(MENAFN) US-based department store chain Dillard's Inc. announced that its net profit in the fourth quarter of last year plunged 26 percent from the corresponding period a year before, Xinhua reported
Dillard's net profit came at USD119.1 million in the period, falling 26 percent from USD161.4 million in the fourth quarter of 2012
Net sales fell 3 percent from USD2.106 billion in the last quarter of 2012 to USD2.034 billion in last year's fourth quarter
The firm said that the drop was due to heavier markdowns resulting from lower sales and margins
Dillard's Chief Executive Officer said: "Although it was a profitable fourth quarter, we are disappointed in our gross margin performance, as lower than anticipated sales necessitated heavier markdowns.
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