Dillard's shares tumble after fourth-quarter report
BY AP Wire Service
Tuesday, February 26, 2013
2/26/13 at 7:18 AM
LITTLE ROCK (AP) - Department store chain Dillard's Inc. reported Monday that its fiscal fourth-quarter earnings rose 14 percent, slightly below Wall Street's expectations, and that sales also slightly missed analysts' average forecast.
Shares of the Little Rock-based retailer tumbled 9.4 percent on the New York Stock Exchange.
Dillard's reported net income of $161.4 million, or $3.36 per share, for the 14-week period ended Feb. 2. That was up from earnings of $141.5 million, or $2.77 per share, a year earlier.
The latest quarter's result was boosted by a net after-tax credit of $23.9 million, or 50 cents per share. Excluding that item, Dillard's adjusted earnings were $137.6 million, or $2.87 per share.
Sales rose nearly 7 percent from $1.97 billion to $2.106 billion.
Analysts surveyed by FactSet had expected slightly higher adjusted earnings of $2.88 per share in the latest quarter and sales of $2.128 billion.
Shares of Dillard's plunged $8 to finish at $76.92. The stock is down from its 52-week high of $89.98, reached Dec. 3. Shares traded below $60 last February.
Revenue at stores open at least one year rose 3 percent in the latest quarter.
Original Print Headline: Dillard's shares fall after report