Dillard's, Inc. Hosts Annual Meeting of Shareholders
William Dillard, II, presiding.
Mr. Dillard welcomed guests and noted a quorum of shareholders was present to conduct the business of the annual meeting.
Phillip Watts, Senior Vice President, noted that all director nominees had been elected by a wide majority of shareholders of both Class A and Class
B Common Stock outstanding. He added that the proxy proposal to ratify the selection of the Company's independent registered public accountants was also approved by a wide majority of the shareholders.
Mr. Dillard provided his current thoughts on the business and
acknowledged the recent challenges facing
Mr. Dillard pointed to the Company's
strong balance sheet relative to its retail peer group. He noted that
the Company had been consistently returning money to shareholders with
an average of
Mr. Dillard added that in
fiscal 2016 to date, the Company had returned over
Mr. Dillard stated, "Hopefully, we will have better numbers to report in the future."
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 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
Dillard's, Inc. ranks among the nation's largest fashion retailers, with
annual sales exceeding