Shares Surge 15% As Dillard's (DDS) Swings To Profit

Shares of Dillard's, Inc. (NYSE: DDS) surged after the department store operator reported that it had swung to a profit in the 4th quarter of 2009.

Dillard's reported net income of $79.5 million, or $1.08 per share, compared to a net loss of $149.3 million, or $2.03 per share, a year earlier.

For the year 2009, Dillard's reported net income of $68.5 million, or 93 cents per share, compared to a net loss of $241.1 million, or $3.25 per share, for 2008.

While sales dropped 10% to $1.83 billion from $2.04 billion and same store sales fell 13%, Dillard's swung back to profitability by cutting costs and lowering inventory levels.