Dillard’s, Inc. Hosts Annual Meeting of Shareholders
LITTLE ROCK, Ark. -- May 17, 2014
Dillard’s, Inc. (DDS-NYSE) (the “Company” or “Dillard’s”) conducted its annual
meeting of shareholders today in Little Rock, Arkansas with Dillard’s Chief
Executive Officer, William Dillard, II, presiding. During the meeting, Mr.
Dillard reflected on Dillard’s favorable financial results, particularly
highlighting the balance sheet improvement over the last five years. Mr.
Dillard noted the Company had returned over $1.7 billion to shareholders in
the form of dividends and share repurchases over that term. Mr. Dillard stated
that the Company should continue to generate more cash than is required for
operations in the future. He stated that Dillard’s expects to continue to
return excess cash to shareholders.
Dillard’s Chief Financial Officer, James Freeman, noted that all director
nominees had been elected by a wide majority of shareholders of both Class A
and Class B Common Stock outstanding. Mr. Freeman added that the proxy
proposals regarding the advisory vote on executive compensation and the
ratification of the selection of the Company’s independent registered public
accountants were approved by a wide majority of the shareholders, as well. A
final vote count will be provided on Form 8k in the coming days.
The foregoing contains certain “forward-looking statements” within the
definition of federal securities laws. The following are or may constitute
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995: statements including (a) words such as “may,”
“will,” “could,” “believe,”, “should”, “expect,” “future,” “potential,”
“anticipate,” “intend,” “plan,” “estimate,” “continue,” or the negative or
other variations thereof, and (b) statements regarding matters that are not
historical facts. The Company cautions that forward-looking statements
contained in this report are based on estimates, projections, beliefs and
assumptions of management and information available to management at the time
of such statements and are not guarantees of future performance. The Company
disclaims any obligation to update or revise any forward-looking statements
based on the occurrence of future events, the receipt of new information, or
otherwise. Forward-looking statements of the Company involve risks and
uncertainties and are subject to change based on various important factors.
Actual future performance, outcomes and results may differ materially from
those expressed in forward-looking statements made by the Company and its
management as a result of a number of risks, uncertainties and assumptions.
Representative examples of those 2 factors include (without limitation)
general retail industry conditions and macro-economic conditions; economic and
weather conditions for regions in which the Company’s stores are located and
the effect of these factors on the buying patterns of the Company’s customers,
including the effect of changes in prices and availability of oil and natural
gas; the availability of consumer credit; the impact of competitive pressures
in the department store industry and other retail channels including
specialty, off-price, discount and Internet retailers; changes in consumer
spending patterns, debt levels and their ability to meet credit obligations;
changes in legislation, affecting such matters as the cost of employee
benefits or credit card income; adequate and stable availability and pricing
of materials, production facilities and labor from which the Company sources
its merchandise; changes in operating expenses, including employee wages,
commission structures and related benefits; system failures or data security
breaches; possible future acquisitions of store properties from other
department store operators; the continued availability of financing in amounts
and at the terms necessary to support the Company’s future business;
fluctuations in LIBOR and other base borrowing rates; potential disruption
from terrorist activity and the effect on ongoing consumer confidence;
epidemic, pandemic or other public health issues; potential disruption of
international trade and supply chain efficiencies; world conflict and the
possible impact on consumer spending patterns and other economic and
demographic changes of similar or dissimilar nature. The Company’s filings
with the Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended February 1, 2014, contain other
information on factors that may affect financial results or cause actual
results to differ materially from forward-looking statements.
Julie Johnson Bull, 501-376-5965
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