Bill Dillard II has served as CEO of the family's department store chain since his dad retired in 1998. His 10% stake was worth as much as $800 million in November as the stock climbed to record heights.The secretive clan behind the Dillard’s department store chain has a reputation for avoiding reporters, refusing to hold earnings calls and dodging investor queries about their results.
The market capitalization of the 280-stored chain has quadrupled to more than $5 billion since Jan. 1, far outpacing gains seen by much larger chains like Macy’s , Kohl’s and Nordstrom . Shares have cooled in recent weeks on fears of the omicron variant and a downgrade from an analyst sour on the prospect of department stores heading into next year.
Grandson Bill Dillard III, 50, is part of the third-generation to help run the retailer. He oversees merchandising for cosmetics, men’s apparel and other areas.While nine out of 15 board members are non-family members, including the billionaire CEO of Little Rock investment bank Warren Stephens, there are no outsiders on the management team, which lacks a chief financial officer, chief operating officer or chief marketing officer.
Investors have piled in, propelling Dillard’s stock from $58 on Jan. 1 to a peak of $410 in November, a 600% gain. That run-up has enriched more than the Dillards. Some 40% of the company’s stock is held by workers in their retirement plans, thanks in large part to the company’s 401 matching, which comes in the form of Dillard’s shares. Full-time employees are eligible to receive stock after they work for the company for one year.
Even Einhorn is no big fan of the operation, calling it “not a great business” at the conference, but investing in it because it was profitable, didn’t have debt and, most importantly, owned a ton of real estate. Its stores are generally located in good malls and attract a slightly older customer, making it somewhat less vulnerable to the shift online.
Profit of the death of its citizens is the American way.
good
Belgique Dernières Nouvelles, Belgique Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
La source: Forbes - 🏆 394. / 53 Lire la suite »
La source: Forbes - 🏆 394. / 53 Lire la suite »
La source: Forbes - 🏆 394. / 53 Lire la suite »
La source: Forbes - 🏆 394. / 53 Lire la suite »