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Dillard's reports 29.2% decline in net income for FY2012

RBR Staff Writer Published 26 February 2013

US-based department store chain Dillard's has reported a 29.2% drop to $336m in net income for the 53 weeks ended 2 February 2013.

The corresponding figures for the 2011 fiscal stood at $463.9m.

Net sales for the 2012 fiscal increased to $6.593bn from 6.264bn for the 52 weeks ended 28 January 2012.

The overall increase in revenue is driven by a 5% increase year-on-year in sales of total merchandise across the chain.

Dillard's chief executive officer William T. Dillard II said: "Our positive sales performance and gross margin expansion combined with expense control drove strong cash flow throughout the year."

Net earnings for the fourth quarter of the fiscal increased 14% to $161.4m, as against $141.5m earned in previous year.

Net sales for the 14-week period ended 2 February 2013 increased to $2.106bn from $1.970bn primarily driven by sales in ladies accessories and lingerie and men's apparel and accessories.