Profits decline for Little Rock-based Dillard's; CEO cites 'challenging times' in retail

Little Rock-based Dillard's on Tuesday reported a decline in profits for the fourth quarter and year, a reflection of "challenging times" in the retail industry, its CEO said.

For the fourth quarter that ended in late January, net income was $56.9 million, down more than 32 percent from $84 million in the same period a year earlier. For the full fiscal year, net income totaled $169.2 million. That was down about 37.2 percent from $269.4 million the year before.

"Our operating results reflect another quarter of mall traffic declines from continued retail industry challenges," Chief Executive Officer William T. Dillard said in a statement. "In response, we are ramping up our efforts to bring more distinctive brand and service experiences to Dillard's, both in-store and online. Our strong balance sheet provides us support in these challenging times, and during the year we returned $256 million to shareholders."

Dillard's has 268 stores and 25 clearance centers in 29 states as well as an online business at dillards.com.

Read Wednesday's Arkansas Democrat-Gazette for full details.

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