Dillard's posts wider loss, shares fall

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ATLANTA (Reuters) - Retailer Dillard's Inc reported a wider quarterly loss on Wednesday as sales fell in the troubled U.S. economy and it marked down prices, sending its shares down more than 10 percent.

"The oppressive economic environment clearly weighed heavily on our results during the third quarter," Chief Executive William Dillard II said in a statement.

The net loss came to $56 million, or 76 cents a share, for the quarter ended November 1, compared with a loss of $11.3 million, or 15 cents a share, a year earlier.

Excluding store-closing charges and other special items, the loss was 71 cents a share, compared with analysts' average estimate of a loss of 58 cents, according to Reuters Estimates.

Net sales fell about 8 percent to $1.51 billion. Sales at stores open at least a year, or same-store sales, fell 9 percent. The company said increased price markdowns hurt gross margin.

Dillard's, which competes with Macy's , Kohl's and other mall-based department stores, has taken steps to cut costs amid increased scrutiny from activist investors.

This year, the company has announced the closure of 21 underperforming stores, cut capital spending and pared salaried staff.

Barington Capital Group LP and Clinton Group LP, hedge funds that own more than 5 percent of Dillard's class A stock, have pressed the retailer to reform its governance practices and improve financial performance since at least June 2007.

Last month, three Dillard's board members rejected a call by the hedge funds to remove CEO William Dillard II and other Dillard family members from management.

Dillard's said on Wednesday that it remains committed to closing underperforming outlets, and said capital spending was expected to be about $120 million in 2009, down from about $192 million this year.

The retailer said it maintained a $1.2 billion revolving credit line, and expected availability on that facility after its peak borrowing requirement was more than $500 million.

Dillard's Class A shares were down 37 cents, or 10 percent, at $3.38 in morning New York Stock Exchange trading.

Dillard's stock has fallen 82 percent this year, underperforming shares of Kohl's and Macy's, which are down about 33 percent and 73 percent, respectively.

(Reporting by Karen Jacobs, editing by Matthew Lewis)

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