Dillard’s posted sales growth in the second quarter while narrowing its net loss.
Net sales for the second quarter were $1.468 billion compared to $1.427 billion in the previous second quarter. Total merchandise sales for the quarter were $1.409 billion compared to $1.385 billion for the previous second quarter. Total merchandise sales increased 2% while comparable store sales for the period increased 1%.
In relation to the total merchandise sales performance, above trend performances were noted in men’s apparel and accessories and juniors’ and children’s apparel. Sales in home and furniture and cosmetics were consistent with trend while sales in ladies’ accessories and lingerie were slightly below trend. Below trend performances were noted in shoes and ladies’ apparel. Sales were slightly above trend in the Western region, consistent with trend in the Eastern region and slightly below trend in the Central region.
Dillard’s reported a net loss in the quarter of $2.9 million, or $0.10 per share, compared to a net loss of $17.1 million, or $0.58 per share, for the prior year second quarter.
William Dillard, II, Dillard’s CEO, said, “While we are not happy with a loss for the quarter, our 32% improvement in year-to-date pretax income is a positive. We believe this reflects the continued strength of our customers and their interest in our merchandise selections, and it is encouraging as we head into the important back half of the year.”