J.C. Penney CEO Marvin Ellison resigns

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Dillard’s shares jump after earnings beat

Dillard’s Inc. shares rose 5% in Thursday trading after the department store retailer reported first-quarter earnings that beat expectations. Net income totaled $80.5 million, or $2.89 per share, up from $66.3 million, or $2.12 per share, for the same period last year. Sales totaled $1.46 billion, up slightly from $1.42 billion last year. The FactSet consensus was for EPS of $2.81 and sales of $1.47 billion. Same-store sales rose 2%, beating the 1.3% growth FactSet forecast. Dillard’s upbeat earnings report comes a day after Macy’s Inc. reported earnings that blew past consensus. Macy’s shares closed Wednesday up 10.8%, and are up 2.1% in Thursday trading. J.C. Penney Co. Inc. shares are down 12.4% in Thursday trading after it reported a sales decline. J.C. Penney attributed the decrease to “a very late start to Spring” and cooler temperatures. Dillard’s shares are up nearly 51% for the past year while the S&P 500 index is up 15.2% for the period.

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