Dillard’s, Inc. Hosts Annual Meeting of Shareholders
May 20 2017 - 2:00PM
Business Wire
Dillard’s, Inc. (NYSE:DDS) (the “Company” or “Dillard’s”)
conducted its annual meeting of shareholders today in Little Rock,
Arkansas with Dillard’s Chairman of the Board and Chief Executive
Officer, William Dillard, II, presiding.
Mr. Dillard welcomed guests and acknowledged Mr. P.J. Smith of
the Humane Society of the United States, inviting him to speak
regarding the organization’s stockholder proposal (Proposal No. 6).
Mr. Smith thanked Mr. Dillard, greeted the other attendees, and
stated that he believed the organization’s thoughts were adequately
summarized in the Proxy Statement (Notice of 2017 Annual Meeting of
Stockholders).
Mr. Dillard referred the audience to the voting items in the
Proxy Statement and, with the assistance of Corporate Secretary,
Dean Worley, noted that all Directors were elected with an
overwhelming majority. The gentlemen also noted that Proposals 2, 3
and 4 in the Proxy Statement were approved with an overwhelming
majority. Proposal No. 5 favored a three year frequency, and
stockholder Proposal No. 6 failed.
Mr. Dillard then provided his current thoughts on the business
and stated that 2016 was a difficult year in retailing. Regarding
the Company’s recent first quarter sales performance, Mr. Dillard
noted that a large part of the Company’s sales decline occurred in
February, particularly during the first two weeks. Mr. Dillard
stated that the Company believes the delay in income tax refunds
attributed to this decline. He noted that the Company saw a
dramatic difference in sales from the middle of February forward,
and that he is encouraged about the Company’s future. Mr. Dillard
added that there will be winners and losers in the retail business,
noting that while sales have declined in brick and mortar stores,
the vast majority of retail sales still occur in brick and mortar
locations. Mr. Dillard concluded, “We plan to be one of the
survivors.”
Mr. Dillard then adjourned the meeting.
Forward-Looking Information
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,” “hope”, “will,” “could,”
“would”, “believe,” “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 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 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 confidence, spending patterns, debt
levels and their ability to meet credit obligations; high levels of
unemployment; changes in tax legislation; changes in legislation,
affecting such matters as the cost of employee benefits or credit
card income; adequate and stable availability of materials,
production facilities and labor from which the Company sources its
merchandise at acceptable pricing; 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, and other risks and
uncertainties, including those detailed from time to time in our
periodic reports filed with the SEC. The Company’s filings with the
Securities and Exchange Commission, including its Annual Report on
Form 10-K for the fiscal year ended January 28, 2017, contain other
information on factors that may affect financial results or cause
actual results to differ materially from forward-looking
statements.
About Dillard’s
Dillard’s, Inc. ranks among the nation’s largest fashion
retailers, with annual sales exceeding $6.2 billion. The Company
focuses on delivering style, service and value to its shoppers by
offering compelling apparel, cosmetics, and home selections
complemented by exceptional customer care. Dillard’s stores offer a
broad selection of merchandise and feature products from both
national and exclusive brand sources. The Company operates 268
Dillard’s locations and 25 clearance centers spanning 29 states,
plus an Internet store at www.dillards.com.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170520005019/en/
Dillard’s, Inc.Julie Johnson Bull,
501-376-5965julie.bull@dillards.com
Dillards (NYSE:DDS)
Historical Stock Chart
From Aug 2024 to Sep 2024
Dillards (NYSE:DDS)
Historical Stock Chart
From Sep 2023 to Sep 2024