Dillard's Shares Fall After Earnings Miss

Dillard's Inc. fell 12.8% in Thursday premarket trading after the retailer reported second-quarter earnings that missed expectations. Losses for the quarter totaled $17.1 million, or 58 cents per share, after net income of $12.1 million, or 35 cents per share, for the same period the previous year. The FactSet consensus was for EPS of 18 cents. Sales totaled $1.46 billion, down from $1.49 billion last year and ahead of the $1.44 billion FactSet consensus. Same-store sales fell 1% for the quarter. Sales of women's clothing rose slightly, but shoes were below trend, the company said. "Significant markdowns led to a disappointing loss as we dealt with inventory, which was up 2% at quarter end," said Chief Executive William Dillard in a statement. Dillard's shares are up 26.7% for the last three months and up 17% for the year so far. The S&P 500 index is up 10.5% for 2017 to date.