Home no standout in Dillard’s tough first quarter

Little Rock,Ark.– Fleet-footed activity in the shoe department wasn’t enough to carry the chain as first-quarter net income for Dillard’s Inc. dropped to $42.9 million from $61.3 million for the same period one year ago.

Net sales dropped 3.9% to $1.76 billion from $1.84 billion last year. Comp sales fell 5%, the company said.

The 328-unit Southeastern department store chain said that the footwear category “significantly outperformed” the storewide average, and singled out juniors’ and children’s clothing as laggards. There was no mention of the home departments; HTT research pegged Dillard’s 2005 home textiles revenues at $118.0 million.

Dillard’s said it was able to improve its gross margin rate 40 basis points (0.4%) by squeezing that much out of the cost of goods. SG&A expenses, however, rose 130 basis points, to 28.3% of sales. Inventories were trimmed by about 1% to $2.03 billion, while interest and debt expense was cut by 12.3% to $20.7 million.

Home & Textiles Today Staff | News & Commentary

 Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home & Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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HTT Cover October 2017

See the October 2017 issue of Home & Textiles Today. In this issue, we look at the Top 25 Online Retailers.  H&TT's exclusive annual ranking of the biggest online sellers of home textiles finds that while pure play etailers continue to fly, bricks & clicks are digging into omnichannel. See details!