Dillard’s Posts Gain, Adopts Takeover Plan
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Dillard’s Inc.’s fiscal fourth-quarter profit rose 55% as the department store chain trimmed expenses, cut prices and sold more profitable private-label goods such as women’s shoes.
The company also adopted a “poison-pill” plan to prevent a hostile takeover. The move was not in response to an acquisition attempt, Dillard’s said. The death last month of founder and Chairman William T. Dillard raised speculation the firm may be bought, analysts and investors have said.
Net income beat analysts’ estimates, rising to $102 million, or $1.21 a share, from $66 million, or 78 cents, a year earlier, Dillard’s said. Sales in the period ended Feb.2 fell 4.8% to $2.53 billion.
Shares of Little Rock, Ark.-based Dillard’s rose 57 cents to $21.04 on the NYSE.
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