In New Letter, Barington Asks Dillard's for Records, Meeting Minutes

by Lance Turner  on Tuesday, Mar. 25, 2008 10:20 am  

Barington Capital Group CEO James Mitarotonda, seen here in a screenshot of an online profile of him.

Barington has pointed out that Dillard's stock price has fallen by about 54 percent from June 30, 2007, through the close of trading on March 18, erasing more than $1.6 billion in shareholder value.

In addition, Dillard's same-store sales growth rate has lagged its peer group by an average of nearly 400 basis points a year over the past five years and the company has not posted an increase in annual same-store sales since 1999.

Barington has also said Dillard's has the third worst corporate governance profile of all the companies in the Standard & Poor's 500 Index, as measured by Institutional Shareholder Services.

Barington has said it thinks if Dillard's was more effectively managed it would be worth substantially more than its current stock price.

Barington group is led by CEO James Mitarotonda.



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