Moody’s Investors Service Wednesday upgraded Dillard’s Inc.’s corporate family rating one notch to “Ba1,” the highest level below investment grade, from “Ba2.”Moody’s also raised the Little Rock, Ark.-based department store retailer’s probably of default rating one notch to “Ba1” and its senior unsecured notes a tick to “Ba2” from “Ba3.”In assigning the ratings, Margaret Taylor, vice president and senior credit officer at Moody’s, noted the retailer’s “ability to maintain its operating margin above 5.5 percent [of sales] despite gross margin erosion in the fourth quarter.“It also reflects Moody’s belief that Dillard’s ongoing disciplined inventory management, which supports quickly clearing out excess inventory, will support it maintaining operating margins around its current levels going forward,” she wrote.In the fourth quarter ended Feb. 1, Dillard’s same-store sales rose 2 percent, but nearly all other metrics were down. Net income fell 26.2 percent, to $119.1 million, while revenues, including those for non-retail operations, were off 3.5 percent to $2.08 billion and gross margin fell 180 basis points to 32.8 percent of sales. The gross margin result was the poorest since 2008, according to J.P. Morgan analyst Matthew Boss.But the department store mitigated the damage by reducing cost of goods sold 0.8 percent, to $1.37 billion, and selling, general and administrative costs 7.5 percent, to $439.2 billion. Year-end inventories were up 3.9 percent to $1.35 billion.Shares of Dillard’s Wednesday closed at $92.84, up 0.3 percent, in New York Stock Exchange trading.
“I like everything she does,” said @lilkimthequeenbee about @parishilton at Hilton’s launch party for her collab with @boohoo. “She understands women and the certain body types. I think her clothes are so cute. It’s hot. She’s funny, but sexy at the same time, just like me.” #wwdeye (📸 @chelsealaurenla ) #parishilton #boohoo #lilkim
“It has to be authentic and real to me,” @charlotteslawrence tells WWD’s @leighen about writing her own music. “No matter what I’m singing, I have to still be able to feel it in that moment or in five years from now — I have to be able to connect to that moment: this is my story, this is a little piece of me.” Read more on wwd.com (📸: @jgreenery ) #wwdeye #charlottelawrence
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty