Dillard's Q1 Profit Decreases; Merchandise Sales Down 1% - Quick Facts

(RTTNews) - Dillard's, Inc. (DDS) reported first quarter net income of $109.6 million, or $2.66 per share, compared to $111.7 million, or $2.56 per share, for the prior year first quarter.

On average, five analysts polled by Thomson Reuters expected the company to report profit per share of $2.78 for the quarter. Analysts' estimates typically exclude special items.

Net sales for the 13 weeks ended May 2, 2015 were $1.57 billion compared to $1.55 billion for the 13 weeks ended May 3, 2014. Total revenue was $1.61 billion, compared to $1.59 billion. Analysts expected revenue of $1.61 billion for the quarter. The company noted that its net sales includes the operations of the construction business, CDI Contractors, LLC.

Total merchandise sales, which excludes CDI Contractors, were $1.52 billion compared to $1.54 billion, prior year. Total merchandise sales decreased 1% for the 13-week period ended May 2, 2015. Sales in comparable stores for the period decreased 1%.

Dillard's CEO William Dillard, II, said, "We are disappointed with our first quarter performance. Our 1% sales decline hampered our ability to leverage operating expenses and to drive net income growth. Although inventory is higher than we would like, we believe the levels are manageable."