Dillard’s cites Easter shift for sharp decline in April revenue comparison, misses Street view
By APThursday, May 6, 2010
Dillard’s April revenue comparison falls sharply
LITTLE ROCK, Ark. — Department store chain Dillard’s Inc. on Thursday said revenue in stores open at least one year fell 5 percent in April, hurt by the shift of Easter into March.
The results widely missed the estimated 1 percent drop expected by analysts surveyed by Thomson Reuters. Revenue in stores open at least one year is a key measure of a retailer’s financial health, because it measures performance at existing locations, rather than from expansion.
The retailer said sales in junior’s and children’s clothing were significantly below expectations because of the Easter calendar change. Total sales for the combined months of March and April rose 2 percent, Dillard’s said.
Total sales for the month fell 5 percent to $406 million.
For the quarter ended May 1, revenue in stores open at least one year rose 2 percent. Total sales edged up 1 percent to $1.43 billion, shy of Wall Street’s $1.44 billion forecast.
In morning trading, Dillard’s shares fell $2.20, or 7.7 percent, to $26.35.
