DDS 10-K & 10-Q changes, risk factors and insider trading
Dillard's, Inc. (also DDT) · NYSE · Retail-Department Stores · CIK 28917 · All filings on SEC.gov
At a glance
What changed in the latest 10-K
Risk Factors
Largest changes
“Other trade restrictions imposed by the United States Government, including increased tariffs or quotas, embargoes, safeguards, and customs restrictions against apparel items, as well as United States or foreign labor strikes, work stoppages, or boycotts, could increase the cost or reduce the supply of merchandise available to us or may require us to modify our current business practices, any of which could adversely affect our profitability. …”see in full comparison
“Other trade restrictions imposed by the United States Government, including increased tariffs or quotas, embargoes, safeguards, and customs restrictions against apparel items, (such as the Uyghur Forced Labor Prevention Act), as well as United States or foreign labor strikes, work stoppages, or boycotts, could increase the cost or reduce the supply of merchandise available to us or may require us to modify our current business practices, any of which could adversely affect our profitability.”see in full comparison
Political discourse in the United States continues to focus on ways to discourage corporations in the United States from outsourcing manufacturing and production activities to foreign jurisdictions. Since 2018, the United States has imposed additional tariffs on certain items sourced from foreign countries, including China, and has modified, withdrawn from and renegotiated some of its trade agreements with foreign countries. Additional actions, includingsee in full comparisonnew tariffs imposed inthefirstimpositionfewormonthsincrease offiscal 2025 or potential new tariffs on Vietnam or other countries where the Company sources a significant amount of its merchandise,tariffs, could negatively impact our ability and the ability of our third-party vendors and suppliers to source products from foreign jurisdictions and could lead to an increase in the cost of goods and adversely affect our profitability.
The Citibank Alliance provides for certain payments to be made by Citi to the Company, including the Company’s share of earnings under this alliance. The income and cash flow that the Company receives from the Citibank Alliance is dependent upon a number of factors including the level of sales on Citi accounts, the level of balances carried on the Citi accounts by Citi customers, payment rates on Citi accounts, finance charge rates and other fees on Citi accounts, the level of credit losses for the Citi accounts, Citi’s ability to extend credit to our customers as well as the cost of customer rewards programs, all of which can vary based on changes in federal and state banking and consumer protection laws and from a variety of economic, legal, social and other factors that we cannot control. While future cash flows under thesee in full comparisonnewCitibankprogramAlliance are difficult to predict, the CompanyexpectsandincomeCitifromremainthefocusednewonprogramcollaborative strategies toinitiallyenhancebecustomerlessawarenessthanandhistorical earnings from the Wells Fargo Alliance. The extent to which future cash flows will vary over the termacceptance of thenewprogram’sprogramproductfromofferingshistoricalincashanflowseffortcannotto improve the financial performance of this alliance; however, there can bereasonablynoestimatedassuranceatthatthisthesetime.efforts will significantly impact the performance. If the income or cash flow that the Company receives from the Citibank Alliance decreases, our operating results and cash flows could be adversely affected.
Credit card operations are subject to numerous federal and state laws that impose disclosure and other requirements upon the origination, servicing, and enforcement of credit accounts, and limitations on the amount of finance charges and fees (including late fees) that may be charged by a credit cardsee in full comparisonprovider, such as the Consumer Financial Protection Bureau’s amendment to Regulation Z to limit the dollar amounts credit card companies can charge for late fees, which we expect could have a material adverse effect on the income and cash flows from our private label credit card program.provider. Citi may be subject to regulations that may adversely impact its operation of the private label credit card program. To the extent that such limitations or regulations materially limit the availability of credit or increase the cost of credit to the cardholders or negatively impact provisions which affect our earnings associated with the private label credit card, our results of operations could be adversely affected. In addition, changes in credit card use, payment patterns, or default rates could be affected by a variety of economic, legal, social, or other factors over which we have no control and cannot predict with certainty. Such changes could also negatively impact Citi’s ability to facilitate consumer credit or increase the cost of credit to the cardholders.
The occurrence of, or threat of, a natural disaster, climate change, war (including the ongoing conflict with Iran and/or Iranian-sponsored actors, other conflicts in the Middle East, and the ongoing conflict in Ukraine and the resulting sanctions imposed on Russia by the U.S. and other countriessee in full comparisonas well as other conflicts in the Middle East), acts of violence, acts of terrorism, other armed conflicts, and public health issues could disrupt our operations, disrupt international trade and supply chain efficiencies, suppliers or customers, or result in political or economic instability. If commercial transportation is curtailed or substantially delayed, our business may be adversely impacted, as we may have difficulty shipping merchandise to our distribution centers, fulfillment centers, stores or directly to customers. In addition, concern about climate change and greenhouse gases may result in new or additional legal, legislative and/or regulatory requirements to reduce or mitigate the effects of climate change on the environment. Any such new requirements could increase our operating costs for things like energy or packaging, as well as our product supply chain and distribution costs.
Full comparison: every changed paragraph (9)
The occurrence of, or threat of, a natural disaster, climate change, war (including the ongoing conflict with Iran and/or Iranian-sponsored actors, other conflicts in the Middle East, and the ongoing conflict in Ukraine and the resulting sanctions imposed on Russia by the U.S. and other countries as well as other conflicts in the Middle East), acts of violence, acts of terrorism, other armed conflicts, and public health issues could disrupt our operations, disrupt international trade and supply chain efficiencies, suppliers or customers, or result in political or economic instability. If commercial transportation is curtailed or substantially delayed, our business may be adversely impacted, as we may have difficulty shipping merchandise to our distribution centers, fulfillment centers, stores or directly to customers. In addition, concern about climate change and greenhouse gases may result in new or additional legal, legislative and/or regulatory requirements to reduce or mitigate the effects of climate change on the environment. Any such new requirements could increase our operating costs for things like energy or packaging, as well as our product supply chain and distribution costs.
Political discourse in the United States continues to focus on ways to discourage corporations in the United States from outsourcing manufacturing and production activities to foreign jurisdictions. Since 2018, the United States has imposed additional tariffs on certain items sourced from foreign countries, including China, and has modified, withdrawn from and renegotiated some of its trade agreements with foreign countries. Additional actions, including new tariffs imposed in the firstimposition fewor monthsincrease of fiscal 2025 or potential new tariffs on Vietnam or other countries where the Company sources a significant amount of its merchandise,tariffs, could negatively impact our ability and the ability of our third-party vendors and suppliers to source products from foreign jurisdictions and could lead to an increase in the cost of goods and adversely affect our profitability.
Other trade restrictions imposed by the United States Government, including increased tariffs or quotas, embargoes, safeguards, and customs restrictions against apparel items, (such as the Uyghur Forced Labor Prevention Act), as well as United States or foreign labor strikes, work stoppages, or boycotts, could increase the cost or reduce the supply of merchandise available to us or may require us to modify our current business practices, any of which could adversely affect our profitability.
Other trade restrictions imposed by the United States Government, including increased tariffs or quotas, embargoes, safeguards, and customs restrictions against apparel items, as well as United States or foreign labor strikes, work stoppages, or boycotts, could increase the cost or reduce the supply of merchandise available to us or may require us to modify our current business practices, any of which could adversely affect our profitability. For example, beginning in fiscal 2020, the United States Government took significant steps to address the forced labor concerns in the Xinjiang Uyghur Autonomous Region of China (“Xinjiang Region”), including withhold release orders (“WROs”) issued by United States Customs and Border Protection (“CBP”). The WROs allow CBP to detain and deny entry of imports suspected of containing cotton from Xinjiang, regardless of the origin of the finished products. This affected global supply chains, including our own supply chains for cotton-containing products. In late fiscal 2021, the United States Government enacted the Uyghur Forced Labor Prevention Act (“UFLPA”), which presumes goods produced in the Xinjiang Region, or with labor linked to specified Chinese government-sponsored labor programs, were produced using forced labor and prohibits importation of such goods into the United States absent clear and convincing evidence proving otherwise. Compliance with UFLPA could lead to an increase in the cost of goods and adversely affect our profitability.
Our timely receipt of merchandise in the United States is dependent on an efficient global supply chain. Disruptions in the supply chain could adversely impact our ability to obtain adequate inventory on a timely basis and result in lost sales, increased costs and an overall decrease in our profits. For example, many disruptions in the global transportation network have occurred recently, including attacks on shipping vessels in the Red Sea,Sea and on the Strait of Hormuz, causing changes to vessel routings, extending transit times, decreasing global vessel capacity and increasing the cost of fuel. Global port congestion related to weather and geopolitical events may also continue to impact the supply chain, and imports may continue to face delayed transit times, longer wait times at transshipment ports and schedule changes at origin ports.
