Dillard's Q1 FY20: sales fall to $786 mn; net loss $162 mn

15 May '20

2 min read

Pic: Dillard's

Dillard’s Inc, a US based luxury department store chain, has announced its net sales decreased to $786.7 million in the first quarter (Q1) FY2O that ended on May 2, 2020 compared to sales of $1,465.4 million in same period prior year. Company reported net loss of $162.0 during the quarter compared to net income of $78.6 million in Q1 FY19.

“Covid-19 has impacted every aspect of our business. The mall business in general and department stores, specifically, have been particularly hard hit,” Dillard's chief executive officer, William Dillard II, said in a press release.

Company’s net sales includes the operations of the company’s construction business, CDI Contractors, llc. Total retail sales (excluding CDI) for the quarter decreased 47 per cent to $751.0 million (Q1 FY19: $14,20.5 million).

Selling, general and administrative expenses for the quarter were $290.4 million ($405.1 million).

As the Covid-19 pandemic progressed, the company began closing stores on March 19 as mandated by state and local governments. By April 9, Dilllard’s all 285 store locations were temporarily closed. On May 5, the company re-opened 45 Dillard's stores in select markets where allowed. The company re-opened an additional 80 Dillard's stores on May 12. Currently, these stores are operating with reduced hours.

"As we re-open stores, we see positive things happening. We believe people are ready to get out and shop. We are hoping this is the start of better times,” Dillard II said.

Fibre2Fashion News Desk (JL)

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