Home Part of Dillard's Slump
By Staff -- Home Textiles Today, 9/3/2007 12:00:00 AM
Little Rock, Ark. —
Major markdown activity led to Dillard's reporting a second-quarter net loss of $25.2 million -- compared to net income of $15.7 million for the same period one year ago. Home was one of three categories noted for declining "significantly more than trend" during the quarter.
Gross margins declined 190 basis points, as the 329-unit department store chain said "lackluster sales during the quarter necessitated higher markdown activity in order to maintain acceptable inventory levels." Comp store inventory as of Aug. 4 was thus trimmed by 4% from its year-ago level.This tough stance came as sales fell 2% to $1.65 billion, and comps declined by 3%.
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