Dillard's Inc. of Little Rock on Friday announced a special dividend of $15 per share for its Class A and Class B common stock, a sum that the company said it's distributing to thank shareholders but will also result in a hefty payment for the Dillard family.
Eight family members including Chairman and CEO William Dillard II and President Alex Dillard own a total of more than 7.5 million shares of the stock. Their total dividend payout will be about $112.8 million.
SEC filings show the company's 401K plan includes nearly 41% of available Class A stock, meaning those enrolled will get a boost for their retirement package.
The dividend is payable Dec. 15 to shareholders of record as of Nov. 29.
The company said in a news release that employees and their family members own about 70% of the company's outstanding shares. The company said the dividend is a "special thanks" to shareholders who "stuck with us through unprecedented times and have been instrumental in achieving our remarkable success this year."
"We are extremely proud of the exceptional work they continue to do and what we have accomplished together," the release says. "It would not have been possible without the tremendous support of our dedicated team," the release says.
Dillard's reported fiscal third-quarter profit of $197.3 million, a 518% increase from the $31.9 million in profit reported the same quarter last year.
The company on Friday also declared a cash dividend of 20 cents per share on Class A and Class B common stock. The dividend is payable Jan. 31 to shareholders of record as of Dec. 31.