Dillard's posts narrower Q2 loss

Little Rock, Ark. Dillard's said late Monday that second-quarter results were helped by cost-cutting measures that helped the retailer narrow losses on falling sales.

For the quarter ended Aug. 1, Dillard’s reported losses of $26.7 million compared with a year-ago loss of $38.3 million. The 2008 period included a gain of $11.2 million mostly from the sale of an airplane, and a one-time charge of $6.1 million related to store closings.

Revenue fell 11.0% in the second quarter to $1.43 billion.

"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," Dillard's CEO William Dillard said in a statement.

Dillard’s closed one store during the quarter and plans to shutter five more sites this year.