A mixed earnings report caused shares of Dillard’s Inc. to plummet.
The company released first-quarter results for the period ending May 4 after the bell on Wednesday, improving on top-line sales, but falling short on income.
Total sales were $1.46 billion, up from $1.45 billion the same time last year. That’s a 1 percent increase. Yet, net income was $78.6 million, compared with $80.5 million a year earlier. The department store also reported flat same-store sales.
Company shares, which closed down 0.97 percent Wednesday to $63.39, fell by more than 8 percent during after-hours trading.
In a press release, the company said sales were strongest in juniors’ and children’s apparel, followed by things like home and furniture, men’s apparel and accessories. Meanwhile, shoes and cosmetics underperformed.
During the quarter, the retailer, which operates 261 Dillard’s locations and 28 clearance centers in 29 states, also repurchased $17.4 million worth of Class A common stock, or about 0.2 percent of those outstanding, under its $500 million share-repurchase program.