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Dillard's Inc. (DDS+3.53%) has submitted its Form 10-K filing for the fiscal year ended February 1, 2025.
The filing details Dillard's operations, which include 272 retail department stores across 30 states and a general contracting construction company, CDI Contractors, LLC. The company reported net sales of $6.48 billion for the fiscal year 2024, a decrease from $6.75 billion in the previous year.
The retail operations segment accounted for $6.22 billion of net sales, with a 3% decrease in comparable store sales. The construction segment contributed $264 million in net sales, reflecting a 3% decline from the previous year.
Dillard's reported a gross margin of 39.5% of sales, down from 40.3% in the prior year. The retail gross margin was 41.0% compared to 41.8% in the previous year.
Selling, general, and administrative expenses were $1.73 billion, or 26.7% of sales, compared to $1.72 billion, or 25.4% of sales, in the previous year. The increase was primarily due to higher payroll expenses.
Net income for the fiscal year was $593.5 million, compared to $738.8 million in the prior year. The decrease in net income is attributed to lower sales and margins.
Dillard's ended the fiscal year with $1.04 billion in cash and cash equivalents and short-term investments, and total debt outstanding of $521.6 million, excluding operating lease liabilities.
The company repurchased $121.0 million of its Class A Common Stock during the fiscal year and paid $413.8 million in dividends.
Dillard's continues to focus on its private label credit card program, transitioning from Wells Fargo to a new agreement with Citibank, N.A., which began in August 2024.
The filing also discusses potential risks to the business, including competition, economic conditions, and supply chain disruptions, as well as legal and compliance risks.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Dillard's Inc. annual 10-K report dated March 28, 2025. To report an error, please email earnings@qz.com.