Dillard's ( NYSE: DDS ) swung lower in early trading on Tuesday after falling slightly short of sales estimates with its Q4 earnings report .
Total sales were up 0.9% to $2.13B and comparable sales were flat during the quarter. Stronger performing categories during the holiday period included cosmetics and ladies’ apparel. Home and furniture was the weakest performing category.
Consolidated gross margin was 37.7% of sales vs. 40.8% a year ago. Retail gross margin of 38.7% marked Dillard's ( DDS ) second-best Q4 performance compared to a record 41.4% a year ago. Weaker sales at the beginning of the quarter and during the holiday season led to increased markdowns and stronger January sales compared to the prior Q4.
Inventory was up 4% at the end of the quarter.
Dillard's ( DDS ) announced the closures of three locations during Q1. Following those closures, the department store operator will run 247 Dillard's ( DDS ) locations and 27 clearance centers, as well as the online store.
Share of DDS were down 6.55% in premarket action to $380.01.
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Dillard's slides after holiday sales tally disappoints