Dillard’s, Inc. Hosts Annual Meeting of Shareholders
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.
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