Dillard's Q2 Profit Beats Estimates

reported better-than-expected earnings for the second quarter on Thursday. The Little Rock, Arkansas-based company reported a quarterly profit of $29.9 million, or $0.75 per share, compared to $34.5 million, or $0.80 per share, in the year-ago quarter. Its net sales rose to $1.514 billion from $1.475 billion. However, analysts were expecting earnings of $0.72 per share on revenue of $1.53 billion. The average estimate among 3 Estimize users was for earnings of $2.77 per share and revenue of $1.61 billion. Sales in comparable stores gained 1 percent for the quarter. Total merchandise sales, excluding CDI, rose slightly to $1.468 billion from $1.461 billion. Selling, general and administrative expenses increased to $404.3 million in the latest quarter, versus $400.5 million in the year-ago quarter. During the quarter, Dillard's purchased $207.9 million (1.8 million shares) of Class A common stock. Dillard's Chief Executive Officer, William T. Dillard, II, said, "While we achieved positive comparable store sales, we were disappointed with our overall performance compared to the prior year. However, from our strong cash position, we returned $208 million to shareholders under our share repurchase program." Dillard's shares declined 2.14 percent to close at $94.80 yesterday.