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Dillard's to close six more stores
May '08
Dillard's Inc conducted its annual meeting on Saturday, May 17th in Little Rock, Arkansas. Dillard's Chief Executive Officer, William Dillard, II, presided over the meeting at which all Class A and Class B nominees in the proxy statement dated April 22, 2008 were elected.

Mr. Dillard presented a brief discussion of the 2007 fiscal year results and made reference to the existing challenging macro-economic environment and the resulting effect on discretionary spending.

Mr. Dillard discussed the Company's plan to conservatively navigate the near-term conditions. This plan includes closing underperforming stores, reducing capital expenditures, reducing expenses and executing merchandise improvements.

Mr. Dillard stated that the Company's long-term focus on closing underperforming stores would continue. In 2008 to date, Dillard's has closed three such stores and announced the closure of six more.

Mr. Dillard further stated that due to macro-economic uncertainty, the Company took a dramatic turn with regard to capital expenditures in the fall of 2007. As a result, Dillard's now expects 2008 capital expenditures of $204 million.

The Company currently expects to open only four new stores in 2009. He further stated that cost reduction efforts implemented in the first quarter of 2008 could result in expense savings of approximately $50 million in fiscal 2008.

Mr. Dillard stated that the Company would continue to execute merchandise improvements which include the Company's efforts to offer more upscale products.

Mr. Dillard honored retiring Directors Will D. Davis, John Paul Hammerschmidt and William H. Sutton thanking them for their years of dedicated service to the Company.

Dillard's Inc

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Courtesy: Commonwealth Bank of Australia

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