Dillard’s Chief Executive Officer
Highlights of the First Quarter (compared to the prior year first quarter):
- Total retail sales increased 3%
- Comparable store sales increased 3%
- Net income of
$250.6 million compared to$163.8 million - Earnings per share of
$16.04 compared to$10.39 - Retail gross margin of 45.8% of sales compared to 45.5% of sales
- Operating expenses were
$444.0 million (28.3% of sales) compared to$421.7 million (27.6% of sales) - Ending inventory increased 3%
First Quarter Results
Dillard’s reported net income for the 13 weeks ended
Sales
Net sales for the 13 weeks ended
Total retail sales (which excludes CDI) for the 13 weeks ended
All merchandise categories reported sales increases compared to the prior year first quarter. Sales increased significantly in home and furniture, ladies’ accessories and lingerie and shoes. Sales in men’s apparel and accessories, juniors’ and children’s apparel and ladies’ apparel increased moderately while sales in cosmetics increased slightly during the quarter.
Gross Margin
Consolidated gross margin for the 13 weeks ended
Retail gross margin for the 13 weeks ended
Selling, General & Administrative Expenses
Consolidated selling, general and administrative expenses (“operating expenses”) for the 13 weeks ended
Store Information
During the quarter, the Company opened a 160,000 square foot location at
| Dillard’s, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In Millions, Except Per Share Data) | ||||||||||||||
| 13 Weeks Ended | ||||||||||||||
| % of | % of | |||||||||||||
| Net | Net | |||||||||||||
| Amount | Sales | Amount | Sales | |||||||||||
| Net sales | $ | 1,568.4 | 100.0 | % | $ | 1,528.9 | 100.0 | % | ||||||
| Service charges and other income | 20.2 | 1.3 | 18.1 | 1.2 | ||||||||||
| 1,588.6 | 101.3 | 1,547.0 | 101.2 | |||||||||||
| Cost of sales | 870.4 | 55.5 | 857.7 | 56.1 | ||||||||||
| Selling, general and administrative expenses | 444.0 | 28.3 | 421.7 | 27.6 | ||||||||||
| Depreciation and amortization | 43.3 | 2.8 | 44.5 | 2.9 | ||||||||||
| Rentals | 3.9 | 0.2 | 4.6 | 0.3 | ||||||||||
| Interest and debt (income) expense, net | (0.7 | ) | (0.0 | ) | (0.8 | ) | (0.1 | ) | ||||||
| Other expense | 5.0 | 0.3 | 5.7 | 0.4 | ||||||||||
| Gain on litigation settlement | 104.1 | 6.6 | — | — | ||||||||||
| Gain on disposal of assets | 0.2 | 0.0 | 0.1 | 0.0 | ||||||||||
| Income before income taxes and equity in earnings of joint ventures | 327.0 | 20.9 | 213.7 | 14.0 | ||||||||||
| Income taxes | 76.7 | 49.9 | ||||||||||||
| Equity in earnings of joint ventures | 0.3 | — | ||||||||||||
| Net income | $ | 250.6 | 16.0 | % | $ | 163.8 | 10.7 | % | ||||||
| Basic and diluted earnings per share | $ | 16.04 | $ | 10.39 | ||||||||||
| Basic and diluted weighted average shares outstanding | 15.6 | 15.8 | ||||||||||||
| Dillard’s, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In Millions) | ||||||
| 2026 | 2025 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 1,157.7 | $ | 900.5 | ||
| Accounts receivable | 47.1 | 56.9 | ||||
| Short-term investments | 259.7 | 258.5 | ||||
| Merchandise inventories | 1,506.5 | 1,469.3 | ||||
| Other current assets | 76.1 | 82.9 | ||||
| Total current assets | 3,047.1 | 2,768.1 | ||||
| Property and equipment, net | 884.7 | 976.0 | ||||
| Operating lease assets | 33.9 | 32.5 | ||||
| Deferred income taxes | 78.7 | 71.3 | ||||
| Other assets | 93.4 | 59.1 | ||||
| Total assets | $ | 4,137.8 | $ | 3,907.0 | ||
| Liabilities and stockholders’ equity | ||||||
| Current liabilities: | ||||||
| Trade accounts payable and accrued expenses | $ | 1,081.4 | $ | 1,056.7 | ||
| Current portion of long-term debt | 96.0 | — | ||||
| Current portion of operating lease liabilities | 9.4 | 10.8 | ||||
