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Dillard's to Close More Stores

Little Rock, Ark. Dillard's Inc. said Monday it will continue to focus on closing underperforming stores, reducing expenses and improving its merchandise in 2008.

At the company's annual shareholder meeting Saturday, CEO William Dillard II said the company will close another six underperforming stores this year. The company has already closed three underperforming locations in 2008.

The company expects to open just four new stores in 2009.

Same-store sales fell 4% in April, partly due to weak home and furniture sales.

Also at the meeting, William Dillard said cost-cutting efforts implemented in the first quarter could result in savings of about $50 million in 2008. He added that the company would continue to improve its merchandise by offering more upscale products.

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