Dillard's 4Q Profit Tumbles

Little Rock, Ark. Dillard's Inc. said its fiscal fourth-quarter profit plunged 70%, hurt partly by one less week in the period and a smaller tax benefit.

The company reported late Wednesday that earnings fell to $47.3 million compared with $155 million in the previous year.

Revenue for the period ended Feb. 2 dipped 9% to $2.21 billion from $2.44 billion, while same-store sales declined 5% in the quarter.

For the year, net income slumped 78% to $53.8 million from $245.6 million.

Annual sales slipped 6% to $7.37 billion from $7.81 billion a year earlier.