The Citibank Alliance provides for certain payments to be made by Citi to the Company, including the Company’s share of earnings under this alliance. The income and cash flow that the Company receives from the Citibank Alliance is dependent upon a number of factors including the level of sales on Citi accounts, the level of balances carried on the Citi accounts by Citi customers, payment rates on Citi accounts, finance charge rates and other fees on Citi accounts, the level of credit losses for the Citi accounts, Citi’s ability to extend credit to our customers as well as the cost of customer rewards programs, all of which can vary based on changes in federal and state banking and consumer protection laws and from a variety of economic, legal, social and other factors that we cannot control. While future cash flows under the newCitibank programAlliance are difficult to predict, the Company expectsand incomeCiti fromremain thefocused newon programcollaborative strategies to initiallyenhance becustomer lessawareness thanand historical earnings from the Wells Fargo Alliance. The extent to which future cash flows will vary over the termacceptance of the newprogram’s programproduct fromofferings historicalin cashan flowseffort cannotto improve the financial performance of this alliance; however, there can be reasonablyno estimatedassurance atthat thisthese time.efforts will significantly impact the performance. If the income or cash flow that the Company receives from the Citibank Alliance decreases, our operating results and cash flows could be adversely affected.
Credit card operations are subject to numerous federal and state laws that impose disclosure and other requirements upon the origination, servicing, and enforcement of credit accounts, and limitations on the amount of finance charges and fees (including late fees) that may be charged by a credit card provider, such as the Consumer Financial Protection Bureau’s amendment to Regulation Z to limit the dollar amounts credit card companies can charge for late fees, which we expect could have a material adverse effect on the income and cash flows from our private label credit card program.provider. Citi may be subject to regulations that may adversely impact its operation of the private label credit card program. To the extent that such limitations or regulations materially limit the availability of credit or increase the cost of credit to the cardholders or negatively impact provisions which affect our earnings associated with the private label credit card, our results of operations could be adversely affected. In addition, changes in credit card use, payment patterns, or default rates could be affected by a variety of economic, legal, social, or other factors over which we have no control and cannot predict with certainty. Such changes could also negatively impact Citi’s ability to facilitate consumer credit or increase the cost of credit to the cardholders.
Our information technology systems are also subject to damage or interruption from power outages, computer and telecommunications failures, computer viruses, cyberattacks and ransomware attacks, usage errors by our employees and other items discussed previously in this Item 1A, catastrophic events such as fires, floods, earthquakes, tornadoes, hurricanes and acts of war or terrorism. We rely on third-party service providers to provide hardware, software and services necessary to operate our information technology systems. Outages, failures, viruses, attacks, catastrophic events, acts of war or terrorism, and usage errors by third-party service providers (or their vendors) could also affect our information technology systems. If our information technology systems are damaged or cease to function properly, we may have to make a significant investment to repair or replace them, and we may suffer loss of critical data and interruptions or delays in our operations in the interim, which could adversely affect our business and operating results.
Additionally, to keep pace with changing technology,technology (including artificial intelligence), we must continuously provide for the design and implementation of new information technology systems and enhancements of our existing systems. We could encounter difficulties in developing new systems or maintaining and upgrading existing systems. Such difficulties could lead to significant expenses or to losses due to disruption in our business.
Management's Discussion & Analysis (MD&A)
Largest changes
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 included under the heading “Outlook” included in this Management’s Discussion and Analysis and other statements regarding management’s expectations and forecasts for the remainder of fiscalsee in full comparison20252026 and beyond, statements regarding future income and cash flows fromourthenewCitibankcredit program with Citi,Alliance, statements concerning the opening of new stores or the closing of existing stores, statements concerning capital expenditures and sources of liquidity, statements concerning share repurchases, statements concerning pension contributions, statements concerning changes in loss trends, settlements and other costs related to our self-insurance programs, statements concerning expectations regarding the payment of dividends, statements regarding the impacts of inflation, wages, trade restrictions, including tariffs, and the effectiveness of our ongoing initiatives to manage such costs, statements regarding expense management and statements concerning estimated taxes. 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 governmentalregulations, affecting trade restrictions, including tariffs, and such matters as the cost of employee benefits or credit card income, such as the Consumer Financial Protection Bureau’s amendment to Regulation Z to limit the dollar amounts credit card companies can charge for late feesregulations; 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; inability to effectively utilize advancements in technology, including artificial intelligence; 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 ExchangeCommission,Commission particularly those set forth under the caption “Item 1A, Risk Factors” in this Annual Report on Form 10-K.
At present, a number of economic and geopolitical factors are affecting the U.S. and world economies (including countries from which we source some of our merchandise): war and other armed conflicts (including the ongoing conflict with Iran and/or Iranian sponsored actors, other conflicts in the Middle East and the ongoing conflict in Ukraine and the resulting sanctions imposed on Russia by the U.S. and other countries), fluctuating energy prices, trade restrictions (including tariffs), inflation and the continuing impact of elevated United States wages. The extent to which our business will be affected by these factors depends on our customer’s continuing ability and willingness to accept price increases. Accordingly, the related financial impact to fiscalsee in full comparison20252026 from these factors cannot be reasonably estimated at this time.
In March 2025, the Company amended and extended its revolving credit facility (the "2025 amendment") replacing the Company's previous amended credit agreement. Thesee in full comparisonnewCompanyamendedpaidcredit agreement remains at $800$3.3 millionwithinaissuance$200costsmillionrelatedexpansion option, andto thenew2025maturityamendmentdatewhichiswasMarchrecorded12,in2030.otherThereassetsare no financial covenant requirements underon theamendedconsolidatedcreditbalanceagreement provided availability exceeds $80 million and no specified event of default has occurred or is continuing.sheet. The 2025 amendment continues to have the 0.10% per annum credit spread adjustment to the interest rate for term benchmark and RFR loans but reduced the applicable rate to (A) (x) 1.25% per annum in the case of term benchmark and RFR loans and (y) 0.25% per annum in the case of base rate loans when average quarterly availability is greater than or equal to 50% of the total commitments and (B) (x) 1.50% per annum in the case of term benchmark and RFR loans and (y) 0.50% per annum in the case of base rate loans when average quarterly availability is less than 50% of the total commitments. The 2025 amendment also reduced the unused commitment fee to (A) 0.25% per annum when the average amount utilized is less than 50% of the total commitment and (B) 0.20% per annum when the average amount utilized is greater than or equal to 50% of the total commitment. The facility was arranged by JPMorgan Chase Bank, N.A. Thenewcredit agreement, as amendedcredit agreement is available toby theCompany2025foramendment,generalmaturescorporateMarchpurposes12,including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases.2030.
see in full comparisonEffectiveIn June16,2023, the Company amended the credit agreement (the "2023 amendment") to reflect the changes necessary for the phaseout of LIBOR.Pursuant to the 2023 amendment, the Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks.Pursuant to the 2023 amendment, borrowings under the credit agreement bore interest, at our option, at a rate per annum equal to (1) the then alternative base rate plus the applicable rate or (2) adjusted term or daily simple SOFR, in each case plus 0.10% per annum, plus the applicable rate. The applicable rate was defined as (A) (x) 1.50% per annum in the case of term benchmark and RFR loans and (y) 0.50% per annum in the case of base rate loans when average quarterly availability is greater than or equal to 50% of the total commitments and (B) (x) 1.75% per annum in the case of term benchmark and RFR loans and (y) 0.75% per annum in the case of base rate loans when average quarterly availability is less than 50% of the total commitments. The commitment fee for unused borrowings was 0.30% per annum if average borrowings were less than 35% of the totalcommitmentcommitments and 0.25% per annum if average borrowings were greater than or equal to 35% of the totalcommitment. As long as availability exceeds $80 million and no specified event of default has occurred or is continuing, there are no financial covenant requirements under the credit agreement.commitments. The credit agreement, as amended by the 2023 amendment, was scheduled to mature on April 28, 2026.
Revolving Credit Agreement. The Company maintains a revolving credit facility (“credit agreement”) for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The creditsee in full comparisonagreementagreement, which is secured by certain deposit accounts of the Company and certain inventory of certainsubsidiaries andsubsidiaries, provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option. The Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks. There are no financial covenant requirements under the credit agreement provided availability exceeds $80 million and no specified event of default has occurred or is continuing.
Service charges and other incomesee in full comparisonisincludescomposed primarily ofthe income from the Citibank Alliance and former Wells Fargo Alliance. During the third quarter of fiscal 2024, the Company transitioned to its new agreement with Citi to provide a credit card program for Dillard’s customers, replacing the existing Wells Fargo Alliance. Income from the alliances decreased $14.5 million in fiscal 2025 compared to fiscal 2024, primarily from decreases in finance charges and late fees mainly resulting from lower average net receivables. While future cash flows underthisthenewCitibankprogramAlliance are difficult to predict, the CompanyexpectsandincomeCitifromremainthefocusednewonprogramcollaborative strategies toinitiallyenhancebecustomerlessawarenessthanandhistorical earnings from the Wells Fargo Alliance. The extent to which future cash flows will vary over the termacceptance of thenewprogram’sprogramproductfromofferingshistoricalincashanflowseffortcannotto improve the financial performance of this alliance; however, there can bereasonablynoestimatedassuranceatthatthisthesetime.effortsIncomewillfromsignificantly impact thealliances decreased $13.2 million in fiscal 2024 compared to fiscal 2023.performance.
