Shares of Dillards (NYSE:DDS) tumbled Friday despite more than doubling its second-quarter profit as results still fell short of Wall Street expectations.
The Little Rock, Ark.-based apparel and home furnishing retailer posted net income of $17.6 million, or 32 cents a share, compared with $6.8 million, or 10 cents a share, in the same quarter last year.
Analysts polled by Thomson Reuters had been expecting on average slightly better earnings of 39 cents a share. Revenue for the three months ended June 30 was $1.442 billion, up from $1.389 billion a year ago, matching the Streets view.
Our strong second quarter operating results solidified a very successful first half of 2011, essentially doubling our earnings per share to $1.66 from $0.80, Dillards chief executive William Dillard said in a statement.
The company saw sales at stores open more than a year climb 6% during the period.
Dillards continues to monitor macroeconomic conditions and will work to enhance service levels to match its improving merchandise mix, the companys boss said.