Dillard's first-quarter profit falls 29 percent on sales shortfall

LITTLE ROCK (AP) _ Dillard's department store chain says its first-quarter profits dropped 29 percent, as it was forced to make more markdowns to overcome a sluggish sales performance. The company's

Tuesday, May 24th 2005, 10:28 am

By: News On 6

LITTLE ROCK (AP) _ Dillard's department store chain says its first-quarter profits dropped 29 percent, as it was forced to make more markdowns to overcome a sluggish sales performance. The company's shares tumbled more than nine percent in morning trading.

The Little Rock-based company reported earnings of 38 (m) million dollars -- or 46 cents per share -- compared with 53-point-eight (m) million dollars, or 64 cents per share, in the year-ago period.

Dillard's revenues dropped one percent for the fiscal year that ended January 29th, and today's report could add pressure on Dillard's management to consider selling the company. The prospect wasn't raised at the company's annual meeting Saturday, but Dillard's is considered a logical target. The company operates 329 stores around the country.