Posted 8/20/2013 04:26 pm
Updated 8 months ago
Dillard's Inc. of Little Rock said Tuesday it increased its cash dividend 20 percent to 6 cents per share.
Shareholders as of Sept. 30 will receive the dividend payment on Nov. 4, the company said in a news release.
The retail chain has awarded a 5-cent quarterly dividend since June 2011. Shareholders, though, received a special one-time cash dividend of $5 per share at the end of 2012.
In the company's May 18 annual shareholders' meeting, CEO William Dillard II said the company had to decide what to do with its cash on its balance sheet. The options included buying back more stock or paying more in dividends.
On May 4, Dillard's reported $156 million in cash on its balance sheet. For the same quarter in 2012, Dillard's listed $251 million in cash.
Dillard's shares (NYSE: DDS) closed Tuesday at $79.78, up nearly 1 percent.