Originally published at www.seclive.com
Dillard's Inc. (NYSE:DDS) announced its financial results for the fourth quarter and full 2013 fiscal year, reporting a drop in earnings from a year-ago. The clothing retailer posted quarterly net sales of $2.013B, a 1% increase in total merchandise and a 2% comparable-store sales increase. On an annual basis, comparable-store sales improved 1% while total sales increased 1% to $6.439B. Quarterly earnings fell from $161.4M and $3.36 per share last year to $119.1M and $2.71 per share. Excluding one-time charges, quarterly earnings would have been $137.6M and $2.87 per share. For the full fiscal year, Dillard's earnings fell from $336.0M to $323.7M while earnings per share improved from $6.87 to $7.10. CEO William Dillard commented that the quarter was profitable but the company was disappointed in its gross margin, an effect from lower sales that resulted in more markdowns.
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