Posted 5/21/2013 09:28 am
Updated 11 months ago
Dillard's Inc. of Little Rock broke its own all-time record high on Monday when its share price closed at $92.18 on Monday.
During trading Tuesday morning, Dillard's shares (NYSE: DDS) reached $93. The previous closing high was $92.01, which Dillard's reached on Friday.
The high share price comes on the heels of Dillard's annual shareholders' meeting on Saturday.
During the meeting, Dillard's CEO William Dillard II said the department store chain will have to decide this year what to do with the cash it's generating.
"We're going to face a decision, at least in the foreseeable future, … of having more cash generated than we need to employ in the business," Dillard said. "So we probably will have the same sort of decisions this year about, do we buy back more stock or do we pay out cash dividends?"
Dillard said he thinks returning the money to shareholders is one of the reasons why the stock price has been climbing.
During the fiscal year, Dillard's returned $438 million to shareholders in the form of dividends, including a special one-time cash dividend of $5 per share it paid at the end of the 2012.