UPDATE: Dillard's Posts Downbeat Results, Shares Tumble

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Shares of Dillard's
DDS
dipped more than 4.5% in pre-market trading after the company reported weaker-than-expected fiscal second-quarter earnings. The Little Rock, Arkansas-based company posted a quarterly profit of $34.5 million, versus a year-ago profit of $36.5 million. On a per-share basis, its earnings gained to $0.80 from $0.79. Its total revenue fell less than 1% to $1.51 billion. However, net sales fell to $1.47 billion. However, analysts were projecting a profit of $0.86 per share on revenue of $1.53 billion. The company's comparable stores sales rose 1% in the quarter. Selling, general and administrative expenses rose to $400.5 million from $398.2 million. At August 2, 2014, it operated 278 Dillard's locations and 18 clearance centers and an Internet store at www.dillards.com. Dillard's Chief Executive Officer, William T. Dillard, II, said, "Although our 1% comparable store sales increase led to a profitable quarter, we are somewhat disappointed in the bottom line performance. We are pleased with our inventory management during the quarter and with our ending inventory position." Dillard's shares tumbled 4.84% to $110.00 in pre-market trading.
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Posted In: EarningsNewsprofit
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