Dillard’s third quarter in the red, stock zooms
November 20, 2007,
Little Rock, Ark. – Posting a third-quarter net loss of $11.3 million, compared to income of $13.6 million for the year-ago period, Dillard’s nonetheless found ways to entice investors as the company announced the completion of one stock buyback and the initiation of another – and Wall Street responded by driving the company’s share price up by more than 11% before midday.
William Dillard II, ceo, acknowledged the company’s “disappointing” performance and said Dillard’s will “continue to improve and edit merchandise assortments to strengthen our appeal.”
Dillard’s repurchased $111.6 million of its Class A common stock, completing an extant $200 million plan – and authorized a new $200 million repurchase, with no time limit.
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