Dillard’s, Inc. reported a net loss for the second quarter of 8.6 million dollars or 37 cents per share compared to a net loss of 40.7 million dollars or 1.59 dollars per share, for the prior year second quarter. The company expects to be in a net operating loss position for the fiscal year. Dillard’s said in a statement that net sales for the quarter were 919 million dollars compared to 1,426.8 million dollars in the previous year, while total retail sales decreased 35 percent to 893.2 million dollars.
Commenting on the trading update, Dillard’s Chief Executive Officer William T. Dillard, II said: “During the quarter, we worked hard to control inventory and expenses. These measures allowed us to improve gross margin and substantially narrow the loss from the prior year second quarter. We will maintain this conservative financial approach as we move forward.”
For the first half period, Dillard’s reported a net loss of 170.5 million dollars or 7.33 dollars per share compared to net income of 37.9 million dollars or 1.46 dollars per share, for the prior year 26-week period. Net sales for the period were 1,705.7 million dollars compared to 2,892.3 million dollars last year, while total retail sales declined by 41 percent to 1,644.2 million dollars.