Department store chain Dillard’s Inc. of Little Rock on Thursday reported a net loss $17.1 million, or 58 cents per share, compared with net income of $12.1 million, or 35 cents per share, in the same quarter last year.
Net sales were $1.43 billion compared with $1.45 billion in the comparable quarter last year. Same-store sales declined 1 percent.
“Significant markdowns led to a disappointing loss as we dealt with inventory, which was up 2 percent at quarter end,” CEO William T. Dillard said in a news release.
Shares of Dillard’s (NYSE: DDS) were trading down about 15 percent to $62.35 on Thursday.
Same-store sales have now logged year-over-year declines in each of the last eight quarters. During a brief, five-minute shareholders’ meeting in May, Dillard said that, despite the negative news surrounding the retail industry, he was encouraged with some recent trends.
“Business has actually not been too bad from the middle of February until now,” Dillard said in May. “I’m actually encouraged where we are going to be in the future.”
The meeting came on the heels of a first-quarter earnings report that showed net income down 14 percent from the same quarter last year.
In the second quarter, Total merchandise sales were $1.38 billion compared with $1.40 billion in the comparable period last year. The retailer said sales “increased slightly” in ladies’ apparel and were “consistent with the company trend” in juniors’ and children’s apparel, ladies’ accessories and lingerie and men’s apparel and accessories.
Sales in shoes were below trend, as were sales in cosmetics and home and furniture.
Dillard’s said sales were “slightly above trend” in the Eastern region,…
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