LITTLE ROCK, Ark., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Dillard's, Inc. (NYSE:DDS) (the "Company" or "Dillard's") announced operating results for the 13 and 39 weeks ended November 1, 2025. This release contains certain forward-looking statements. Please refer to the Company's cautionary statements included below under "Forward-Looking Information."

Dillard's Chief Executive Officer William T. Dillard, II commented on the quarter, "We were happy to see sales strength continue through the third quarter, ending up 3%. We look forward to seeing and serving our customers this holiday season."

Highlights of the Third Quarter (compared to the prior year third quarter):

Total retail sales increased 3%
Comparable store sales increased 3%
Net income of $129.8 million compared to $124.6 million
Earnings per share of $8.31 compared to $7.73
Retail gross margin of 45.3% of sales compared to 44.5% of sales
Operating expenses were $440.4 million (30.0% of sales) compared to $418.9 million (29.4% of sales)
Ending inventory increased 2%

Third Quarter Results

Dillard's reported net income for the 13 weeks ended November 1, 2025 of $129.8 million, or $8.31 per share, compared to $124.6 million, or $7.73 per share, for the 13 weeks ended November 2, 2024.

Sales – Third Quarter

Net sales for the 13 weeks ended November 1, 2025 and November 2, 2024 were $1.469 billion and $1.427 billion, respectively. Net sales includes the operations of the Company's construction business, CDI Contractors, LLC ("CDI").

Total retail sales (which excludes CDI) for the 13 weeks ended November 1, 2025 and November 2, 2024 were $1.401 billion and $1.356 billion, respectively. Total retail sales increased 3% for the 13-week period ended November 1, 2025 compared to the 13-week period ended November 2, 2024. Sales in comparable stores for the same period increased 3%.

Sales in ladies' accessories and lingerie, juniors' and children's apparel and ladies' apparel increased significantly compared to the prior year third quarter. Sales increased moderately in shoes and increased slightly in home and furniture, men's apparel and accessories and cosmetics.

Gross Margin – Third Quarter

Consolidated gross margin for the 13 weeks ended November 1, 2025 was 43.4% of sales compared to 42.6% of sales for the 13 weeks ended November 2, 2024.

Retail gross margin for the 13 weeks ended November 1, 2025 was 45.3% of sales compared to 44.5% of sales for the 13 weeks ended November 2, 2024. Compared to the prior year third quarter, retail gross margin increased moderately in ladies' accessories and lingerie and shoes; increased slightly in home and furniture and men's apparel and accessories; and was unchanged as a percentage in junior's and children's apparel, cosmetics and ladies' apparel.

Inventory increased 2% at November 1, 2025 compared to November 2, 2024.

Selling, General & Administrative Expenses – Third Quarter

Consolidated selling, general and administrative expenses ("operating expenses") for the 13 weeks ended November 1, 2025 were $440.4 million (30.0% of sales) and $418.9 million (29.4% of sales) for the 13 weeks ended November 2, 2024. The increase is notably due to payroll and payroll-related expenses.

Highlights of the 39 Weeks (compared to the prior year 39 weeks):

Total retail sales increased 1%
Comparable store sales increased 1%
Net income of $366.5 million compared to $379.1 million
Earnings per share of $23.39 compared to $23.42
Retail gross margin of 42.9% of sales compared to 43.3% of sales
Operating expenses were $1.296 billion (28.7% of sales) compared to $1.279 billion (28.6% of sales)

39-Week Results

Dillard's reported net income for the 39 weeks ended November 1, 2025 of $366.5 million, or $23.39 per share, compared to $379.1 million, or $23.42 per share, for the 39 weeks ended November 2, 2024. Included in net income for the 39 weeks ended November 1, 2025 is a pretax gain of $5.5 million ($4.2 million after tax or $0.27 per share) primarily related to the sale of four properties.

Sales – 39 Weeks

Net sales for the 39 weeks ended November 1, 2025 and November 2, 2024 were $4.511 billion and $4.466 billion, respectively.

Total retail sales for the 39 weeks ended November 1, 2025 and November 2, 2024 were $4.315 billion and $4.275 billion, respectively. Total retail sales increased 1% for the 39-week period ended November 1, 2025 compared to the 39-week period ended November 2, 2024. Sales in comparable stores increased 1% for the same period.

