Dillard's cuts loss, but sees comps fall 13%

LITTLE ROCK, Ark. Dillard’s announced a second-quarter net loos of $26.7 million, or 36 cents per share, compared with a net loss of $38.3 million, or 51 cents per share, for the same period last year.

Dillard’s CEO, William Dillard, II, stated, “Although we are clearly disappointed with a net loss for the second quarter, we were pleased to realize continued significant benefits from our aggressive actions pertaining to inventory management, expense reduction and cash conservation.”

Net sales for the quarter were $1.428 billion compared with $1.608 billion last year. Merchandise sales in comparable stores declined 13%.