Second quarter net sales at Dillard’s were down as company officials pinned the decline on “significant markdowns” that were needed to help offset higher inventory levels.
For the 13-week period ended July 29, net sales were $1.427 billion, down from sales of $1.452 billion in the same quarter the year prior. Net loss was $17.1 million, or $0.58 per share, compared to net income of $12.1 million, or $0.35 per share, in the second quarter of 2016.
Net sales include the operations of the company’s construction business, CDI Contractors.
Total merchandise sales for the second quarter were $1.385 billion, a decline from sales of $1.403 billion in the prior year’s quarter. Comparable store sales were down 1%. Sales in the company’s home products selection were among those with quarterly sales results below expectations, the company said.