Dillard's Inc. of Little Rock said first-quarter net income fell to $38 million, or 46 cents a share, down 29 percent from $53.8 million, or 64 cents a share, in the same quarter last year.
Sales dropped to $1.8 billion, down 3 percent from $1.85 billion during the same quarter last year.
Analysts had expected earnings of 53 cents a share.
Dillard's said it increased markdowns during the quarter in the face of lower-than-expected sales to maintain "acceptable inventory levels." But inventory increased, it said, primarily due to "an increase relating to inventory in transit."
Meanwhile, gross margin for the quarter declined 90 basis points as …
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