Full comparison: every changed paragraph (62)
At FebruaryJanuary 1,31, 2025,2026, Dillard’s, Inc. operates 272271 retail department stores spanning 30 states and an Internet store at dillards.com. The Company also operates a general contracting construction company, CDI,CDI Contractors, LLC (“CDI”), a portion of whose business includes constructing and remodeling stores for the Company, which is a reportable segment separate from our retail operations.
In accordance with the National Retail Federation fiscal reporting calendar and our bylaws, the fiscal 2025 reporting period presented and discussed below ended January 31, 2026 and contained 52 weeks. The fiscal 2024 reporting period presented and discussed below ended February 1, 2025 and contained 52 weeks. The fiscal 2023 reporting period presented and discussed below ended February 3, 2024 and contained 53 weeks. The fiscal 2022 reporting period presented and discussed below ended January 28, 2023 and contained 52 weeks. For comparability purposes, where noted, some of the information discussed below is based upon comparison of the 52 weeks ended February 1, 2025 to the 52 weeks ended February 3, 2024. Additionally, some of the information discussed below is based upon comparison of the 52 weeks ended January 27, 2024 to the 52 weeks ended January 28, 2023.
A discussion regarding results of operations and analysis of financial condition for the year ended February 3,1, 20242025 as compared to the year ended JanuaryFebruary 28,3, 20232024 is included in Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended February 3,1, 2024.2025.
We achieved a respectable performance for fiscal year 2025, reporting net income of $570.2 million. In a rapidly changing merchandising environment characterized by unpredictable costs, we focused on maintaining gross margin performance. Our retail gross margin stood at 40.8% while sales remained unchanged (as a percentage) compared to fiscal 2024. We kept shareholder return a priority. We paid $484.9 million in dividends, highlighted by the largest special dividend in our history. Additionally, we repurchased $107.8 million of stock. Following these efforts, we held approximately $1.1 billion in cash and cash equivalents and short-term investments at year end and remained in a strong financial position.
In a continued challenging consumer environment in fiscal 2024, we achieved net income of $593.5 million with a comparable store sales decline of 3%. We focused on gross margin performance as well as expense control to protect profitability as sales remained weak. Shareholder return remained a priority, and we paid $413.8 million in dividends and repurchased $121.0 million of treasury stock. We ended the year in a strong financial position with $1,043.5 million in cash and cash equivalents and short-term investments.
Total retail sales for the 52 weeks ended February 1,fiscal 2025 and 53 weeks ended February 3,fiscal 2024 were $6.219$6.232 billion and $6.480$6.219 billion, respectively. Total retail sales decreasedwere 2%unchanged as a percentage for the 52-week period ended February 1,fiscal 2025 compared to the 52-week period ended February 3,fiscal 2024. Sales in comparable stores for the same period decreasedwere 3%.also unchanged.
Consolidated gross margin for both fiscal 2025 and fiscal 2024 was 39.5% of sales compared to 40.3% of sales for fiscal 2023.sales. Retail gross margin for fiscal 20242025 was 41.0%40.8% of sales compared to 41.8%41.0% of sales for fiscal 2023.2024. Inventory increased 7%2% at FebruaryJanuary 1,31, 20252026 compared to February 3,1, 2024.2025.
Consolidated selling, general and administrative expenses (“operating expenses”) for fiscal 20242025 were $1,759.2 million (27.2% of sales) compared to $1,731.2 million (26.7% of sales) compared to $1,717.4 million (25.4% of sales) for fiscal 2023.2024. The increase in operating expenses is primarily due to increased payroll and payroll-related expenses largely occurring in the first half of the year. We intensified our expense control efforts in the back half of the year and made notable progress with such.expenses.
We reported net income for fiscal 2024 of $593.5 million, or $36.82 per share, compared to $738.8 million, or $44.73 per share, for fiscal 2023. Included in net income for fiscal 2024 are federal and state income tax benefits of $30.8 million ($1.91 per share) due to a deduction related to that portion of the special dividend of $25.00 per share that was paid to the Dillard's, Inc. Investment and Employee Stock Ownership Plan during the year.
IncludedWe inreported net income for the prior year (fiscal 2023) is a pretax gain2025 of $6.1$570.2 million ($4.7 million after taxmillion, or $0.28$36.42 per share)share, primarily relatedcompared to the$593.5 salemillion, ofor two$36.82 storeper properties.share, Alsofor includedfiscal 2024. Included in net income for fiscal 20232025 are the following tax-related benefitsitems:
Included in net income for fiscal 2024 are federal and state income tax benefits of $30.8 million ($1.91 per share) due to a deduction related to that portion of the special dividend of $25.00 per share that was paid to the Dillard's, Inc. Investment and Employee Stock Ownership Plan during the year.
Cash flow from operations was $717.0 million for fiscal 2025 and $714.1 million for fiscal 2024 and $883.6 million for fiscal 2023.2024. During fiscal 2024,2025, we returned $534.8a record $592.6 million of cash to stockholders in the form of dividends and share repurchases. At FebruaryJanuary 1,31, 2025,2026, authorization of $273.0$165.2 million remained under the share repurchase program.
At FebruaryJanuary 1,31, 2025,2026, we had working capital of $1,533.2$1,484.5 million (including cash and cash equivalents and short-term investments totaling $1,043.5$1,073.0 million) and total debt outstanding of $521.6$521.7 million excluding operating lease liabilities.
At present, a number of economic and geopolitical factors are affecting the U.S. and world economies (including countries from which we source some of our merchandise): war and other armed conflicts (including the ongoing conflict with Iran and/or Iranian sponsored actors, other conflicts in the Middle East and the ongoing conflict in Ukraine and the resulting sanctions imposed on Russia by the U.S. and other countries), fluctuating energy prices, trade restrictions (including tariffs), inflation and the continuing impact of elevated United States wages. The extent to which our business will be affected by these factors depends on our customer’s continuing ability and willingness to accept price increases. Accordingly, the related financial impact to fiscal 20252026 from these factors cannot be reasonably estimated at this time.
Net sales. Net sales includes merchandise sales of comparable and non-comparable stores and revenue recognized on contracts of CDI Contractors, LLC (“CDI”),CDI, the Company’s general contracting construction company. Comparable store sales includes sales for those stores which were in operation for a full period in both the most recently completed quarter and the corresponding quarter for the prior fiscal year, including our internet store. Comparable store sales excludes changes in the allowance for sales returns. Non-comparable store sales includes: sales in the current fiscal year from stores opened during the previous fiscal year before they are considered comparable stores; sales from new stores opened during the current fiscal year; sales in the previous fiscal year for stores closed during the current or previous fiscal year that are no longer considered comparable stores; sales in clearance centers; and changes in the allowance for sales returns.
Interest and debt (income) expense, net. Interest and debt (income) expenseexpense, net includes interest, net of interest income from demand deposits and short-term investments and capitalized interest, relating to the Company’s unsecured notes, subordinated debentures and commitment fees and borrowings, if any, under the Company’s credit agreement. Interest and debt expense also includes the amortization of financing costs and interest on finance lease obligations, if any.
Merchandise inventory. All of the Company’s inventories are valued at the lower of cost or market using the last-in, first-out (“LIFO”) inventory method. Approximately 95% of the Company’s inventories are valued using the LIFO retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost to retail ratio to the retail value of inventories. The retail inventory method is an averaging method that is widely used in the retail industry due to its practicality. Inherent in the retail inventory method calculation are certain significant management judgments including, among others, merchandise markon, markups and markdowns, which significantly impact the ending inventory valuation at cost as well as the resulting gross margins. During periods of deflation, inventory values on the first-in, first-out (“FIFO”) retail inventory method may be lower than the LIFO retail inventory method. Additionally, inventory values at LIFO cost may be in excess of net realizable value. At FebruaryJanuary 1,31, 20252026 and February 3,1, 2024,2025, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the FIFO retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for fiscal 2024,2025, 20232024 or 2022.2023. A 1% change in the dollar amount of markdowns would have impacted net income by approximately $8 million for fiscal 2024.2025.
Revenue recognition. The Company’s retail operations segment recognizes revenue upon the sale of merchandise to its customers, net of anticipated returns of merchandise. The asset and liability for sales returns are based on historical evidence of our return rate. We recorded an allowance for sales returns of $21.5$20.1 million and $21.9$21.5 million and return assets of $13.0$12.1 million and $12.8$13.0 million as of FebruaryJanuary 1,31, 20252026 and February 3,1, 2024,2025, respectively. The return asset and the allowance for sales returns are recorded in the consolidated balance sheets in other current assets and trade accounts payable and accrued expenses, respectively. Adjustments to earnings resulting from revisions to estimates on our sales return provision were not material for fiscal 2024,2025, 20232024 and 2022.2023.
