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SECURITY: DDS (Common)
EXCHANGE: NYSE
Dillard's, Inc. ranks
among the nation's largest fashion apparel and home furnishings retailers
with annual revenues exceeding $8.2 billion. The Company focuses on delivering
maximum value to its shoppers, with fairly priced merchandise complemented
by exceptional customer service. Dillard's stores offer a broad selection
of merchandise, including products sourced and marketed under Dillard's
private-brand names. The Company comprises 333 stores, spanning 29 states,
all operating with one name - Dillard's
http://www.dillards.com
Dillard's,
Inc. Reports July Sales Results
Little
Rock, Arkansas, August 7, 2008 -- Dillard's, Inc. (DDS: NYSE) ("Dillard's"
or the "Company") announced today that sales for the four weeks ended August
2, 2008 were $513,752,000 compared to sales for the four weeks ended August
4, 2007 of $500,302,000. Total sales increased 3%. Sales in comparable
stores increased 2% for the four-week period.
Sales
for the 13 weeks ended August 2, 2008 were $1,606,734,000 compared to sales
for the
13
weeks ended August 4, 2007 of $1,648,957,000. Sales decreased 3% in total
stores. Sales in comparable stores decreased 4% for the 13-week period.
Sales
for the 26 weeks ended August 2, 2008 were $3,286,912,000 compared to sales
for the
26
weeks ended August 4, 2007 of $3,412,109,000. Sales decreased 4% in total
stores. Sales in comparable stores decreased 5% for the 26-week period.
During
the four weeks ended August 2, 2008, sales were above the average company
trend in the Central region and below trend in the Eastern and Western
regions. During the four weeks ended August 2, 2008, sales in the juniors'
and children's apparel category and in the home and furniture category
were significantly below trend.
Dillard's,
Inc. Reports June Sales Results
Little
Rock, Arkansas, July 10, 2008 -- Dillard's, Inc. (DDS: NYSE) ("Dillard's"
or the "Company") announced today that sales for the five weeks ended July
5, 2008 were $593,285,000 compared to sales for the five weeks ended July
7, 2007 of $620,721,000. Sales decreased 4% in total stores. Sales in comparable
stores decreased 5% for the five-week period.
Sales
for the 22 weeks ended July 5, 2008 were $2,773,160,000 compared to sales
for the
22
weeks ended July 7, 2007 of $2,911,808,000. Sales decreased 5% in total
stores. Sales in comparable stores decreased 6% for the 22-week period.
During
the five weeks ended July 5, 2008, sales were above the average company
trend in the Central region and slightly below trend in the Eastern region.
Sales were below trend in the Western region. During the five weeks ended
July 5, 2008, sales of juniors' and children's apparel were significantly
below trend.
Dillard's,
Inc. is one of the nation's largest fashion apparel and home furnishing
retailers.
The
Company's stores operate with one name, Dillard's, and span 29 states.
Dillard's stores offer a broad selection of merchandise, including products
sourced and marketed under Dillard's exclusive brand names.
Dillard's,
Inc. Reports May Sales Results
Little
Rock, Arkansas, June 5, 2008 -- Dillard's, Inc. (DDS: NYSE) ("Dillard's"
or the "Company") announced today that sales for the four weeks ended May
31, 2008 were $499,696,000 compared to sales for the four weeks ended June
2, 2007 of $527,934,000. Sales decreased 5% in total stores. Sales in comparable
stores decreased 7% for the four-week period.
Sales
for the 17 weeks ended May 31, 2008 were $2,179,874,000 compared to sales
for the 17 weeks ended June 2, 2007 of $2,291,087,000. Sales decreased
5% in total stores. Sales in comparable stores decreased 6% for the 17-week
period.
During
the four weeks ended May 31, 2008, sales were above the average company
trend in the Central region and consistent with trend in the Western region.
Sales were below trend in the Eastern region. During the four weeks ended
May 31, 2008, sales of cosmetics and shoes were significantly above trend
while sales in the home and furniture category were significantly below
trend.
Dillard's,
Inc. is one of the nation's largest fashion apparel and home furnishing
retailers. The Company's stores operate with one name, Dillard's, and span
29 states. Dillard's stores offer a broad selection of merchandise, including
products sourced and marketed under Dillard's exclusive brand names.
