Posted 3/5/2009 07:40 am
Updated 11 months ago
Dillard's Inc. of Little Rock on Thursday announced February same-store sales dropped 13 percent, continuing a streak of monthly sales declines for the department store chain.
The company said sales for the four weeks ending Febr. 28 were $497.7 million, down from sales for the four weeks ended March 1, 2008 of $581.6 million.
Total sales dropped 14 percent, the company said.
Analysts had expected same-store sales to fall 9.5 percent.
During February, sales were "slightly above" the average total company trend in Dillard's central region, "slightly below trend" in its eastern region and below trend in its western region.
Dillard's also said sales performance in cosmetics was "significantly better" than the average company trend. Sales in juniors' and children's apparel was "significantly below" trend.
Dillard's is scheduled to report fourth-quarter and fiscal year results Thursday afternoon following the close of the New York Stock Exchange.
Like many retailers, Dillard's has struggled as consumers have cut back on spending. Last year, the company announced plans to cut costs and closed several underperforming stores.
This week, it announced it would close another store in Austin, Texas. Dillard's plans to open only two new stores this year, down from 10 in 2008.
Dillard's has stores in 29 states.