Dillard's Q3 Profit Tops View, But Revenues Miss - Quick Facts

(RTTNews) - Fashion apparel and home furnishings retailer Dillard's Inc. (DDS) reported that its third-quarter net income increased to $50.9 million or $1.13 per share from of $48.5 million or $1.01 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.05 per share for the quarter. Analysts' estimates typically exclude special items.

Included in net income for the prior year third quarter was a net after-tax credit totaling $2.4 million or $0.05 per share comprised of a $0.7 million after-tax gain or $0.01 per share related to the sale of two former retail store locations; approximately $1.7 million or $0.04 per share in tax benefit due to the reversal of a valuation allowance related to a deferred tax asset consisting of a capital loss carryforward.

Excluding these items, the company would have reported $46.1 million or $0.96 per share for the prior year third quarter.

Net sales for the latest-quarter were $1.469 billion up from $1.450 billion in the prior year. Four analysts estimated revenues of $1.50 billion for the quarter. Net sales include the operations of the Company's construction business, CDI Contractors, LLC.

Total merchandise sales, which exclude CDI for the 13-week period ended November 2, 2013 were $1.437 billion and $1.425 billion for the 13-week period ended October 27, 2012. Total merchandise sales increased 1% for the 13-week period ended November 2, 2013. Sales in comparable stores for the period increased 1%.

The company said that sales trends were notably strong in ladies' accessories and lingerie followed by shoes and ladies' apparel. Sales were weakest in the home and furniture category. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.