Dillard's,
Inc. Reports First Quarter Results
May
22, 2008 - Little Rock, Arkansas - Dillard's, Inc. (DDS-NYSE) (the "Company"
or "Dillard's") announced operating results for the 13 weeks ended May
3, 2008. This release contains certain forward-looking statements. Please
refer to the Company's cautionary statement regarding forward-looking information
included below under "Forward-Looking Information".
Net
income for the 13 weeks ended May 3, 2008 was $2.7 million ($0.04 per diluted
share) compared to net income of $42.9 million ($0.53 per diluted share)
for the 13 weeks ended May 5, 2007. Included in net income for the 13 weeks
ended May 3, 2008 are asset impairment and store closing charges of $0.9
million ($0.6 million after tax or $0.01 per share). Included in net income
for the 13 weeks ended May 5, 2007 is a pretax $4.1 million hurricane recovery
gain ($2.6 million after tax or $0.03 per diluted share) and asset impairment
and store closings charges of $0.7 million ($0.4 million after tax or $0.01
per share).
Dillard's
Chief Executive Officer, William T. Dillard, II, stated, "Our first quarter
performance was certainly disappointing. The weak economic conditions,
particularly in Florida, made it extremely difficult to achieve profitable
sales levels. The detrimental effect on our gross margin performance was
dramatic as we worked to control inventory position. We will continue to
run our business conservatively to navigate the near-term economic uncertainty."
Specifically, Dillard's has announced plans to close under-performing stores,
reduce capital expenditures, reduce expenses and continue to change its
merchandise mix to strengthen its appeal to aspirational, upscale and contemporary
shoppers.
Accordingly,
during the quarter, the Company cut advertising, selling, administrative
and general expenses ("S G & A") by $17.8 million and announced six
more store closures for 2008. Management believes expense saving measures
implemented in the first quarter could result in savings of approximately
$50 million for the 2008 fiscal year. Dillard's will continue to evaluate
its store base for additional closures and will seek additional expense
saving measures throughout the year.
Revenues
Net
sales for the 13 weeks ended May 3, 2008 were $1.676 billion compared to
sales for the 13 weeks ended May 5, 2007 of $1.763 billion. Total net sales
declined 5% during the 13-week period. Sales in comparable stores declined
6%.
During
the 13 weeks ended May 3, 2008, net sales were slightly above the Company's
average performance trend in the Central region, consistent with trend
in the Western region and slightly below trend in the Eastern region. Sales
of home merchandise and furniture declined more than the average performance
trend during the period.
Gross
Margin/Cost of Sales
Cost
of sales as a percentage of sales increased to 66.7% during the 13 weeks
ended May 3, 2008 compared to 63.9% for the 13 weeks ended May 5, 2007
resulting in gross margin decline of 280 basis points of sales. Excluding
the hurricane recovery gain of $4.1 million during the first quarter of
2007, the gross margin decline was 260 basis points of sales. The decline
was primarily due to the Company's response to weak sales as it worked
to control inventory levels with significantly higher markdown activity
compared to the prior year first quarter. Inventory in comparable stores
declined 3% as of May 3, 2008 compared to May 5, 2007.
Advertising,
Selling, Administrative and General Expenses
S
G & A expenses declined $17.8 million during the first quarter as the
Company implemented expense saving measures. S G & A expenses were
$480.9 million and $498.7 million during the 13 weeks ended May 3, 2008
and May 5, 2007, respectively. Notable savings in payroll, advertising,
insurance, supplies and services purchased were partially offset by increases
in utilities and pre-opening expenses.
Interest
and Debt Expense
Net
interest and debt expense increased $1.4 million for the 13 weeks ended
May 3, 2008 compared to the 13 weeks ended May 5, 2007 as a result of lower
short term investment income. Interest and debt expense was $22.1 million
and $20.7 million during the 13 weeks ended May 3, 2008 and May 5, 2007,
respectively. As of May 3, 2008, short-term borrowings of $300 million
and letters of credit totaling $67.5 million were outstanding under the
Company's $1.2 billion revolving credit facility.
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