Little Rock, Ark. Dillard's Inc. on Wednesday posted a wider third-quarter loss as revenue declined and the weak economy kept shoppers away from its department stores.
Dillard's lost $56 million compared with a loss of $11.3 million in the same quarter last year. Revenue fell 8% to $1.51 billion from $1.63 billion.
Same-store sales fell 9%.
"The oppressive economic environment clearly weighed heavily on our results during the third quarter," chief executive William Dillard II said in a statement.
The company said it announced the closure of 21 stores in 2008, which it expects will result in more than $50 million in savings next year.