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Dillard's sales in comparable stores decline
28 Aug '08
4 min read
Advertising, Selling, Administrative and General Expenses:
S G & A expenses declined $17.2 million during the second quarter resulting from expense saving measures implemented earlier in the fiscal year. S G & A expenses were $479.3 million and $496.5 million during the 13 weeks ended August 2, 2008 and August 4, 2007, respectively.
Notable savings in payroll and related payroll taxes, advertising, and supplies were partially offset by increases in utilities. Management believes expense saving measures could result in annualized savings of $50 million for fiscal 2008.
Interest and Debt Expense:
Net interest and debt expense increased $0.3 million for the 13 weeks ended August 2, 2008 compared to the 13 weeks ended August 4, 2007. Interest and debt expense was $23.0 million and $22.7 million during the 13 weeks ended August 2, 2008 and August 4, 2007, respectively. As of August 2, 2008, short-term borrowings of $285 million and letters of credit totaling $95.5 million were outstanding under the Company's $1.2 billion revolving credit facility.
Share Repurchase:
During the 13 weeks ended August 2, 2008, Dillard's repurchased $17.4 million of Class A Common stock (1.8 million shares) under its $200 million share repurchase program. The program was authorized by the board of directors in November of 2007. Remaining authorization under the open-ended program at August 2, 2008 was $182.6 million.
Dillard's remains committed to aggressively closing under-performing stores under the right terms. Management continues to review the store base for such closures and expects to announce additional closures during fiscal year 2008.
S G & A expenses declined $17.2 million during the second quarter resulting from expense saving measures implemented earlier in the fiscal year. S G & A expenses were $479.3 million and $496.5 million during the 13 weeks ended August 2, 2008 and August 4, 2007, respectively.
Notable savings in payroll and related payroll taxes, advertising, and supplies were partially offset by increases in utilities. Management believes expense saving measures could result in annualized savings of $50 million for fiscal 2008.
Interest and Debt Expense:
Net interest and debt expense increased $0.3 million for the 13 weeks ended August 2, 2008 compared to the 13 weeks ended August 4, 2007. Interest and debt expense was $23.0 million and $22.7 million during the 13 weeks ended August 2, 2008 and August 4, 2007, respectively. As of August 2, 2008, short-term borrowings of $285 million and letters of credit totaling $95.5 million were outstanding under the Company's $1.2 billion revolving credit facility.
Share Repurchase:
During the 13 weeks ended August 2, 2008, Dillard's repurchased $17.4 million of Class A Common stock (1.8 million shares) under its $200 million share repurchase program. The program was authorized by the board of directors in November of 2007. Remaining authorization under the open-ended program at August 2, 2008 was $182.6 million.
Dillard's remains committed to aggressively closing under-performing stores under the right terms. Management continues to review the store base for such closures and expects to announce additional closures during fiscal year 2008.
Dillard's Inc
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