Insurance accruals. The Company’s consolidated balance sheets include liabilities with respect to claims for self-insured workers’ compensation (with a self-insured retention of $4 million per claim) and general liability (with a self-insured retention of $2 million per claim). The Company’s retentions are insured through a wholly-owned captive insurance subsidiary. The Company estimates the required liability of such claims, utilizing an actuarial method, based upon various assumptions, which include, but are not limited to, our historical loss experience, projected loss development factors, actual payroll and other data. The required liability is also subject to adjustment in the future based upon the changes in claims experience, including changes in the number of incidents (frequency) and changes in the ultimate cost per incident (severity). As of FebruaryJanuary 1,31, 20252026 and February 3,1, 2024,2025, insurance accruals of $40.1$40.3 million and $41.0$40.1 million, respectively, were recorded in trade accounts payable and accrued expenses and other liabilities. A 10% change in our self-insurance reserve would have affected net income by approximately $3 million for fiscal 2024.2025.
TheIf impairment indicators are identified, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. If the carrying value of the related asset exceeds the fair value, the carrying value is reduced to its fair value. Various factors including future sales growth, profit margins and real estate values are included in this analysis. To the extent these future projections, the Company’s strategies or market conditions change, the conclusion regarding impairment may differ from the current estimates.
As such, these estimates may require adjustment in the future as additional information becomes available or as circumstances change. Changes in the Company’s assumptions and judgments can materially affect amounts recognized in the consolidated balance sheets and statements of operations.income.
The total amount of unrecognized tax benefits as of FebruaryJanuary 1,31, 20252026 was $8.0$7.5 million, of which, $5.8$6.2 million would, if recognized, affect the Company’s effective tax rate. The total amount of unrecognized tax benefits as of February 3,1, 20242025 was $8.1$8.0 million, of which $6.0$5.8 million would, if recognized, affect the Company’s effective tax rate. The Company does not expect a significant change in unrecognized tax benefits in the next twelve months. The Company classifies accrued interest expense and penalties relating to income tax in the consolidated financial statements as income tax expense. The total amounts of interest and penalties were not material.
Pension obligations. The discount rate that the Company utilizes for determining future pension obligations is based on the FTSE Above Median Pension yield curve on its annual measurement date as of the end of each fiscal year and is matched to the future expected cash flows of the benefit plans by semi-annual periods. The discount rate increaseddecreased to 5.4% as of January 31, 2026 from 5.6% as of February 1, 2025 from 5.1% as of February 3, 2024.2025. We believe that these assumptions have been appropriate and that, based on these assumptions, the pension liability of $298.9$314.0 million is appropriately stated as of FebruaryJanuary 1,31, 20252026; however, actual results may differ materially from those estimated and could have a material impact on our consolidated financial statements. A 50 basis point change in the discount rate would increase or decrease the pension liability by approximately $15$16 million. The Company expects to make a contribution to the pension plan of approximately $8.2$8.5 million in fiscal 2025.2026. The Company expects pension expense to be approximately $25.9$26.1 million in fiscal 2025.2026.
Net sales from the retail operations segment decreasedincreased $261.1$13.0 million during the 52-week period ended February 1,fiscal 2025 compared to the 53-week period ended February 3,fiscal 2024, decreasingremaining 4%flat as a percentage in total store sales. Sales in comparable stores decreasedremained 3%flat for the 52-week period ended February 1,fiscal 2025 compared to the 52-week period ended February 3,fiscal 2024. During the same 52-week periods, sales of men’s apparel and accessories decreased significantly, while sales of shoes, juniors’ and children’s apparel and ladies’ apparel decreased moderately. Sales of ladies’ accessories and lingerie and juniors’ and children’s apparel increased moderately. Sales of cosmetics decreased slightly.slightly, Saleswhile sales of home and furniture increased slightly, while sales of cosmetics increaseddecreased moderately. Sales were essentially unchanged in all other product categories.
The number of sales transactions during the 52-week period ended February 1,fiscal 2025 decreased 7%4% over the 53-week period ended February 3,fiscal 2024, while the average dollars per sales transaction increased 3%.4%.
Net sales from the construction segment decreased $8.4$22.0 million or 3%8.3% during fiscal 20242025 compared to fiscal 20232024 due to a decrease in construction activity. The remaining performance obligations related to executed construction contracts totaled $202.8$140.8 million at FebruaryJanuary 1,31, 2025,2026, increasingdecreasing approximately 24%31% from February 3,1, 2024.2025.
Service charges and other income isincludes composed primarily ofthe income from the Citibank Alliance and former Wells Fargo Alliance. During the third quarter of fiscal 2024, the Company transitioned to its new agreement with Citi to provide a credit card program for Dillard’s customers, replacing the existing Wells Fargo Alliance. Income from the alliances decreased $14.5 million in fiscal 2025 compared to fiscal 2024, primarily from decreases in finance charges and late fees mainly resulting from lower average net receivables. While future cash flows under thisthe newCitibank programAlliance are difficult to predict, the Company expectsand incomeCiti fromremain thefocused newon programcollaborative strategies to initiallyenhance becustomer lessawareness thanand historical earnings from the Wells Fargo Alliance. The extent to which future cash flows will vary over the termacceptance of the newprogram’s programproduct fromofferings historicalin cashan flowseffort cannotto improve the financial performance of this alliance; however, there can be reasonablyno estimatedassurance atthat thisthese time.efforts Incomewill fromsignificantly impact the alliances decreased $13.2 million in fiscal 2024 compared to fiscal 2023.performance.
Consolidated gross margin andwas essentially unchanged while gross margin from retail operations decreased 8020 basis points of sales during fiscal 20242025 compared to fiscal 2023.2024. During fiscal 2024, gross margin decreased moderately in home and furniture and ladies’ apparel, while2025, gross margin decreased slightly in shoesladies’ apparel and cosmetics.men’s apparel and accessories, while gross margin increased slightly in ladies’ accessories and lingerie and shoes. Gross margin was essentially flat in juniors’all andother children’sproduct apparel, men’s apparel and accessories and ladies’ accessories and lingerie.categories. Retail store inventory increased 7%2% at FebruaryJanuary 1,31, 20252026 compared to February 3,1, 2024.2025.
Inflation and changing trade restrictions, including tariffs, arepose a concernrisk forto management.our operations. The extent to which our business will be affected by these factors depends on our customers’ continuing ability and willingness to accept higher prices and the effectiveness of our ongoing initiatives to manage these fluctuating costs.
Gross margin from the construction segment increased 30 basis points of segment net sales during fiscal 2024 compared to fiscal 2023.
SG&A increased $13.8$28.0 million and 13050 basis points of sales during the 52 weeks ended February 1,fiscal 2025 compared to the 53 weeks ended February 3,fiscal 2024. The increase in operatingSG&A expensesduring isfiscal 2025 was primarily dueattributable to increaseda $13.1 million increase in payroll and payroll-related expenses,expenses largely(increasing occurringto $1,244.5 million for fiscal 2025 from $1,231.4 million for fiscal 2024) and an $8.7 million increase in theservices firstpurchased. halfInflation continues to be a concern for management, impacting many areas of theour year.operating expenses.
Payroll and payroll-related expenses for fiscal 2024 were $1,231.4 million compared to $1,217.3 million for fiscal 2023, an increase of 1.2%. The Company plans to continue its focus of aligning expenses with sales performance.
Net interest and debt (income) expense improveddecreased $9.1$7.5 million in fiscal 20242025 compared to fiscal 20232024 primarily due to ana increasedecrease in interest income.income, mainly from lower interest rates, and capitalized interest. Interest income was $53.5$47.2 million and $45.2$53.6 million in fiscal 20242025 and fiscal 2023,2024, respectively.
Other expense increaseddecreased $5.8$3.8 million in fiscal 20242025 compared to fiscal 20232024 primarily due to ana increasedecrease in the interest cost and the amortization of the net actuarial loss related to the Company’s pension plan.
During fiscal 2023,2025, the Company received proceeds of $6.3$25.7 million primarily from the sale of two storefive properties, resulting in a gain of $6.1$20.4 million that was recorded in gain on disposal of assets.
During fiscal 2025, income taxes included federal and state tax benefits of $35.0 million due to the deduction related to that portion of the special dividend of $30.00 per share that was paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan on January 5, 2026.
On July 4, 2025, H.R.1 – One Big Beautiful Bill Act (Public Law No. 119-21) was signed into law. Notable provisions include restoration of 100% bonus depreciation, full expensing of domestic research expenditures, and modifications to interest expense limitations and charitable contribution deduction thresholds. Accounting Standards Codification §740, Accounting for Income Taxes, requires recognition of the effects of changes in tax law during the period of enactment. The effects of these provisions did not have, and are not expected to have, a material impact on the Company’s financial results.
