According to Bloomberg Business, the Little Rock-based company says markdowns designed to spur sales cut into its profitability in its fiscal fourth quarter. The department store operator on Monday reported lowered financial results for the period that ended Feb. 1 and its shares sank in trading.
Dillard's earned a reported $119.1 million, or $2.71 per share, for the period, down 26 percent from $161.4 million, or $3.36 per share, the prior year. Its total revenue fell to $2.08 billion from $2.15 billion in the year prior's quarter, which included an extra week.
Dillard's closed six locations during fiscal year 2013, according to their fiscal report, but plans to open 2 stores in 2014.
You can read the full report on the Dillard's website.