Dillard's OKs Another $250 Million Buyback
Having completed a previous $250 million share repurchase program last month, department store operator Dillard's board of directors has authorized a new $250 million plan to buy back more shares.
Dillard's used $92 million in February to close out the previous program that was authorized in February 2012. The new one will use a combination of open market and privately negotiated transactions to buy back shares.
The company has attempted to return value to shareholders through the use of buybacks and dividends. In 2012, the department store chain bought back $185.5 million worth of stock and paid more than $252 million in dividends. In December, it paid stock owners a special $5-per-share dividend.
There are 284 Dillard's locations and 18 clearance centers spanning 29 states in operation. Total square footage at Feb. 2 was 52.3 million. As of this writing, shares are trading at $79.33, down 2.7% since their Jan. 2 close.
The article Dillard's OKs Another $250 Million Buyback originally appeared on Fool.com.Fool contributor Rich Duprey has no position in any stocks mentioned. The Motley Fool owns shares of Dillard's. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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