Dillard’s Inc. said second-quarter profits fell 59.5 percent.
For the three months ended July 30, the company said net income fell to $12.1 million, or 35 cents a diluted share, from net income of $29.9 million, or 75 cents, a year ago. Net revenues fell 4 percent to $1.49 billion from $1.55 billion, which included a 4.1 percent decrease in net sales to $1.45 billion. The company said comparable-store sales fell 5 percent.
By segment, the retailer said sales in all categories had declines. The stronger performing segments included women’s apparel, men’s apparel and accessories. Sales in home and furniture were significantly weaker, Dillard’s said.
For the six months, net income fell 35.8 percent to $89.5 million on a 4.3 percent decline in net revenues to $3.03 billion. Net sales in the six months fell 3 percent to $2.96 billion.
Chief executive officer William T. Dillard, II, said, “The challenges facing apparel retailers continued through the second quarter, and our poor results reflect this. In spite of weak sales, we returned $57 million to shareholders through stock repurchases and dividends. While we continue to deal with weakness in the fashion retail industry, we believe we are in good financial shape for the long term.”
The company said it closed its clearance centers at South Towne Center in Sandy, Utah and at Plaza Central, formerly the Six Flags Mall, in Arlington, Tx. It operates 272 Dillard’s stores and 22 clearance centers across 29 states, as well as its internet business.