Market Overview

Dillard's, Inc. Hosts Annual Meeting of Shareholders


Dillard's, Inc. (NYSE:DDS) (the "Company" or "Dillard's") conducted its
annual meeting of shareholders today in Little Rock, Arkansas with
Dillard's Chairman of the Board and Chief Executive Officer, William
Dillard, II, presiding.

Mr. Dillard referred the audience to the voting items in the Proxy
Statement and, with the assistance of Corporate Secretary, Dean Worley,
noted that all Directors were elected by a wide margin. Mr. Dillard and
Mr. Worley also noted that Proposal 2, Ratification of the Selection of
the Company's Independent Registered Public Accountants, passed with a
wide majority.

Mr. Dillard then provided his current thoughts on the business, noting
that May 2019 marks Dillard's 50th anniversary as a public
company. He then referred to the financial strength of the Company
pointing to the payment of $248 million of long-term debt (since January
2018) as well as $1.7 billion of share repurchase since last year's
annual meeting. He further stated that management viewed this recent
stock price decline as a buying opportunity, adding that the Company
repurchased approximately $5 million under its share repurchase plan
yesterday (Friday, May 17).

Mr. Dillard further pointed to Dillard's strong balance sheet,
particularly to the Company's ownership of 90% of its store square
footage. He referred to recent accounting changes with regard to
operating leases whereby the impact of operating lease assets and
operating lease liabilities is now reflected on the balance sheet
(Accounting Standards Update No. 2016-02). Because of the Company's high
store ownership percentage, the impact of this accounting change on the
Company's balance sheet has been notably small ($52 million in operating
lease assets at May 4, 2019) in comparison to peer companies who have
reported to date. Further emphasizing Dillard's strong balance sheet, he
added the Company has had no short-term borrowings (under its revolving
credit facilities) at year-end since fiscal 2008. He stated the Company
plans to have no short-term borrowings at year-end February 1, 2020.

In closing, Mr. Dillard stated, "Mall based retailing is going through a
difficult time." He added, "Our job is to be open next year. We're going
to be one of the leaders and still get to play tomorrow."

Forward-Looking Information

The foregoing contains certain "forward-looking statements" within the
definition of federal securities laws. The following are or may
constitute forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995: statements including (a) words
such as "may," "will," "could," "believe," "expect," "future,"
"potential," "anticipate," "intend," "plan," "estimate," "continue," or
the negative or other variations thereof, and (b) statements regarding
matters that are not historical facts. The Company cautions that
forward-looking statements contained in this report are based on
estimates, projections, beliefs and assumptions of management and
information available to management at the time of such statements and
are not guarantees of future performance. The Company disclaims any
obligation to update or revise any forward-looking statements based on
the occurrence of future events, the receipt of new information, or
otherwise. Forward-looking statements of the Company involve risks and
uncertainties and are subject to change based on various important
factors. Actual future performance, outcomes and results may differ
materially from those expressed in forward-looking statements made by
the Company and its management as a result of a number of risks,
uncertainties and assumptions. Representative examples of those factors
include (without limitation) general retail industry conditions and
macro-economic conditions; economic and weather conditions for regions
in which the Company's stores are located and the effect of these
factors on the buying patterns of the Company's customers, including the
effect of changes in prices and availability of oil and natural gas; the
availability of consumer credit; the impact of competitive pressures in
the department store industry and other retail channels including
specialty, off-price, discount and Internet retailers; changes in
consumer spending patterns, debt levels and their ability to meet credit
obligations; changes in tax legislation; changes in legislation,
affecting such matters as the cost of employee benefits or credit card
income; adequate and stable availability and pricing of materials,
production facilities and labor from which the Company sources its
merchandise; changes in operating expenses, including employee wages,
commission structures and related benefits; system failures or data
security breaches; possible future acquisitions of store properties from
other department store operators; the continued availability of
financing in amounts and at the terms necessary to support the Company's
future business; fluctuations in LIBOR and other base borrowing rates;
potential disruption from terrorist activity and the effect on ongoing
consumer confidence; epidemic, pandemic or other public health issues;
potential disruption of international trade and supply chain
efficiencies; world conflict and the possible impact on consumer
spending patterns and other economic and demographic changes of similar
or dissimilar nature. The Company's filings with the Securities and
Exchange Commission, including its Annual Report on Form 10-K for the
fiscal year ended February 2, 2019, contain other information on factors
that may affect financial results or cause actual results to differ
materially from forward-looking statements.

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