Dillard’s Loss Widens
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.
Fisher resigns from Godinger
NEW YORK Mark Fisher has resigned as president and chief marketing officer of Godinger. He will become a partner at International Industrial Development Associates.
Fisher was with Godinger for 15 years, his tasks will be assumed internally.
Charming Shoppes posts better-than-expected 3Q loss
BENSALEM, Pa. Charming Shoppes reported a loss form continuing operations of $23.7 million of 21 cents per diluted share on a non-GAAP basis. The company had projected a diluted loss per share in the range of 35 cents to 37 cents.
Net sales from continuing operations for the thirteen weeks ended Nov. 1 decreased 8% to $553.1 million, compared to net sales from continuing operations of $599.7 million for the thirteen weeks ended Nov. 3, 2007.
Net sales for the company’s retail stores segment were $528.5 million during the quarter, a decrease of 10% compared to $588.1 million during the same period last year. Consolidated comparable-store sales for the company’s retail stores segment decreased 9% during the quarter. The decrease in consolidated comparable-store sales compares favorably to the company’s previous projection for sales declines in the low double digits.