Dillard’s, Inc. Holds Store Tour with William Dillard, III
LITTLE ROCK, Ark. -- June 4, 2013
Dillard’s, Inc. (NYSE:DDS) (the “Company” or “Dillard’s”) conducted a tour of
its NorthPark Mall store in Dallas, Texas yesterday. William Dillard, III
toured guests through the store, highlighting current strategies following a
meet and greet luncheon.
Mr. Dillard provided an overview of the Company’s Internet strategies at
dillards.com, its initiatives in the home and furniture area as well as
continuing successful strategies in ladies’ accessories and intimate apparel.
Mr. Dillard shared that first quarter sales at dillards.com increased 21% over
the prior year first quarter and spoke of the Company’s ongoing consideration
of how to grow the business effectively, noting the opening of the new
Internet Fulfillment Center in Little Rock in the spring of 2012. Mr. Dillard
confirmed that, to date, the Company has not offered free shipping on
Mr. Dillard highlighted the company’s successful exclusive brand programs and
noted that in 2012 exclusive brands comprised approximately 22% of total
sales. Specifically, he highlighted the Company’s exclusive brand shoe program
which began in partnership with Vince Camuto in the early 2000’s. He spoke of
the success of core brands, including Gianni Bini and Antonio Melani, as well
as their later extension into handbags and ladies’ apparel. Mr. Dillard noted
that the sales penetration of ladies’ exclusive brand shoes is approximately
28%-30% of ladies’ shoes sales.
Mr. Dillard acknowledged that first quarter ending inventory increased 3% over
the prior year while comparable store sales increased 1%. He pointed to tough
comparisons compared to last year’s first quarter with regard to both ending
inventory and sales and highlighted progress over a two year period.
Additionally, he noted a change in the cadence of markdowns to better match
shopper psychology and resulting seasonal buying patterns. The Company
continues to refine its markdown strategy in order to improve gross margin
performance. Mr. Dillard is pleased with the current inventory composition and
noted that the company remains committed to disciplined inventory management.
In the home area, Mr. Dillard highlighted initiatives to update the Company’s
mix of home merchandise to a more exciting and contemporary offering as well
as the elimination of a historically promotional pricing strategy and a move
to a more balanced pricing approach. He noted that while sales in the home and
furniture category were down significantly for the first quarter, gross margin
for the category was up significantly.
Mr. Dillard summarized that the key to the Company’s success is capitalizing
on successful initiatives and extending them to additional areas of the store,
adding that doing a lot of little things right has served the Company well. He
thanked guests in attendance for their interest in Dillard’s.
Dillard’s, Inc. is one of the nation’s largest fashion apparel and home
furnishing retailers. The Company’s stores operate with one name, Dillard’s,
and span 29 states. Dillard’s stores offer a broad selection of merchandise,
including products sourced and marketed under Dillard’s exclusive brand names.
For more information about Dillard’s, Inc. please visit www.dillards.com.
Julie J. Bull, 501-376-5965
Press spacebar to pause and continue. Press esc to stop.