Dillard's Q4 Profit Down, Results Miss Estimates - Quick Facts

(RTTNews) - Apparel retailer Dillard's Inc. (DDS) said that its fourth-quarter net income dropped to $119.1 million or $2.71 per share from $161.4 million or $3.36 per share in the year ago quarter.

Included in net income for the latest-quarter was an after tax credit of $0.8 million or $0.02 per share representing the reversal of asset impairment charges on a store held for sale.

Excluding certain item, Dillard's would have reported $118.3 million or $2.69 per share, compared to $137.6 million or $2.87 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $3.00 per share for the quarter. Analysts' estimates typically exclude special items.

Total merchandise sales for the 13-week period ended February 1, 2014 were $2.013 billion and $2.087 billion for the 14-week period ended February 2, 2013. The company follows the retail 4-5-4 reporting calendar which included an extra week of operations in the fourth quarter of 2012. Based upon comparable 13-week periods ended February 1, 2014 and February 2, 2013, total merchandise sales increased 1% and sales in comparable stores increased 2% for the fourth quarter.

Net sales for the quarter were $2.034 billion down from $2.106 billion last year. Five analysts estimated revenues of $2.09 billion for the quarter.

Dillard's plans to open two new stores in October of 2014: The Shops at Summerlin in Las Vegas, Nevada; The Mall at University Town Center, Sarasota, Florida.