Dillard's reports improved earnings on sale of credit card subsidiary
Thursday, March 10th 2005, 10:41 am
By: News On 6
LITTLE ROCK (AP) _ Dillard's Incorporated announced today it more than doubled its fourth-quarter profits from a year ago -- but most of the gain was attributable to the one-point-one (b) dollar sale of the department store chain's credit card subsidiary.
The Little Rock-based company said it earned 108-point-six million dollars, or one-dollar-30 cents per share, for the period ending January 29th.
Analysts surveyed by Thomson First Call had forecast earnings of 73 cents per share.
Dillard's says that during the quarter it was able to improve its profit margins and reduce its expenses in interest and debt.
The company said it is continuing on its path of becoming a more upscale retailer and that it is regularly working with its merchandise mix. The company said it is tailoring its assortment by market so that customers' desire for fashion, size and style are met.
At the close of the quarter, Dillard's had 329 stores operating in 29 states. Dillard's plans to open nine stores in the current fiscal year, including one replacement store.