During fiscal 2023, income taxes included federal and state tax benefits of $26.1 million due to the deduction related to that portion of the special dividend of $20.00 per share that was paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan on January 8, 2024. Income taxes also included a net $9.8 million income tax benefit due to the release of valuation allowances primarily related to increases in the expected future utilization of state net operating loss carryforwards.
On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. The Act includes, among other provisions, a new 15% corporate alternative minimum tax (“CAMT”), effective January 1, 2023, which had no impact on the Company’s consolidated financial results for the years ended February 1, 2025 and February 3, 2024.
Net cash flows from operations decreasedincreased $169.5$2.9 million during fiscal 20242025 compared to fiscal 2023 primarily due to reduced sales and lower margins.2024.
While future cash flows under the newCitibank programAlliance are difficult to predict, the Company expectsand incomeCiti fromremain thefocused newon programcollaborative strategies to initiallyenhance becustomer lessawareness thanand historical earnings from the Wells Fargo Alliance. The extent to which future cash flows will vary over the termacceptance of the newprogram’s programproduct fromofferings historicalin cashan flowseffort cannotto improve the financial performance of this alliance; however, there can be reasonablyno estimatedassurance atthat thisthese time.efforts will significantly impact the performance. Any material decrease could adversely affect our operating results and cash flows.
At FebruaryJanuary 1,31, 2025,2026, the Company had purchase obligations of $1,248.2$1,254.8 million outstanding for merchandise and store construction commitments, all of which are expected to be paid during fiscal 2025.2026.
Cash inflows from investing activities generally include proceeds from sales of property and equipment and maturities of short-term investments. Cash outflows from investing activities generally include payments for capital expenditures such as property and equipment and purchases of short-termother investments.
Cash used infrom investing activities increased $154.1$292.3 million during fiscal 20242025 compared to fiscal 20232024 primarily due to a net increasedecrease in short-term investments.
Capital expenditures decreased $28.4$11.2 million for fiscal 20242025 compared to fiscal 2023.2024. There were no new locations opened during fiscal 2025. During fiscal 2024, the Company opened a new location at The Empire Mall in Sioux Falls, South Dakota (140,000 square feet) marking its 30th state of operation. During fiscal 2023, the Company opened a 100,000 square foot expansion at Gateway Mall in Lincoln, Nebraska.
During fiscal 2024,2025, the Company closed (1) its Eastwoodlocation Mallat ClearanceThe CenterShops at Willow Bend in Niles,Plano, OhioTexas (120,000 square feet) and (2) its leased facility at Stones River Town Centre in Murfreesboro, Tennessee (145,000240,000 square feet). There were no material costs associated or expected with any of thesethis store closures.closure. We remain committed to closing stores where appropriate and may incur future closing costs related to such stores when they close.
During fiscal 2023,2025, the Company received cash proceeds of $6.3$25.7 million and recorded a related gain of $6.1$20.4 million,million primarily from the sale of two storefive properties: (1) an 85,000 square foot location at Sunland Park Mall in El Paso, Texas and (2) a 240,000 square foot location at MacArthurThe Shops at Willow Bend in Plano, Texas, (2) a 150,000 square foot non-operating location at Crossroads Center in Norfolk,Waterloo, Virginia.Iowa, (3) a non-operating building at Towne West Square in Wichita, Kansas, (4) a non-operating building at Golden Triangle Mall in Denton, Texas, and (5) a parcel of land at Rivergate Mall in Goodlettsville, Tennessee.
During fiscal 2023,2024, the Company also closed (1) anits owned location at Santa RosaEastwood Mall inClearance Mary Esther, Florida (115,000 square feet), (2) a leased location at Conestoga MallCenter in GrandNiles, Island, NebraskaOhio (80,000120,000 square feet) and (32) anits ownedleased clearance centerfacility at MetrocenterStones MallRiver Town Centre in Phoenix,Murfreesboro, ArizonaTennessee (90,000145,000 square feet).
During fiscal 2023, the Company received proceeds from life insurance of $4.5 million related to two policies.
During fiscal 2025, the Company contributed $34.3 million to its mall joint ventures, recording the investments in other assets on the Company’s consolidated balance sheet.
Our primary source of cash inflows from financing activities is generally borrowings from our $800 million senior secured revolving credit facility. Financing cash outflows generally include the repayment of borrowings under the revolving credit facility, the repayment of long-term debt, finance lease obligations, the payment of dividends and the purchase of treasury stock.
Cash used in financing activities improvedincreased to $595.9 million in fiscal 2025 from $534.8 million in fiscal 2024 from $620.0 million in fiscal 2023 due to decreasesincrease in treasurycash stockdividends purchasespaid during 2024.2025.
Stock Repurchase. In May 2021, the Company’s Board of Directors authorized the Company to repurchase up to $500 million of the Company’s Class A Common Stock under an open-ended plan (“May 2021 Stock Plan”). In February 2022, the Company’s Board of Directors authorized the Company to repurchase up to $500 million of the Company’s Class A Common Stock under an open-ended plan (“February 2022 Stock Plan”). In May 2023, the Company’s Board of Directors authorized the Company to repurchase up to $500 million of the Company’s Class A Common Stock under an open-ended plan (“May 2023 Stock Plan”). As of FebruaryJanuary 1,31, 2025,2026, the Company had completed the authorized purchases under the May 2021 Stock Plan and the February 2022 Stock Plan, and $273.0$165.2 million of authorization remained under the May 2023 Stock Plan.
On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. Under the Act share repurchases after December 31, 2022 are subject to a 1% excise tax. At FebruaryJanuary 1,31, 2025,2026, the Company had accrued $1.2$1.0 million of excise tax related to its share repurchase program.
Revolving Credit Agreement. The Company maintains a revolving credit facility (“credit agreement”) for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The credit agreementagreement, which is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries andsubsidiaries, provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option. The Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks. There are no financial covenant requirements under the credit agreement provided availability exceeds $80 million and no specified event of default has occurred or is continuing.
EffectiveIn June 16, 2023, the Company amended the credit agreement (the "2023 amendment") to reflect the changes necessary for the phaseout of LIBOR. Pursuant to the 2023 amendment, the Company pays a variable rate of interest on borrowings under the credit agreement and a commitment fee to the participating banks. Pursuant to the 2023 amendment, borrowings under the credit agreement bore interest, at our option, at a rate per annum equal to (1) the then alternative base rate plus the applicable rate or (2) adjusted term or daily simple SOFR, in each case plus 0.10% per annum, plus the applicable rate. The applicable rate was defined as (A) (x) 1.50% per annum in the case of term benchmark and RFR loans and (y) 0.50% per annum in the case of base rate loans when average quarterly availability is greater than or equal to 50% of the total commitments and (B) (x) 1.75% per annum in the case of term benchmark and RFR loans and (y) 0.75% per annum in the case of base rate loans when average quarterly availability is less than 50% of the total commitments. The commitment fee for unused borrowings was 0.30% per annum if average borrowings were less than 35% of the total commitmentcommitments and 0.25% per annum if average borrowings were greater than or equal to 35% of the total commitment. As long as availability exceeds $80 million and no specified event of default has occurred or is continuing, there are no financial covenant requirements under the credit agreement.commitments. The credit agreement, as amended by the 2023 amendment, was scheduled to mature on April 28, 2026.
No borrowings were outstanding at February 1, 2025. Letters of credit totaling $25.3 million were issued under the credit agreement leaving unutilized availability under the facility of $774.7 million at February 1, 2025. The Company had no borrowings during fiscal 2024, 2023 and 2022.
In March 2025, the Company amended and extended its revolving credit facility (the "2025 amendment") replacing the Company's previous amended credit agreement. The newCompany amendedpaid credit agreement remains at $800$3.3 million within aissuance $200costs millionrelated expansion option, andto the new2025 maturityamendment datewhich iswas Marchrecorded 12,in 2030.other Thereassets are no financial covenant requirements underon the amendedconsolidated creditbalance agreement provided availability exceeds $80 million and no specified event of default has occurred or is continuing.sheet. The 2025 amendment continues to have the 0.10% per annum credit spread adjustment to the interest rate for term benchmark and RFR loans but reduced the applicable rate to (A) (x) 1.25% per annum in the case of term benchmark and RFR loans and (y) 0.25% per annum in the case of base rate loans when average quarterly availability is greater than or equal to 50% of the total commitments and (B) (x) 1.50% per annum in the case of term benchmark and RFR loans and (y) 0.50% per annum in the case of base rate loans when average quarterly availability is less than 50% of the total commitments. The 2025 amendment also reduced the unused commitment fee to (A) 0.25% per annum when the average amount utilized is less than 50% of the total commitment and (B) 0.20% per annum when the average amount utilized is greater than or equal to 50% of the total commitment. The facility was arranged by JPMorgan Chase Bank, N.A. The newcredit agreement, as amended credit agreement is available toby the Company2025 foramendment, generalmatures corporateMarch purposes12, including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases.2030.
