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Dillard’s posts decline in FY16 profit and net sales

By Prachi Singh

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Management

Dillard's reported net income for the 52 weeks ended January 28, 2017 of 169.2 million dollars or 4.93 dollars per share, compared to net income of 269.4 million dollars or 6.91 dollars per share, for the prior year 52-week period. Net sales for the year were 6.257 billion dollars against 6.596 billion dollars last year.

Commenting on the company’s full year trading, Dillard's Chief Executive Officer, William T. Dillard, II, stated in a statement, "Our operating results reflect another quarter of mall traffic declines from continued retail industry challenges. In response, we are ramping up our efforts to bring more distinctive brand and service experiences to Dillard's, both in-store and online. Our strong balance sheet provides us support in these challenging times, and during the year we returned 256 million dollars to shareholders."

Full year and fourth quarter highlights

The company said, total merchandise sales (which exclude CDI) decreased 5 percent, while sales in comparable stores for the period also decreased 5 percent.

For the fourth quarter, Dillard's net income was 56.9 million dollars, or 1.72 dollars per share, compared to net income of 84 million dollars or 2.31 dollars per share, for the prior year fourth quarter.

Net sales for the quarter were 1.936 billion dollars compared to 2.074 billion dollars for the 13 weeks ended January 30, 2016. Total merchandise sales (which exclude CDI) for the period were 1.896 billion dollars against 2.021 billion dollars for the 13-week period ended January 30, 2016, which represented a decrease of 6 percent. Sales in comparable stores also decreased 6 percent.

The company said, although all sales categories declined during the quarter, better performing categories relative to the total trend were ladies' apparel and men's apparel and accessories. Weakest performing categories were home and furniture and shoes. Sales were strongest in the eastern region followed by the western and central regions, respectively.

At January 28, 2017, the company operated 268 Dillard's locations and 25 clearance centers spanning 29 states and an Internet store at Dillards.com.

Picture:Dillard's

Dillard's