Gross Margin – 39 Weeks

Consolidated gross margin for the 39 weeks ended November 1, 2025 was 41.3% of sales compared to 41.6% of sales for the 39 weeks ended November 2, 2024.

Retail gross margin (which excludes CDI) for the 39 weeks ended November 1, 2025 was 42.9% of sales compared to 43.3% of sales for the 39 weeks ended November 2, 2024.

Selling, General & Administrative Expenses – 39 Weeks

Operating expenses for the 39 weeks ended November 1, 2025 were $1.296 billion (28.7% of sales) compared to $1.279 billion (28.6% of sales) for the 39 weeks ended November 2, 2024.

Share Repurchase

During the 39 weeks ended November 1, 2025, the Company purchased $107.8 million (approximately 300,000 shares) of Class A Common Stock at an average price of $359.16 per share.

As of November 1, 2025, authorization of $165.2 million remained under the May 2023 program.

Total shares outstanding (Class A and Class B Common Stock) at November 1, 2025 and November 2, 2024 were 15.6 million and 15.9 million, respectively.

Store Information

Dillard's has announced the upcoming closure of its store at The Shops at Willow Bend in Plano, Texas (240,000 square feet). The store is expected to close in January 2026.

The Company operates 272 Dillard's stores, including 28 clearance centers, spanning 30 states (totaling 46.2 million square feet) and an Internet store at dillards.com.

Dillard's, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In Millions, Except Per Share Data)
	13 Weeks Ended					13 Weeks Ended					39 Weeks Ended					39 Weeks Ended
	November 1, 2025					November 2, 2024					November 1, 2025					November 2, 2024
				% of					% of					% of					% of
				Net					Net					Net					Net
	Amount			Sales		Amount			Sales		Amount			Sales		Amount			Sales
Net sales	$	1,468.8		100.0	%	$	1,427.0		100.0	%	$	4,511.5		100.0	%	$	4,466.0		100.0	%
Service charges and other income		22.2		1.5			24.2		1.7			62.5		1.4			72.6		1.6
		1,491.0		101.5			1,451.2		101.7			4,574.0		101.4			4,538.6		101.6

Cost of sales		831.6		56.6			819.3		57.4			2,648.6		58.7			2,607.5		58.4
Selling, general and administrative expenses		440.4		30.0			418.9		29.4			1,296.3		28.7			1,279.2		28.6
Depreciation and amortization		44.5		3.0			44.1		3.1			133.5		3.0			136.5		3.1
Rentals		4.4		0.3			4.9		0.3			13.5		0.3			14.9		0.3
Interest and debt (income) expense, net		(3.1	)	(0.2	)		(4.5	)	(0.3	)		(5.3	)	(0.1	)		(11.9	)	(0.3	)
Other expense		5.0		0.3			6.2		0.4			15.8		0.3			18.5		0.4
Gain on disposal of assets		0.6		0.0			0.2		0.0			5.5		0.1			0.5		0.0
Income before income taxes		168.8		11.5			162.5		11.4			477.1		10.6			494.4		11.1
Income taxes		39.0					37.9					110.6					115.3
Net income	$	129.8		8.8	%	$	124.6		8.7	%	$	366.5		8.1	%	$	379.1		8.5	%

Basic and diluted earnings per share	$	8.31				$	7.73				$	23.39				$	23.42
Basic and diluted weighted average shares outstanding		15.6					16.1					15.7					16.2

Dillard's, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In Millions)
	November 1,		November 2,
	2025		2024
Assets
Current assets:
Cash and cash equivalents	$	1,149.2	$	980.4
Accounts receivable		44.9		61.7
Short-term investments		185.2		128.9
Merchandise inventories		1,718.1		1,682.2
Other current assets		71.6		89.1
Total current assets		3,169.0		2,942.3

Property and equipment, net		943.7		1,030.7
Operating lease assets		27.3		35.9
Deferred income taxes		65.6		64.8
Other assets		92.5		59.4