No borrowings under the credit agreement were outstanding at January 31, 2026. Letters of credit totaling $25.3 million were issued under the credit agreement leaving unutilized availability under the facility of $774.7 million at January 31, 2026. The Company had no borrowings during fiscal 2025, 2024 and 2023.
Long-term Debt. At FebruaryJanuary 1,31, 2025,2026, the Company had $321.6$321.7 million of long-term debt, including current portion, comprised of unsecured notes. The unsecured notes bear interest at rates ranging from 7.000% to 7.750% with due dates from fiscal 2026 through fiscal 2028.
What changed in the latest 10-Q
Risk Factors
There have been no material changes in the information set forth under the caption “Item 1A-Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended January 31, 2026.
No wording changes found in this section.
Full comparison: every changed paragraph (0)
Management's Discussion & Analysis (MD&A)
New heading “Gain on Disposal of Assets”
Largest changes
For thesee in full comparisonthreesecondmonthsquarterended May 2,of 2026, the Company reported net income of$250.6$97.7 million ($16.04$6.25 per share) compared to net income of$163.8$72.8 million ($10.39$4.66 per share) for thethreesecondmonthsquarterended May 3,of 2025.Included in netNet income for the13secondweeksquarterended May 2,of 2026isincludesa pre-tax gain on litigation settlement, net of legal fees, of $104.1$37.2 million ($79.6$28.4 million after tax, or $1.82 per share) in refunds of International Emergency Economic Powers Act (IEEPA) tariffs. Prior year second quarter net income includes a pretax gain of $4.8 million ($3.7 million after tax or$5.10$0.24 per share) primarily related to theCompany’s favorable settlementsale ofathreelong-standing lawsuit involving credit card interchange fees.properties.
Net cash flows from operations increasedsee in full comparison$131.3$7.4 million during thethreesix months endedMayAugust2,1, 2026 compared to thethreesix months endedMayAugust3,2, 2025. This increase was primarily related to (a) proceeds of $104.1 million, net of legal expenses, received from a settlement agreement the Company entered into related to credit card interchange feelitigation.litigation and (b) IEEPA tariff refunds of approximately $37 million. These increases of operating cash were mostly offset by (a) increases in tax payments primarily due to the prior year Internal Revenue Service’s tax deadline postponement for taxpayers who resided or had a business in the disaster area declared by the Federal Emergency Management Agency for severe weather events that began on April 2, 2025 in the state of Arkansas as well as (b) increases in inventories.
“Gross margin from retail operations, as a percentage of sales, increased to 40.9% from 38.1% during the three months ended August 1, 2026 compared to the three months ended August 2, 2025. Gross margin from retail operations was positively impacted (260 basis points of sales) by $37.2 million in refunds of IEEPA tariffs. …”see in full comparison
Gross margin from retail operations, as a percentage of sales, increased tosee in full comparison45.8%43.4% from45.5%41.8% during thethreesix months endedMayAugust2,1, 2026 compared to thethreesix months endedMayAugust3,2, 2025. Gross marginincreasedfrommoderatelyretail operations was positively impacted (120 basis points of sales) by the aforementioned $37.2 million inshoes,refundswhileof IEEPA tariffs. Compared to the six months ended August 2, 2025 and without regard to the aforementioned IEEPA tariff refunds, gross margininduringladies’theaccessoriessixandmonthslingerieended August 1, 2026 (a) increasedslightly. Gross margin decreased slightlymoderately in ladies’ apparel,while(b)grossincreasedmarginslightly inhomeshoes andfurniture decreased moderately. Gross margin(c) was essentially unchanged in all other product categories.
“Retail sales increased 1.0% for the second quarter of 2026 compared to the prior year period, reflecting a somewhat resilient customer. Net income increased for the quarter, primarily driven by higher retail gross margin of 40.9%, which benefited from tariff refunds received during the period, and growth in retail sales.”see in full comparison
Full comparison: every changed paragraph (47)
Retail sales increased 1.0% for the second quarter of 2026 compared to the prior year period, reflecting a somewhat resilient customer. Net income increased for the quarter, primarily driven by higher retail gross margin of 40.9%, which benefited from tariff refunds received during the period, and growth in retail sales.
The Company reported a good start to fiscal 2026, marked by a 3% comparable store sales growth for the first quarter supported by a strong, increased retail gross margin of 45.8% of sales.
For the threesecond monthsquarter ended May 2,of 2026, the Company reported net income of $250.6$97.7 million ($16.04$6.25 per share) compared to net income of $163.8$72.8 million ($10.39$4.66 per share) for the threesecond monthsquarter ended May 3,of 2025. Included in netNet income for the 13second weeksquarter ended May 2,of 2026 isincludes a pre-tax gain on litigation settlement, net of legal fees, of $104.1$37.2 million ($79.6$28.4 million after tax, or $1.82 per share) in refunds of International Emergency Economic Powers Act (IEEPA) tariffs. Prior year second quarter net income includes a pretax gain of $4.8 million ($3.7 million after tax or $5.10$0.24 per share) primarily related to the Company’s favorable settlementsale of athree long-standing lawsuit involving credit card interchange fees.properties.
Compared to the prior year firstsecond quarter, both total retail sales (which exclude construction sales) and comparable store sales increased 3%. Retail gross margin increased to 45.8% of sales from 45.5% reported in the prior year first quarter. Ending inventory increased 3% at May 2, 2026 compared to May 3, 2025.1%.
Retail gross margin increased to 40.9% of sales from 38.1% of sales reported in the prior year second quarter. Retail gross margin was positively impacted (260 basis points of sales) by the aforementioned $37.2 million IEEPA tariff refunds. Ending inventory increased 5% at August 1, 2026 compared to August 2, 2025.
Selling, general and administrative expenses for the three months ended MayAugust 2,1, 2026 were $444.0$443.6 million (28.3%29.4% of sales) compared to $421.7$434.2 million (27.6%28.7% of sales) for the prior year firstsecond quarter. The increase of $22.3$9.4 million was largelyprimarily due to higher payroll and payroll-related expenses.
Net cash provided by operating activities was $364.0$326.8 million for the threesix months ended MayAugust 2,1, 2026 compared to $232.6$319.4 million for the priorsix yearmonths firstended quarter.August 2, 2025.
As of MayAugust 2,1, 2026, the Company had working capital of $1.760$1.798 billion (including cash and cash equivalents of $1.158$763.1 billionmillion and short-term investments of $259.7$497.7 million) and $521.7$425.7 million of total debt outstanding, including one scheduled debt maturity of $96.0$80.0 million due JulyMay 2026,2027, $225.7$145.7 million of long-term debt and $200.0 million of subordinated debentures. The Company paid a scheduled debt maturity of $96 million during the second quarter of 2026.
The Company operated 272 Dillard’s stores, including 28 clearance centers, and an internet store as of MayAugust 2,1, 2026.
* Cash flow from operations is for the six months ended August 1, 2026 and August 2, 2025.
The percent change by segment and product category in the Company’s sales for the three months ended MayAugust 2,1, 2026 compared to the three months ended MayAugust 3,2, 2025 as well as the sales percentage by segment and product category to total net sales for the three months ended MayAugust 2,1, 2026 are as follows:
Net sales from the retail operations segment increased $50.2$8.2 million, or approximately 3%,1%, and sales in comparable stores increased approximately 3%1% during the three months ended MayAugust 2,1, 2026 compared to the three months ended MayAugust 3,2, 2025. Sales in ladies’ accessories and lingerie increased significantly. Sales in home and furniture, ladies’ accessories and lingerie and shoesfurniture increased significantly.moderately, Saleswhile sales in men’s apparel and accessories,accessories and shoes increased slightly. Sales in cosmetics remained flat, while sales in juniors’ and children’s apparel and ladies’ apparel increaseddecreased moderately, while sales in cosmetics increased slightly.moderately.
The number of sales transactions decreased 3%6% for the three months ended MayAugust 2,1, 2026 compared to the three months ended MayAugust 3,2, 2025, while the average dollars per sales transaction increased 7%.
We recorded a return asset of $13.4$11.2 million and $13.9$11.0 million and an allowance for sales returns of $26.6$19.4 million and $27.4$18.8 million as of MayAugust 2,1, 2026 and MayAugust 3,2, 2025, respectively.
During the three months ended MayAugust 2,1, 2026, net sales from the construction segment decreased $10.7$14.4 million, or approximately 18%,22%, compared to the three months ended MayAugust 3,2, 2025 due to a decrease in construction activity. The remaining performance obligations related to executed construction contracts totaled $176.9$152.1 million as of MayAugust 2,1, 2026, increasing approximately 26%8% from January 31, 2026 and increasing approximately 2%17% from MayAugust 3,2, 2025. We expect these remaining performance obligations to be satisfied over the next nine to eighteen months.
