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Dillard's board approves $250 million buyback

Published on NewsOK Modified: March 22, 2013 at 9:19 am •  Published: March 22, 2013

LITTLE ROCK, Ark. (AP) — Dillard's board has approved the repurchase of up to $250 million shares of its common stock.

The department store operator said Friday that it completed the repurchase of $92 million outstanding under its prior $250 million buyback program.

On Tuesday, Fitch Ratings raised Dillard's long-term issuer default rating, citing the improvement of a key revenue metric.

The ratings agency said Tuesday that the company's revenue at stores open at least a year has climbed for 10 straight quarters. Last month Dillard's reported a 3 percent rise in fourth-quarter revenue at stores open at least a year. This figure is a key indicator of a retailer's health because it excludes results from stores recently opened or closed.

Shares of Dillard's Inc., based in Little Rock, Ark., rose 33 cents to $78.85 in morning trading Friday. They have traded in a 52-week range of $60.76 to $89.98 over the past year.