logo
Plus   Neg
Share
Email

Dillard's Posts Q1 Loss, Re-opens 149 Locations; Shares Up 6%

Dillard's, Inc. (DDS) Thursday reported first quarter loss of $162.0 million or $6.94 per share, compared to net income of $78.6 million or $2.99 per share last year.

Net sales for the quarter was $786.7 million, down from $1.47 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $0.08 per share and revenues of $1.09 billion.

Dillard's said it has re-opened149 locations to date, including 24 clearance centers. The Company currently plans to re-open 116 Dillard's stores and 5 clearance centers next week.

CEO William Dillard said, "COVID-19 has impacted every aspect of our business. The mall business in general and department stores, specifically, have been particularly hard hit. While our balance sheet was already strong, we took decisive, sometimes difficult, actions to preserve liquidity and ensure our long-term viability. As we re-open stores, we see positive things happening. We believe people are ready to get out and shop. We are hoping this is the start of better times."

DDS closed Thursday's trading at $23.08, down $0.95 or 3.95%, on the NYSE. The stock, however, gained $1.37 or 5.94% in the after-hours trade.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Amazon.com, Inc. can be held liable for damages caused by defective goods sold on its Marketplace including third parties, according to a ruling by a California appeals court. The California Fourth District Court of Appeals was pronouncing the ruling in a case where a defective replacement laptop battery caught fire and inflicted a woman with third-degree burns. Facebook has launched "Voting Information Center" on Facebook and Instagram platforms, with a view to boosting the number of Americans vote in the upcoming U.S. presidential election in November. The social media giant's latest initiative is expected to help 4 million voters register this year, and help them navigate a 'confusing election process'. Epic Games Inc., the developer of popular game Fortnite, has filed lawsuits against both Apple Inc. and Google after they removed the game from their app stores. The development reflects disputes related to app store fee the tech giants take from each purchase. Epic Games, which has been against the 30 percent revenue cut the two tech giants take from paid apps, added a direct payment option.
RELATED NEWS
Follow RTT