A failed attempt at expansion, however, had left it financially vulnerable. Nevertheless, in 1980, Dillard added six stores in Texas and Oklahoma.The company had yet another year of massive expansion in 1984.
Arnold mentioned the possibility of selling Stix, Baer & Fuller, and months later, when new mall space became difficult to find, Dillard bought the stores.While continuing to open new stores in Missouri, Oklahoma, and Texas, Dillard's 1989 focus was again on acquisitions. Listed on the American Stock Exchange, the first offering sold 242,430 shares worth $4 million.The year 1973 marked the beginning of Dillard's border operations. This slowdown continued through 1995 as sales increased eight percent in 1994 and seven percent in 1995, while profits increased only slightly to $251.8 million in 1994 before falling dramatically to $167 million in 1995 (which even without a $78.5 million charge for impairment of long-lived assets would still have totaled only $245.6 million).By the end of 1984, Dillard's sales had increased 50.7 percent to $1.27 billion. Dillard completely remodeled the place, expanding into the basement and leasing some departments. The company owns 90% of its retail store square footage and all of its corporate headquarters, distribution and fulfillment facilities. Despite strong sales, Wooten & Dillard lost money during its first six months, and Wooten asked Dillard to buy him out. Magnolia, a town of 7,000 located 55 miles from Texarkana, proved a lucrative market. The Diamond stores went through a longer process in order to acquire the Dillard's name. Signs of a downturn, however, were evident even in the 1993 results as sales increased only nine percent, following year after year of growth in the 12 to 19 percent range. In February 1978, the board approved the sale of $24 million worth of Class A stock to Vroom en Dreesmann's subsidiary, Vendamerica B.V.
By year's end, there were 38 Dillard's with sales of $269 million.Dillard's astute financing and smooth turnarounds caught the attention of the region's bankers. As of Jan. 31, Dillard’s owned 245 of its stores. The computers were the start of one of the industry's most advanced tracking systems. The Construction segment constructs and remodels stores through CDI Contractors, LLC. With heavy advertising, first-year sales reached $42,000.The company was founded--and in the mid-1990s was still headed--by William Dillard. By the end of that year, Dillard had 22 stores and sales of more than $100 million. Beyond department stores, Dillard's owns CDI Contractors, a Little Rock, Arkansas-based construction firm that was started to build and remodel Dillard's' stores. They stopped for a visit and by chance met Bill Arnold, Associated's chairman. Also in 1991, Vendamerica sold all of its shares in Dillard's in a public offering.The middle and late 1980s were marked by a shrewd reading of other department stores' finances. In three months, the union gave up picketing, and with a loan from the National Bank of Tulsa, Dillard paid off Brown-Dunkin's debts. They changed the name of the company to Dillard Department Stores, Inc., but retained the names of the individual stores until 1974.By 1992, Dillard's had failed to turn around the Higbee's stores in Ohio, but nonetheless increased its exposure by buying out its partner, DeBartolo, for about $90 million.
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