Dillard's Inc. said Friday that the company's board of directors has declared a 5 cent cash dividend on its Class A and B common stock.
The dividend will be payable Aug. 5 to shareholders of record as of June 28, the Little Rock-based retailer said in a statement.
Company executives said late last week that they expected soon to generate more cash than needed for operations and would consider increasing dividends or buying back shares with the excess. But the latest dividend was the same as the quarterly dividends offered since May 25, 2011. Before that, the retailer set 4-cent quarterly dividends for a number of years.
The company held its annual shareholders meeting last Saturday in Little Rock, where, the company said in a statement after the event, Chief Executive Officer William Dillard II provided an overview of the company's favorable results for fiscal 2012 and the first quarter of 2013 and presented the forward-looking statements.
Last week, Dillard's reported record net income of $117.2 million for the first quarter, a 23 percent increase from the same period the year before, citing strong sales in women's accessories and lingerie.
Dillard’s has 283 stores and 18 clearance centers in 29 states.