Dillard's 2014 Annual Report Download - page 70

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We achieved another year of growth in both top line and bottom line performance in 2014, marking our fi fth consecutive year of
positive comparable store sales. Our customers responded well, particularly in the fourth quarter, to our improved merchandise
assortments throughout the store, as well as to our exceptional service. With this momentum, we reported net income for the year
of $332 million compared to $324 million and earnings per share growth of 10% to $7.79 from $7.10. From our strong operating
cash fl ow, which exceeded $600 million, we returned over $300 million to shareholders through share repurchase and dividends.
Importantly, we have returned approximately $2 billion to shareholders over the past six years.
We are excited about new store growth opportunities as retail development is gaining momentum in some of our most promising
markets. Notably, we operate Dillard’s locations in many of America’s fastest-growing cities, and we are proud of our attractive
store footprint across the nation. We opened two new stores in 2014 at The Shops at Summerlin in Las Vegas, Nevada, and The
Mall at University Town Center in Sarasota, Florida. These are the fi rst stores we have constructed since 2010. We have begun
construction on three new stores in Murray, Utah; Slidell, Louisiana; and Cincinnati, Ohio, which are scheduled to open this fall
before the holiday season begins.
In 2014, we made more progress in elevating product and people over price and promotion at Dillard’s. We realize our efforts
to become a better retailer are only as good as our efforts to attract and retain talented associates who will continually exceed
customer expectations. To that end, we made the commitment some time ago to be the best place to work in retail. We realize if
we treat our associates right, they will treat our customers right. To further elevate our customer experience, we continue to seek
out and to welcome exciting new brands to Dillard’s, while emphasizing and supporting our strong, existing portfolio of national
and exclusive brands.
We believe we are well positioned for 2015 with an attractive lineup of products supported by exceptional people. We thank you,
our associates and our shareholders, for your contributions to our success, and we look forward to serving you in 2015.
William Dillard, II Alex Dillard
Chairman of the Board & President
Chief Executive Offi cer
BOARD OF DIRECTORS
Robert C. Connor – Investments – Dallas, Texas
Alex Dillard – President of Dillard’s, Inc.
Mike Dillard – Executive Vice President of Dillard’s, Inc.
William Dillard, II – Chairman of the Board & Chief Executive Offi cer of Dillard’s, Inc.
James I. Freeman – Retired Senior Vice President & Chief Financial Offi cer of Dillard’s, Inc.
H. Lee Hastings, III – President & Chief Operating Offi cer of Hastings Holdings, Inc. – Little Rock, Arkansas
Drue Matheny – Executive Vice President of Dillard’s, Inc.
Frank R. Mori – Co-Chief Executive Offi cer and President, Takihyo, Inc. – New York, New York
Reynie Rutledge – Chairman of First Security Bancorp
Warren A. Stephens – President & Chief Executive Offi cer of Stephens, Inc., Co-Chairman of SF Holding Corp. – Little Rock, Arkansas
J.C. Watts, Jr. – Former Member of Congress, Chairman of J.C. Watts Companies – Washington, D.C.
Nick White – President & Chief Executive Offi cer, White & Associates – Rogers, Arkansas
CORPORATE ORGANIZATION
William Dillard, II – Chief Executive Offi cer
Alex Dillard – President
Mike Dillard – Executive Vice President
Drue Matheny – Executive Vice President
Chris B. Johnson – Principal Vice President
Phillip R. Watts – Principal Vice President
Dean L. Worley – Vice President & General Counsel
VICE PRESIDENTS
Tony Bolte Steven K. Nelson
Kent Burnett Michael E. Price
Stephen R. Gelwix Christine Rowell
Randal L. Hankins Sidney A. Sanders
Denise Mahaffy Burt Squires
Brant Musgrave Sherrill E. Wise
CORPORATE MERCHANDISING
PRODUCT DEVELOPMENT
Vice Presidents, Merchandising
Gary Borofsky James P. Northup
Joseph P. Brennan Mike Shields
William T. Dillard, III Terry Smith
Gianni Duarte James D. Stockman
Christine A. Ferrari David Terry
Brett Gunn Kay White
Mike McNiff
REGIONAL MERCHANDISING
Presidents, Regional Merchandising
Mike Dillard Robin Sanderford
Drue Matheny Julie A. Taylor
General Merchandise Managers
Mark Killingsworth Lisa M. Roby
Anthony Menzie Bob Thompson
REGIONAL VICE PRESIDENTS – STORES
W.R. Appleby, II Michael J. Hubbell
Tom Bolin Dan W. Jensen
Debra Dumas Mike Litchford
Mark Galvan Zeina T. Nassar
Mark Gastman Raymond Stockley
Marva Harrell Lloyd Keith Tidmore
Gene D. Heil Keith White
2014 ANNUAL REPORT
, Sarasota, Florida, opened October 2014