The percent change by segment and product category in the Company’s sales for the six months ended August 1, 2026 compared to the six months ended August 2, 2025 as well as the sales percentage by segment and product category to total net sales for the six months ended August 1, 2026 are as follows:
Net sales from the retail operations segment increased $58.4 million, or approximately 2%, and sales in comparable stores increased approximately 2% during the six months ended August 1, 2026 compared to the six months ended August 2, 2025. Sales in ladies’ accessories and lingerie and home and furniture increased significantly. Sales in men’s apparel and accessories and shoes increased moderately, while sales in cosmetics increased slightly. Sales in juniors’ and children’s apparel remained flat, while sales in ladies’ apparel decreased slightly.
The number of sales transactions decreased 5% for the six months ended August 1, 2026 compared to the six months ended August 2, 2025, while the average dollars per sales transaction increased 7%.
Storewide sales penetration of exclusive brand merchandise for the six months ended August 1, 2026 and August 2, 2025 was 22.3% and 23.4%, respectively.
During the six months ended August 1, 2026, net sales from the construction segment decreased $25.1 million, or approximately 20%, compared to the six months ended August 2, 2025 due to a decrease in construction activity.
Service charges and other income includes the income from the Citibank Alliance. Income from the alliance increased $3.4$3.9 million for the threesix months ended MayAugust 2,1, 2026 compared to the threesix months ended MayAugust 3,2, 2025,2025 primarily from decreases in credit losses.
Gross margin, as a percentage of sales, increased to 44.5%39.7% from 43.9%36.6% during the three months ended MayAugust 2,1, 2026 compared to the three months ended MayAugust 3,2, 2025.
Gross margin from retail operations, as a percentage of sales, increased to 40.9% from 38.1% during the three months ended August 1, 2026 compared to the three months ended August 2, 2025. Gross margin from retail operations was positively impacted (260 basis points of sales) by $37.2 million in refunds of IEEPA tariffs. Compared to the prior year second quarter and without regard to the aforementioned IEEPA tariff refunds, gross margin during the three months ended August 1, 2026 (a) increased moderately in ladies’ apparel, (b) increased slightly in cosmetics and home and furniture, (c) was essentially unchanged in juniors’ and children’s apparel, (d) decreased slightly in men’s apparel and accessories and shoes and (e) decreased moderately in ladies’ accessories and lingerie.
Gross margin, as a percentage of sales, increased to 42.1% from 40.3% during the six months ended August 1, 2026 compared to the six months ended August 2, 2025.
Gross margin from retail operations, as a percentage of sales, increased to 45.8%43.4% from 45.5%41.8% during the threesix months ended MayAugust 2,1, 2026 compared to the threesix months ended MayAugust 3,2, 2025. Gross margin increasedfrom moderatelyretail operations was positively impacted (120 basis points of sales) by the aforementioned $37.2 million in shoes,refunds whileof IEEPA tariffs. Compared to the six months ended August 2, 2025 and without regard to the aforementioned IEEPA tariff refunds, gross margin induring ladies’the accessoriessix andmonths lingerieended August 1, 2026 (a) increased slightly. Gross margin decreased slightlymoderately in ladies’ apparel, while(b) grossincreased marginslightly in homeshoes and furniture decreased moderately. Gross margin(c) was essentially unchanged in all other product categories.
Total inventory increased 3%5% at MayAugust 2,1, 2026 compared to MayAugust 3,2, 2025. A 1% change in the dollar amount of markdowns would have impacted net income by approximately $1$2 million and $3 million for the three and six months ended MayAugust 2,1, 2026.2026, respectively.
SG&A increased to 28.3%29.4% of sales during the three months ended MayAugust 2,1, 2026 from 27.6%28.7% of sales during the three months ended MayAugust 3,2, 2025, increasing $22.3$9.5 million in total dollars. During the three months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, payroll and payroll-related expenses were $311.0$313.9 million and $297.9$303.5 million, respectively, increasing $13.1$10.4 million. Inflation continues to be a concern for management, impacting many areas of our operating expenses.
SG&A increased to 28.9% of sales during the six months ended August 1, 2026 from 28.1% of sales during the six months ended August 2, 2025, increasing $31.8 million in total dollars. During the six months ended August 1, 2026 and August 2, 2025, payroll and payroll-related expenses were $624.8 million and $601.4 million, respectively, increasing $23.4 million.
Inflation continues to be a concern for management, impacting many areas of our operating expenses.
Interest and debt (income) expense, net, includes interest income of $11.2$12.8 million and $11.5 million for the three months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025.2025, respectively. Interest income was $24.0 million and $22.7 million for the six months ended August 1, 2026 and August 2, 2025, respectively.
During the threesix months ended MayAugust 2,1, 2026, the Company received a settlement related to credit card interchange fee litigation of $104.1 million, net of legal expenses, which was recorded in gain on litigation settlement.
Gain on Disposal of Assets
During the three months ended August 2, 2025, the Company received proceeds of $6.0 million primarily from the sale of three properties, resulting in a gain of $4.8 million that was recorded in gain on disposal of assets.
The Company’s estimated federal and state effective income tax rate was approximately 23.5%23.4% and 23.3%23.0% for the three months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, respectively. The Company’s estimated federal and state effective income tax rate was approximately 23.4% and 23.2% for the six months ended August 1, 2026 and August 2, 2025, respectively. During the three and six months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, income tax expense differed from what would be computed using the statutory federal income tax rate primarily due to the effects of state and local income taxes.
A summary of net cash flows for the threesix months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025 follows:
Net cash flows from operations increased $131.3$7.4 million during the threesix months ended MayAugust 2,1, 2026 compared to the threesix months ended MayAugust 3,2, 2025. This increase was primarily related to (a) proceeds of $104.1 million, net of legal expenses, received from a settlement agreement the Company entered into related to credit card interchange fee litigation.litigation and (b) IEEPA tariff refunds of approximately $37 million. These increases of operating cash were mostly offset by (a) increases in tax payments primarily due to the prior year Internal Revenue Service’s tax deadline postponement for taxpayers who resided or had a business in the disaster area declared by the Federal Emergency Management Agency for severe weather events that began on April 2, 2025 in the state of Arkansas as well as (b) increases in inventories.
Pursuant to the Citibank Alliance, we receive on-going cash compensation from Citi based upon the portfolio’s earnings. The compensation received from the portfolio is determined monthly and has no recourse provisions. The Company recognized income of $9.2$21.1 million and $5.9$17.2 million from the Citibank Alliance during the threesix months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, respectively.
Capital expenditures were $17.2$39.5 million and $16.9$43.5 million for the threesix months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, respectively. The capital expenditures were primarily related to equipment purchases, the continued construction of new stores and the remodeling of existing stores. During the threesix months ended MayAugust 2,1, 2026, the Company opened a new location at The Mall at Fairfield Commons in Beavercreek, Ohio (160,000 square feet).
During the six months ended August 2, 2025, the Company received proceeds of $6.0 million primarily from the sale of three properties, resulting in a gain of $4.9 million that was recorded in gain on disposal of assets.
During the threesix months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, the Company purchased certain treasury bills for $258.5$641.5 million and $212.4$273.5 million, respectively, that are classified as short-term investments. During the threesix months ended MayAugust 2,1, 2026 and MayAugust 3,2, 2025, the Company received proceeds of $212.5$360.9 million and $282.8$405.0 million, respectively, related to maturities of these short-term investments.
During the six months ended August 1, 2026, the Company decreased its net level of outstanding debt by $96.0 million related to the maturity of unsecured notes bearing interest at 7.750%.
The Company had cash and cash equivalents of $1.158 billion as of May 2, 2026. The Company maintains a credit facility (“credit agreement”) for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The credit agreement is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries and provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option.
In March 2025, the Company amended the credit agreement (the “2025 amendment”). See Note 7, Revolving Credit Agreement, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the three months ended May 3, 2025, the Company paid $3.3 million in issuance costs related to the 2025 amendment, which were recorded in other assets on the condensed consolidated balance sheet. At May 2, 2026, no borrowings were outstanding, and letters of credit totaling $25.3 million were issued under the credit agreement leaving unutilized availability of $774.7 million.
During the threesix months ended MayAugust 2,1, 2026, no share repurchases were made under the Company’s stock repurchase plan. During the threesix months ended MayAugust 3,2, 2025, the Company repurchased 0.3 million shares of Class A Common Stock at an average price of $355.65$359.16 per share for $98.0$107.8 million under the Company’s stock repurchase plan. As of MayAugust 2,1, 2026, $165.2 million of authorization remained under the Company’s open stock repurchase plan. The ultimate disposition of the repurchased stock has not been determined. See Note 8, Stock Repurchase Programs, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the threesix months ended MayAugust 3,2, 2025, the Company accrued $1.0$1.1 million of excise tax related to its share repurchase program as an additional cost of treasury shares.
The Company had cash and cash equivalents of $763.1 million as of August 1, 2026. The Company maintains a credit facility (“credit agreement”) for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. The credit agreement is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries and provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option.
