Dillards To Buy Back $250 Million In Stock
by February 29, 2012 11:06 pm 99 views
Dillard’s, Inc. announced that the board of directors has approved an additional share repurchase program authorizing the company to repurchase up to $250 million of its Class A Common Stock.
At January 28, 2012, $27.5 million remained outstanding under the $250 million program authorized in May, 2011. The new open-ended authorization permits the company to repurchase its Class A Common Stock in the open market or through privately negotiated transactions.
During the past year, Dillard’s has repurchased $491.1 million, or 11.4 million shares, of Class A Common Stock.
Additionally, the board of directors authorized a cash dividend of $0.05 per share on the Class A and Class B Common Stock of the company payable May 1, 2012 to shareholders of record as of March 30, 2012.
Dillard’s is coming off a record year performance in revenue and profits. The Little Rock-based mall and online retailer reported 2011 net income of $463.9 million on sales of $6.26 billion.
Dillard’s shares (NYSE:DDS) closed Wednesday trading at $61.14. The company’s stock has traded between a low of $37.87 per share and a high of $62.09 per share during the past 52 weeks.