Dillard’s keys on cost control
By Staff -- Home Textiles Today, 5/19/2008 12:56:00 PM
Little Rock, Ark. – Southeastern regional department store chain Dillard’s gave a conservative outlook for 2008, projecting $204 million in capital expenditures and the opening of just four new stores at its annual meeting of shareholders last Saturday.
William Dillard II, ceo, said the $7.2 billion retailer remains focused on “closing underperforming stores, reducing capital expenditures, reducing expenses and executing merchandise improvements,” the company said in a statement.
He indicated that Dillard’s will continue its initiatives to upscale segments of its merchandise mix.
The 326-store chain has closed three underperforming units to date this year, and announced the closure of six additional locations.
Dillard said the company should save about $50 million during fiscal 2008 from cost-control efforts begun in the first quarter.
The election of the board of directors held no surprises – Dillard’s management had earlier reached a compromise with activist investors led by Barington Capital – as all those on the Class A and Class B slates were elected. Directors Will Davis, John Hammerschmidt and William Sutton retired.
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