Dillard's reports good results in key operational areas
17 May '10
4 min read
Advertising, Selling, Administrative and General Expenses Advertising, selling, administrative and general expenses ("operating expenses") declined $20.7 million for the 13 weeks ended May 1, 2010, improving 100 basis points of sales to 27.1% for the 13 weeks ended May 1, 2010 from 28.1% for the 13 weeks ended May 2, 2009. The improvement is primarily the result of the Company's cost control measures combined with store closures. Notable areas of reduction during the first quarter of 2010 were payroll and advertising expenses.
Share Repurchase During the 13 weeks ended May 1, 2010, Dillard's repurchased approximately $105 million Class A Common Stock (4.2 million shares) under the Company's $200 million share repurchase program. At May 1, 2010, approximately $77.6 million share repurchase authorization remained under the program.
Dillard's has announced the upcoming closure of its Helena, Montana store (65,000 square feet). The store is expected to close during the second quarter. Dillard's remains committed to closing underperforming stores where appropriate.
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