Dillard's, Inc. (NYSE: DDS) announced the first quarter financial result, stock price 1.32% to $59.73 on Friday afternoon trading.
According to the earnings announcement, net income down almost 29% to $77.4 million compared with $109.6 million last year. Net sales decreased 4.5% to $1.503 billion from $1.574 billion last year. Diluted earnings per share down 18.4% to $2.17 compared with $2.66 in the same quarter last year.
Dillard’s Chief Executive Officer, William T. Dillard, II, stated, “Our disappointing sales pressured our gross margin and net income performance, although inventory was relatively flat at quarter end. While we controlled expenses, sales leverage was difficult to achieve. We continued to return value to shareholders by purchasing $58.4 million of our Class A Common Stock during the quarter.”
During the first quarter of 2016, the Company purchased $58.4 million which approximately 721,000 shares of Class A Common Stock under its $500 million share repurchase program. At April 30, 2016 the remaining authorization under the February 2016 plan was $441.6 million. Total shares outstanding (Class A and Class B Common Stock) at April 30, 2016 and May 2, 2015 were 35.2 million and 41.2 million, respectively.
On Friday morning, shares of Dillard’s, Inc. has reached 52-week low of $55.49 as the company reported disappointment earnings result. Friday’s trading volume of 2262886 was a contrast from the three-month daily average of 610.20K.