Dillard's Posts Q1 Loss, Re-opens 149 Locations; Shares Up 6%

(RTTNews) - Dillard's, Inc. (DDS) Thursday reported first quarter loss of $162.0 million or $6.94 per share, compared to net income of $78.6 million or $2.99 per share last year.

Net sales for the quarter was $786.7 million, down from $1.47 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share and revenues of $1.09 billion.

Dillard's said it has re-opened149 locations to date, including 24 clearance centers. The Company currently plans to re-open 116 Dillard's stores and 5 clearance centers next week.

CEO William Dillard said, "COVID-19 has impacted every aspect of our business. The mall business in general and department stores, specifically, have been particularly hard hit. While our balance sheet was already strong, we took decisive, sometimes difficult, actions to preserve liquidity and ensure our long-term viability. As we re-open stores, we see positive things happening. We believe people are ready to get out and shop. We are hoping this is the start of better times."

DDS closed Thursday's trading at $23.08, down $0.95 or 3.95%, on the NYSE. The stock, however, gained $1.37 or 5.94% in the after-hours trade.