Dillard’s profit falls 94%
May 23, 2008,
Little Rock, Ark. – Dillard’s late yesterday reported that its first quarter net earnings dropped 94% to $2.7 million, or 4 cents per share.
For the quarter ended May 3, sales dropped 4.9%, with comp stores declining 6.0%.
Dillard’s cut SG&A (selling, general and administrative expenses) by $17.8 million during the quarter and announced six store closures: Lexington, Ky.; Richmond, Va.; Greeley, Co.; Tuscaloosa, Ala.; Pocatello, Idaho; and Franklin, Ohio. The company also closed its distribution center in Louisville, Ken., resulting in a $600,000 charge after taxes, or 1 cent per share.
The retailer also opened six stores during the quarters: Ocala and Panama City, Fla.; Lake Havasu, Ariz.; Macon, Ga.; Cedar Hill, Texas; and Biloxi, Miss.
Related Content By Author
Live From New York: Fashion Comes Across the Pond
Home & Textiles Today eDaily
Most Viewed Articles
See the September 2017 issue of Home & Textiles Today. In this issue, we look at the Attack of the Killer Third Tier: Monster off-pricers are climbing to the top of the food chain, plus New Products: 40 pages of new products debuting at the New York Home Fashions Market; Home Stores: TJX unveils first U.S. HomeSense store; Clicks to Bricks: Boll & Branch moves from digital to physical retailing; and much more...