Dillard's Misses Q1 Views

Dillard's, Inc. (NYSE: DDS) reported weaker-than-expected results for the first quarter.The Little Rock, Arkansas-based company posted quarterly earnings of $109.6 million, or $2.66 per share, versus $111.7 million, or $2.56 per share, in the year-ago period. Its sales rose to $1.57 billion from $1.55 billion. However, analysts were expecting a profit of $2.78 per share on revenue of $1.61 billion. The average estimate among 3 Estimize users was for earnings of $3.20 per share and revenue of $2.11 billion.Its same-store sales slipped 1 percent in the quarter.Total merchandise sales, excluding CDI, fell to $1.518 billion from $1.539 billion.Selling, general and administrative expenses rose to $403.6 million in the latest quarter, versus $393.7 million in the year-ago quarter.During fiscal 2015, Dillard's announced its plans to open 3 new stores.Dillard's Chief Executive Officer, William T. Dillard, II, stated, "We are disappointed with our first quarter performance. Our 1% sales decline hampered our ability to leverage operating expenses and to drive net income growth. Although inventory is higher than we would like, we believe the levels are manageable."Dillard's shares fell 1.77 percent to $122.00 in the after-hours trading session.