is a net after-tax credit of $6.0 million ($0.16 per share) related to the sale of three store locations.

Net sales for the 13 weeks ended October 29, 2016 and for the 13 weeks ended October 31, 2015 were $1.366 billion and $1.435 billion, respectively. Net sales includes the operations of the Company's construction business, CDI Contractors, LLC ("CDI").

Total merchandise sales (which excludes CDI) for the 13-week period ended October 29, 2016 were $1.323 billion and $1.382 billion for the 13-week period ended October 31, 2015. Total merchandise sales decreased 4% for the 13-week period ended October 29, 2016. Sales in comparable stores for the period decreased 4%. Although all categories declined, better performing categories relative to the total trend were home and furniture, juniors' and children's apparel, ladies' apparel and men's clothing and accessories. Weaker performing categories were ladies' accessories and lingerie, cosmetics and shoes. Sales were strongest in the Western region, followed by the Central and Eastern regions, respectively.

Dillard's Chief Executive Officer, William T. Dillard, II, stated, "Our sales decline continued to weigh heavily on profitability during the third quarter. As we work through this tough time, we are focused on improving customer experience through attracting and maintaining premium brands while providing exceptional service. Shareholder return remains a priority, and we returned $55 million of cash to shareholders through share repurchase and dividends."

If you liked this article you might like

Wall Street Overlooks Trump's North Korea Threats to Hit New Records

Best Buy Disappointment Sends Retailers Into a Spin

Stocks on Track for Records Even as Trump Goes After North Korea

Stock Observations; Reviewing Equities: Doug Kass' Views

Amazon Could Kill 400 of the 1,200 Malls in the United States -- Here's How