Dillard’s Profit Doubles After Sale of Unit
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Dillard’s Inc. doubled its earnings in its fiscal fourth quarter after selling its credit card business. Profit beat analysts’ estimates by 3 cents a share as higher sales reduced the need for markdowns.
Net income climbed to $108.6 million, or $1.30 a share, from $51.2 million, or 61 cents, a year earlier, Little Rock, Ark.-based Dillard’s said.
Sales rose for the second time in four years, increasing less than 1% to $2.3 billion.
The retailer gained $53.7 million on the sale of its credit card unit to General Electric Co.
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