Dillard's sales slump continues
LITTLE ROCK, Ark. Dillard's announced today that sales for the four weeks ended Sept. 1 were $537 million compared to sales for the four weeks ended Aug. 26, 2006 of $557 million. Total sales for the four-week period declined 4%. Sales in comparable stores declined 5%.
Sales for the 30 weeks ended Sept. 1 were $3.95 billion compared to sales for the 30 weeks ended Aug. 26, 2006 of $4.08 billion. Total sales declined 3% for the 30-week period. Sales in comparable stores declined 4%.
Dillard's lackluster performance has come under the scrutiny of its investors, particularly Barington Capital Group, L.P., which has sent several letters to the company requesting to meet with company ceo, William Dillard, II, to discuss ways to improve Dillard's profitability. In its most recent letter, sent to Dillard's board of directors, Barington questions the commitment of Dillard's to the company's public stockholders in light of the its disappointing financial performance, poor corporate governance record and insular culture under the stewardship of its current ceo.