LITTLE ROCK, Ark. -- Profits at Dillard Department Stores inched ahead 0.8 percent in the fourth quarter ended Jan. 29, while sales rose 6.2 percent.
In the quarter, Dillard earned $111.3 million, or 99 cents a share, up slightly from $110.4 million, or 98 cents, a year earlier. The company said it recorded a charge of $6.6 million, or 6 cents, related to a 1 percent increase in its corporate tax rate.
Sales rose to $1.63 billion from $1.54 billion a year earlier, and same-store sales were up 3 percent.
Peter Schaefer, an analyst at Johnson Redbook, pointed out that even after excluding the 6 cents charge earnings were below his expectations of $1.12.
Schaefer blamed the lower-than-expected results on Dillard's inability to lower selling, general and administrative expenses as a percentage of sales.
For the year, profits rose 2 percent to $241.1 million, or $2.14 a share, from $236.4 million, or $2.11, in the prior year. Sales improved 8.8 percent to $5.1 billion from $4.7 billion, and same-store sales increased 3 percent.
Dillard operates 227 department stores in 20 states with an aggregate of 35.2 million square feet. Ten stores were opened last year and one was closed.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"