Dillard’s the department store chain based in Little Rock, is following others in corporate America in the aftermath of the big federal income tax cut with a stock buyback.
The New York Times has reported that corporations are spending more on themselves than on their workers.
Dillard’s news release today:
Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced that the Board of Directors has approved a new share repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock. The new open-ended authorization permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934 or through privately negotiated transactions. At February 3, 2018, authorization of $34.8 million remained under the Company’s February 2016 share repurchase plan.
The Board of Directors also declared a cash dividend of $0.10 per share on the Class A and Class B Common Stock of the Company payable May 7, 2018 to shareholders of record as of March 30, 2018.
The news release made no mention of a bonus or wage increase for employees.