Dillard’s stock jumps nearly 9% after company’s surprise Q3 profit

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Dillard’s Inc. shares rose 5% late Thursday after the retailer surprised Wall Street with a quarterly profit. Dillard’s said it earned $31.9 million, or $1.43 a share, in the third quarter, compared with net income of $5.5 million, or 22 cents a share, in the year-ago quarter. Sales fell to $1.05 billion from $1.42 billion a year ago. Same-store sales fell about 24%. Analysts polled by FactSet had expected a loss of $1.46 a share on sales of $1.17 billion. Given “uncertainty” related to COVID-19 and its economic effects, it cannot estimate the related financial impact to its fiscal year 2020. “We have worked hard on inventory and expense control in unpredictable conditions throughout the pandemic,” Chief Executive William T. Dillard said in a statement. Shares of Dillard’s ended the regular trading day down 2.2%.
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