For the quarter ended Feb. 1, the department store posted net income of $119.1 million, or $2.71 a share, compared with a profit of $161.4 million, or $3.36 a share, a year ago. That below analysts’ average estimate for $2.99 a share.
Net revenue declined 4% to $2.08 billion, edging past analysts’ estimate for $2.07 billion in sales. Total merchandise sales fell to $2.01 billion from $2.09 billion a year ago. Comparable store sales were up 2%.
Misses on 2013 Profit, Sales Estimate
Sales trends for the fourth quarter were strongest in women’s accessories and lingerie followed by shoes. Sales trends were strongest in the Central region, followed by the Eastern and Western regions, respectively.
“Although it was a profitable fourth quarter, we are disappointed in our gross margin performance, as lower than anticipated sales necessitated heavier markdowns,” said William T. Dillard, chief executive. “We are pleased with our expense control as well as with our strong cash flow for the year.”
As apparently was the case with many retailers, Dillard’s increased markdowns during holiday to combat weak sales, resulting in its gross margin narrowing to 32.8% from 34.6% a year ago.
Selling, general and administrative expenses decreased 90 basis points of sales though. Operating expenses were $439.2 million, a $35.7 million decline “primarily due to the additional week of operations in the prior year fourth quarter.”
For fiscal 2013, Dillard’s net income was $323.7 million or $7.10 a share, compared with net income of $336 million, or $6.87 a share, in the prior year. Adjusted net income for the year was $318.6 million, or $6.99 per share. Net sales for the year, including CDI, edged down to $6.53 billion from $6.59 billion last year.
Analysts expected Dillard’s to earn $7.28 a share for the year on revenues of $6.70 billion.
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