Executive Summary

• Dillard’s reported fiscal 4Q16 net sales of $2.1 billion, down 2.9% from $2.1 billion in the year-ago quarter and slightly below the consensus estimate. EPS was $2.31, below the consensus estimate of $2.48 and down from $3.17 a year ago.
• Total merchandise sales were $2.1 billion, down 2% year over year, and comps were also down 2%. Stronger sales of home and furniture and ladies’ accessories and lingerie were offset by weaker sales of juniors’ and children’s apparel and shoes.
• During the fiscal year, the company opened three stores, one each in Utah, Louisiana and Ohio, and closed two stores in addition to announcing one store closure in South Carolina.