In March 2025, the Company amended the credit agreement (the “2025 amendment”). See Note 7, Revolving Credit Agreement, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the six months ended August 2, 2025, the Company paid $3.3 million in issuance costs related to the 2025 amendment, which were recorded in other assets on the condensed consolidated balance sheet. At August 1, 2026, no borrowings were outstanding, and letters of credit totaling $23.3 million were issued under the credit agreement leaving unutilized availability of $776.7 million.
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company evaluates its estimates and judgments on an ongoing basis and predicates those estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances. Since future events and their effects cannot be determined with absolute certainty, actual results could differ from those estimates. For further information on our critical accounting policies and estimates, see “Item 7-Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the notes to our audited financial statements included in our Annual Report on Form 10-K for the year ended January 31, 2026. As of MayAugust 2,1, 2026, there have been no material changes to these critical accounting policies and estimates.
DDS insider buying and selling (Form 4)
Since 2026-04-11, insiders reported open-market purchases in 0 Form 4 filings and open-market sales in 1 filing (1 insider, 1 trade date, 400 shares, about $243.7K). Net open-market shares: -400 (purchases minus sales); net value about -$243.7K.Totals add up every open-market (code P and S) line in those filings, using the prices reported in the filings. Awards, option exercises, tax withholding and gifts are listed below but not counted.
| Trade date | Insider | Transaction | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-09-28 | Bolin Tom W |
Grant/award | 12 | $673.69 | $8.1K |
| 2026-09-28 | Dillard William T. Iii |
Grant/award | 17 | $673.69 | $11.5K |
| 2026-09-28 | Jazic Annemarie |
Grant/award | 8 | $673.69 | $5.4K |
| 2026-09-28 | Dillard Alex |
Grant/award | 17 | $673.69 | $11.5K |
| 2026-09-28 | Mahaffy Denise Dillard |
Grant/award | 11 | $673.69 | $7.4K |
| 2026-09-28 | Dillard William T Ii |
Grant/award | 17 | $673.69 | $11.5K |
| 2026-09-28 | Dillard Mike |
Grant/award | 12 | $673.69 | $8.1K |
| 2026-09-28 | Worley Dean L. |
Grant/award | 9 | $673.69 | $6.1K |
| 2026-09-28 | Watts Phillip R. |
Grant/award | 10 | $673.69 | $6.7K |
| 2026-09-28 | Stockman James D |
Grant/award | 13 | $673.69 | $8.8K |
| 2026-09-28 | Musgrave Brant |
Grant/award | 8 | $673.69 | $5.4K |
| 2026-09-28 | Lucie Denise Alexandra |
Grant/award | 8 | $673.69 | $5.4K |
| 2026-09-28 | Litchford Mike |
Grant/award | 14 | $673.69 | $9.4K |
| 2026-09-28 | Matheny Drue |
Grant/award | 12 | $673.69 | $8.1K |
| 2026-09-28 | Johnson Chris B. |
Gift | 100 | — | — |
| 2026-09-28 | Johnson Chris B. |
Grant/award | 12 | $673.69 | $8.1K |
| 2026-09-04 | Worley Dean L. |
Gift | 100 | — | — |
| 2026-09-04 | Watts Phillip R. |
Gift | 400 | — | — |
| 2026-08-24 | Mahaffy Denise Dillard |
Grant/award | 9 | $638.19 | $5.7K |
| 2026-08-24 | Matheny Drue |
Grant/award | 10 | $638.19 | $6.4K |
| 2026-08-24 | Worley Dean L. |
Grant/award | 8 | $638.19 | $5.1K |
| 2026-08-24 | Watts Phillip R. |
Grant/award | 9 | $638.19 | $5.7K |
| 2026-08-24 | Stockman James D |
Grant/award | 11 | $638.19 | $7.0K |
| 2026-08-24 | Musgrave Brant |
Grant/award | 7 | $638.19 | $4.5K |
| 2026-08-24 | Lucie Denise Alexandra |
Grant/award | 7 | $638.19 | $4.5K |
| 2026-08-24 | Litchford Mike |
Grant/award | 12 | $638.19 | $7.7K |
| 2026-08-24 | Johnson Chris B. |
Grant/award | 10 | $638.19 | $6.4K |
| 2026-08-24 | Jazic Annemarie |
Grant/award | 7 | $638.19 | $4.5K |
| 2026-08-24 | Dillard William T. Iii |
Grant/award | 14 | $638.19 | $8.9K |
| 2026-08-24 | Dillard William T Ii |
Grant/award | 14 | $638.19 | $8.9K |
| 2026-08-24 | Dillard Mike |
Grant/award | 10 | $638.19 | $6.4K |
| 2026-08-24 | Dillard Alex |
Grant/award | 14 | $638.19 | $8.9K |
| 2026-08-24 | Bolin Tom W |
Grant/award | 10 | $638.19 | $6.4K |
| 2026-07-27 | Worley Dean L. |
Grant/award | 9 | $576.57 | $5.2K |
| 2026-07-27 | Watts Phillip R. |
Grant/award | 10 | $576.57 | $5.8K |
| 2026-07-27 | Stockman James D |
Grant/award | 12 | $576.57 | $6.9K |
| 2026-07-27 | Mahaffy Denise Dillard |
Grant/award | 10 | $576.57 | $5.8K |
| 2026-07-27 | Musgrave Brant |
Grant/award | 8 | $576.57 | $4.6K |
| 2026-07-27 | Lucie Denise Alexandra |
Grant/award | 7 | $576.57 | $4.0K |
| 2026-07-27 | Litchford Mike |
Grant/award | 13 | $576.57 | $7.5K |
| 2026-07-27 | Johnson Chris B. |
Grant/award | 12 | $576.57 | $6.9K |
| 2026-07-27 | Jazic Annemarie |
Grant/award | 7 | $576.57 | $4.0K |
| 2026-07-27 | Dillard William T. Iii |
Grant/award | 16 | $576.57 | $9.2K |
| 2026-07-27 | Dillard William T Ii |
Grant/award | 16 | $576.57 | $9.2K |
| 2026-07-27 | Dillard Mike |
Grant/award | 11 | $576.57 | $6.3K |
| 2026-07-27 | Dillard Alex |
Grant/award | 16 | $576.57 | $9.2K |
| 2026-07-27 | Matheny Drue |
Grant/award | 11 | $576.57 | $6.3K |
| 2026-07-27 | Bolin Tom W |
Grant/award | 11 | $576.57 | $6.3K |
| 2026-06-29 | Dillard Alex |
Grant/award | 23 | $545.93 | $12.6K |
| 2026-06-29 | Matheny Drue |
Grant/award | 16 | $545.93 | $8.7K |
| 2026-06-29 | Mahaffy Denise Dillard |
Grant/award | 13 | $545.93 | $7.1K |
| 2026-06-29 | Stockman James D |
Grant/award | 16 | $545.93 | $8.7K |
| 2026-06-29 | Litchford Mike |
Grant/award | 18 | $545.93 | $9.8K |
| 2026-06-29 | Watts Phillip R. |
Grant/award | 14 | $545.93 | $7.6K |
| 2026-06-29 | Worley Dean L. |
Grant/award | 12 | $545.93 | $6.6K |
| 2026-06-29 | Jazic Annemarie |
Grant/award | 10 | $545.93 | $5.5K |
| 2026-06-29 | Lucie Denise Alexandra |
Grant/award | 10 | $545.93 | $5.5K |
| 2026-06-29 | Johnson Chris B. |
Grant/award | 17 | $545.93 | $9.3K |
| 2026-06-29 | Bolin Tom W |
Grant/award | 14 | $545.93 | $7.6K |
| 2026-06-29 | Dillard Mike |
Grant/award | 16 | $545.93 | $8.7K |
Well-known investors holding DDS (13F)
| Investor | Quarter | Shares | Reported value | % of their 13F | Change vs prior quarter |
|---|---|---|---|---|---|
| Renaissance Technologies | 2026-06-30 | 161,539 | $85.4M | 0.12% | Added 14% |
| AQR Capital Management (Cliff Asness) | 2026-06-30 | 159,685 | $84.4M | 0.03% | Added 27% |
| Gotham Asset Management (Joel Greenblatt) | 2026-06-30 | 119,001 | $62.9M | 0.15% | Added 16% |
| D. E. Shaw & Co. | 2026-06-30 | 79,951 | $42.2M | 0.03% | Added 14% |
| Millennium Management (Israel Englander) | 2026-06-30 | 38,667 | $20.4M | 0.01% | Reduced 24% |
| Point72 Asset Management (Steve Cohen) | 2026-06-30 | 34,029 | $18.0M | 0.03% | Added 269% |
| Citadel Advisors (Ken Griffin) | 2026-06-30 | 26,392 | $13.9M | 0.01% | Reduced 52% |
| Two Sigma Investments | 2026-06-30 | 11,464 | $6.1M | 0.0% | Added 94% |
| Bridgewater Associates | 2026-06-30 | 3,275 | $1.7M | 0.01% | New position |