Dillard’s Earnings: DDS Stock Shoots 9% Higher on Q2 Beat

Dillard’s (NYSE:DDS) earnings for the department store company’s second quarter of 2020 have DDS stock soaring higher on Friday. That’s thanks to its diluted losses per share of 37 cents, which easily beats out Wall Street’s estimate of $4.82. Its revenue of $919 million missed analysts’ estimate of $1.31 billion but wasn’t keeping DDS stock down today.

Dillard's (DDS) storefront with trees and shrubs around entrance

Source: APN Photography / Shutterstock.com

Here’s a deeper dive into the most recent Dillard’s earnings report.

  • Diluted per-share losses are 76.7% better than the $1.59 reported in the same period of the year prior.
  • Revenue for the quarter comes in 35.7% lower than the $1.43 billion reported in the second quarter of 2019.
  • The Dillard’s earnings report also has it bringing in a net loss of $8.6 million.
  • That’s a 78.9% improvement over the company’s net loss of $40.7 million reported during the same time last year.

William Dillard, CEO of Dillard’s, said the following in the Q2 earnings report.

“We thank our dedicated associates for their outstanding service to our customers as we continue to navigate the pandemic. During the quarter, we worked hard to control inventory and expenses. These measures allowed us to improve gross margin and substantially narrow the loss from the prior year second quarter. We will maintain this conservative financial approach as we move forward.”

Dillard’s doesn’t discuss guidance during its most recent earnings report. That’s likely due to the novel coronavirus causing problems for the economy. Many other companies are withholding outlooks during the pandemic.

DDS stock was up 8.8% as of Friday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.

Article printed from InvestorPlace Media, https://investorplace.com/2020/08/dillards-earnings-sends-dds-stock-soaring-higher/.

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