For its fourth quarter, Dillard’s reported net income of 67 million dollars or 3.05 dollars per share compared to 67.7 million dollars or 2.75 dollars per share, for the prior year fourth quarter. Net sales for the quarter were 1.570 billion dollars compared to 1.923 billion dollars, last year, while total retail sales excluding CDI were 1.521 billion dollars against 1.879 billion dollars. The company said, total retail sales decreased 19 percent and sales in comparable stores for the period decreased approximately 17 percent.
Commenting on the results, Dillard’s Chief Executive Officer William T. Dillard, II stated in a statement: “We ended the year with 360 million dollars in cash and inventory down 26 percent. Retail gross margin improved 171 basis points, and operating expenses declined 123 million dollars.”
For the full year, Dillard’s reported a net loss of 71.7 million dollars or 3.16 dollars per share compared to net income of 111.1 million dollars or 4.38 dollars per share, for the prior year 52-week period. Net sales for the year were 4.301 billion dollars compared to 6.204 billion dollars, last year. Total retail sales for the year were 4.160 billion dollars against 6.012 billion dollars, down 31 percent.
The company operates 250 Dillard’s locations and 32 clearance centres spanning 29 states and an Internet store at Dillards.com.