Total assets	$	4,298.1	$	4,133.1

Liabilities and stockholders' equity
Current liabilities:
Trade accounts payable and accrued expenses	$	1,214.0	$	1,215.0
Current portion of long-term debt		96.0		—
Current portion of operating lease liabilities		10.0		11.7
Federal and state income taxes		125.4		10.0
Total current liabilities		1,445.4		1,236.7

Long-term debt		225.7		321.6
Operating lease liabilities		16.9		24.3
Other liabilities		365.0		387.1
Subordinated debentures		200.0		200.0
Stockholders' equity		2,045.1		1,963.4

Total liabilities and stockholders' equity	$	4,298.1	$	4,133.1

Dillard's, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In Millions)
	39 Weeks Ended			39 Weeks Ended
	November 1,			November 2,
	2025			2024
Operating activities:
Net income	$	366.5		$	379.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred costs		134.6			137.8
Gain on disposal of assets		(5.5	)		(0.5	)
Accrued interest on short-term investments		(7.0	)		(9.2	)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable		10.8			(1.2	)
Increase in merchandise inventories		(546.0	)		(588.2	)
Decrease in other current assets		22.5			9.8
Decrease (increase) in other assets		2.0			(1.0	)
Increase in trade accounts payable and accrued expenses and other liabilities		426.1			447.6
Increase (decrease) in income taxes payable		101.8			(24.8	)
Net cash provided by operating activities		505.8			349.4

Investing activities:
Purchase of property and equipment and capitalized software		(73.8	)		(89.1	)
Proceeds from disposal of assets		7.6			0.6
Proceeds from insurance		1.5			—
Investments related to joint ventures		(34.3	)		—
Purchase of short-term investments		(396.3	)		(422.4	)
Proceeds from maturities of short-term investments		543.7			450.8
Net cash provided by (used in) investing activities		48.4			(60.1	)

Financing activities:
Cash dividends paid		(11.8	)		(12.2	)
Purchase of treasury stock		(107.8	)		(105.0	)
Issuance cost of line of credit		(3.3	)		—
Net cash used in financing activities		(122.9	)		(117.2	)

Increase in cash and cash equivalents		431.3			172.1
Cash and cash equivalents, beginning of period		717.9			808.3
Cash and cash equivalents, end of period	$	1,149.2		$	980.4

Non-cash transactions:
Accrued capital expenditures	$	9.8		$	9.9
Accrued purchase of treasury stock and excise taxes		1.1			3.1
Stock awards		1.3			1.6
Lease assets obtained in exchange for new operating lease liabilities		2.5			2.2

Estimates for 2025

The Company is providing the following estimates for certain financial statement items for the 52-week period ending January 31, 2026 based upon current conditions. Actual results may differ significantly from these estimates as conditions and factors change – See "Forward-Looking Information."

	In Millions
	2025			2024
	Estimated			Actual
Depreciation and amortization	$	180		$	178
Rentals		20			21
Interest and debt (income) expense, net		(7	)		(14	)
Capital expenditures		100			105

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 2025" regarding certain financial statement items for the 52-week period ended January 31, 2026. 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 including inflation, economic recession and changes in traffic at malls and shopping centers; 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 and interest rates on 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 the Company's ability to meet labor needs amid nationwide labor shortages and an intense competition for talent; changes in consumer spending patterns, debt levels and their ability to meet credit obligations; high levels of unemployment; changes in tax legislation; trade disputes and changes in trade policies including the imposition (or threat) of new or increased duties, taxes, tariffs and other charges impacting our products or supply chain; changes in legislation and governmental regulations; 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 SOFR and other base borrowing rates; potential disruption from terrorist activity and the effect on ongoing consumer confidence; epidemic, pandemic or public health issues and their effects on public health, our supply chain, the health and well-being of our employees and customers and the retail industry in general; potential disruption of international trade and supply chain efficiencies; global conflicts (including the ongoing conflicts in the Middle East and Ukraine) and the possible impact on consumer spending patterns and other economic and demographic changes of similar or dissimilar nature, and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, particularly those set forth under the caption "Item 1A, Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended February 1, 2025.

CONTACT:

Dillard's, Inc.

Julie J. Guymon

501-376-5965

julie.guymon@dillards.com

Dillard's, Inc. Reports Third Quarter and Year-to-Date Results