| Federal and state income taxes | 100.5 | 79.3 | ||||
| Total current liabilities | 1,287.3 | 1,146.8 | ||||
| Long-term debt | 225.7 | 321.6 | ||||
| Operating lease liabilities | 24.3 | 21.5 | ||||
| Other liabilities | 374.9 | 359.2 | ||||
| Subordinated debentures | 200.0 | 200.0 | ||||
| Stockholders’ equity | 2,025.6 | 1,857.9 | ||||
| Total liabilities and stockholders’ equity | $ | 4,137.8 | $ | 3,907.0 | ||
| Dillard’s, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In Millions) | ||||||||
| 13 Weeks Ended | ||||||||
| 2026 | 2025 | |||||||
| Operating activities: | ||||||||
| Net income | $ | 250.6 | $ | 163.8 | ||||
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
| Depreciation and amortization of property and other deferred costs | 43.7 | 44.9 | ||||||
| Gain on disposal of assets | (0.2 | ) | (0.1 | ) | ||||
| Accrued interest on short-term investments | (2.2 | ) | (3.2 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Increase in accounts receivable | (7.3 | ) | (1.2 | ) | ||||
| Increase in merchandise inventories | (305.4 | ) | (297.3 | ) | ||||
| (Increase) decrease in other current assets | (4.1 | ) | 10.6 | |||||
| (Increase) decrease in other assets | (0.6 | ) | 1.1 | |||||
| Increase in trade accounts payable and accrued expenses and other liabilities | 313.6 | 263.6 | ||||||
| Increase in income taxes | 75.9 | 50.4 | ||||||
| Net cash provided by operating activities | 364.0 | 232.6 | ||||||
| Investing activities: | ||||||||
| Purchase of property and equipment and capitalized software | (17.2 | ) | (16.8 | ) | ||||
| Proceeds from disposal of assets | 0.2 | 0.2 | ||||||
| Proceeds from insurance | — | 1.5 | ||||||
| Purchase of short-term investments | (258.5 | ) | (212.4 | ) | ||||
| Proceeds from maturities of short-term investments | 212.4 | 282.8 | ||||||
| Net cash (used in) provided by investing activities | (63.1 | ) | 55.3 | |||||
| Financing activities: | ||||||||
| Cash dividends paid | (4.7 | ) | (4.0 | ) | ||||
| Purchase of treasury stock | — | (98.0 | ) | |||||
| Issuance cost of line of credit | — | (3.3 | ) | |||||
| Net cash used in financing activities | (4.7 | ) | (105.3 | ) | ||||
| Increase in cash and cash equivalents | 296.2 | 182.6 | ||||||
| Cash and cash equivalents, beginning of period | 861.5 | 717.9 | ||||||
| Cash and cash equivalents, end of period | $ | 1,157.7 | $ | 900.5 | ||||
| Non-cash transactions: | ||||||||
| Accrued capital expenditures | $ | 6.2 | $ | 7.6 | ||||
| Accrued purchase of treasury stock and excise taxes | — | 1.0 | ||||||
| Lease assets obtained in exchange for new operating lease liabilities | 0.3 | 1.8 | ||||||
Estimates for 2026
The Company is providing the following estimates for certain financial statement items for the 52-week period ending
| In Millions | ||||||||
| 2026 | 2025 | |||||||
| Estimated | Actual | |||||||
| Depreciation and amortization | $ | 175 | $ | 179 | ||||
| Rentals | 18 | 19 | ||||||
| Interest and debt (income) expense, net | (5 | ) | (6 | ) | ||||
| Capital expenditures | 130 | 93 | ||||||
Forward-Looking Information
This report contains certain forward-looking statements. The following are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995: (a) statements including words such as “may,” “will,” “could,” “should,” “believe,” “expect,” “future,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” or the negative or other variations thereof; (b) statements regarding matters that are not historical facts; and (c) statements about the Company’s future occurrences, plans and objectives, including those statements under the heading “Estimates for 2026” regarding certain financial statement items for the 52-week period ended
CONTACT:
Dillard’s, Inc.
501-376-5965
julie.guymon@dillards.com
