Dillard’s, Inc. Reports First Quarter Results
Dillard’s Chief Executive Officer
Highlights of the First Quarter (compared to the prior year first quarter):
- Total retail sales decreased 1%
- Comparable store sales decreased 2%
-
Net income of
$180.0 million compared to$201.5 million -
Earnings per share of
$11.09 compared to$11.85 - Retail gross margin of 46.2% of sales compared to 45.6% of sales
-
Operating expenses were
$426.7 million (27.5% of sales) compared to$406.4 million (25.7% of sales) - Ending inventory decreased 2% year over year
First Quarter Results
Dillard’s reported net income for the 13 weeks ended
Sales
Net sales for the 13 weeks ended
Total retail sales (which excludes CDI) for the 13 weeks ended
Gross Margin
Consolidated gross margin for the 13 weeks ended
Retail gross margin (which excludes CDI) for the 13 weeks ended
Inventory decreased 2% at
Selling, General & Administrative Expenses
Consolidated selling, general and administrative expenses (“operating expenses”) for the 13 weeks ended
Other Information
The Company opened a new location at
The Company operates 274 Dillard’s stores, including 29 clearance centers, spanning 30 states (totaling 46.6 million square feet) and an Internet store at dillards.com.
Total shares outstanding (Class A and Class B Common Stock) at
Dillard’s, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited) (In Millions, Except Per Share Data) |
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13 Weeks Ended |
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% of |
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% of |
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Net |
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Net |
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Amount |
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Sales |
Amount |
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Sales |
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Net sales |
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$ |
1,549.1 |
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100.0 |
% |
$ |
1,583.9 |
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100.0 |
% |
Service charges and other income |
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23.7 |
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1.5 |
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30.0 |
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1.9 |
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1,572.8 |
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101.5 |
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1,613.9 |
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101.9 |
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Cost of sales |
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857.8 |
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55.4 |
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891.3 |
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56.3 |
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Selling, general and administrative expenses |
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426.7 |
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27.5 |
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406.4 |
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25.7 |
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Depreciation and amortization |
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46.1 |
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3.0 |
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45.7 |
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2.9 |
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Rentals |
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5.0 |
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0.3 |
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4.4 |
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0.3 |
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Interest and debt (income) expense, net |
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(3.5 |
) |
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(0.2 |
) |
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0.1 |
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0.0 |
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Other expense |
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6.2 |
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0.4 |
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4.7 |
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0.3 |
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Gain on disposal of assets |
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0.3 |
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0.0 |
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1.8 |
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0.1 |
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Income before income taxes |
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234.8 |
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15.2 |
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263.1 |
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16.6 |
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Income taxes |
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54.8 |
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61.6 |
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Net income |
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$ |
180.0 |
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11.6 |
% |
$ |
201.5 |
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12.7 |
% |
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Basic and diluted earnings per share |
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$ |
11.09 |
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$ |
11.85 |
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Basic and diluted weighted average shares outstanding |
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16.2 |
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17.0 |
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Dillard’s, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited) (In Millions) |
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
817.8 |
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$ |
848.3 |
Restricted cash |
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— |
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8.4 |
Accounts receivable |
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49.3 |
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59.1 |
Short-term investments |
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347.2 |
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98.4 |
Merchandise inventories |
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1,387.7 |
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1,410.0 |
Other current assets |
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106.2 |
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79.0 |
Total current assets |
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2,708.2 |
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2,503.2 |
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Property and equipment, net |
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1,063.0 |
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1,108.7 |
Operating lease assets |
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41.9 |
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32.9 |
Deferred income taxes |
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64.0 |
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41.8 |
Other assets |
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60.1 |
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62.4 |
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Total assets |
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$ |
3,937.2 |
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$ |
3,749.0 |
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Liabilities and stockholders’ equity |
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Current liabilities: |
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Trade accounts payable and accrued expenses |
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$ |
1,031.3 |
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$ |
1,099.7 |
Current portion of operating lease liabilities |
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11.6 |
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9.1 |
Federal and state income taxes |
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87.4 |
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82.0 |
Total current liabilities |
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1,130.3 |
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1,190.8 |
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Long-term debt |
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321.5 |
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321.4 |
Operating lease liabilities |
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30.3 |
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23.7 |
Other liabilities |
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380.1 |
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330.0 |
Subordinated debentures |
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200.0 |
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200.0 |
Stockholders’ equity |
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1,875.0 |
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1,683.1 |
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Total liabilities and stockholders’ equity |
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$ |
3,937.2 |
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$ |
3,749.0 |
Dillard’s, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited) (In Millions) |
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13 Weeks Ended |
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2024 |
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2023 |
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Operating activities: |
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Net income |
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$ |
180.0 |
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$ |
201.5 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization of property and other deferred cost |
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46.5 |
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46.1 |
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Gain on disposal of assets |
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(0.3 |
) |
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(1.8 |
) |
Accrued interest on short-term investments |
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(3.2 |
) |
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(1.9 |
) |
Changes in operating assets and liabilities: |
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Decrease (increase) in accounts receivable |
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11.3 |
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(2.1 |
) |
Increase in merchandise inventories |
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(293.7 |
) |
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(289.8 |
) |
(Increase) decrease in other current assets |
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(9.8 |
) |
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7.2 |
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Increase in other assets |
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(0.2 |
) |
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(0.4 |
) |
Increase in trade accounts payable and accrued expenses and other liabilities |
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259.5 |
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261.6 |
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Increase in income taxes |
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54.3 |
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60.5 |
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Net cash provided by operating activities |
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244.4 |
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280.9 |
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Investing activities: |
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Purchase of property and equipment and capitalized software |
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(35.2 |
) |
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(32.4 |
) |
Proceeds from disposal of assets |
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0.3 |
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1.9 |
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Purchase of short-term investments |
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(245.9 |
) |
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(97.5 |
) |
Proceeds from maturities of short-term investments |
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50.0 |
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150.0 |
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Net cash (used in) provided by investing activities |
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(230.8 |
) |
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22.0 |
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Financing activities: |
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Cash dividends paid |
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(4.1 |
) |
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(3.4 |
) |
Purchase of treasury stock |
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— |
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(103.1 |
) |
Net cash used in financing activities |
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(4.1 |
) |
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(106.5 |
) |
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Increase in cash and cash equivalents and restricted cash |
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9.5 |
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196.4 |
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Cash and cash equivalents and restricted cash, beginning of period |
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808.3 |
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660.3 |
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Cash and cash equivalents and restricted cash, end of period |
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$ |
817.8 |
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$ |
856.7 |
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Non-cash transactions: |
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Accrued capital expenditures |
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$ |
6.4 |
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$ |
8.6 |
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Accrued purchase of treasury stock and excise taxes |
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— |
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11.9 |
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Lease assets obtained in exchange for new operating lease liabilities |
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2.2 |
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1.8 |
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Estimates for 2024
The Company is providing the following estimates for certain financial statement items for the 52-week period ending
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In Millions |
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2024 |
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2023 |
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Estimated |
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Actual |
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Depreciation and amortization |
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$ |
185 |
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$ |
180 |
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Rentals |
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22 |
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22 |
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Interest and debt (income) expense, net |
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(8 |
) |
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(5 |
) |
Capital expenditures |
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130 |
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133 |
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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 statements regarding management’s expectations and forecasts for the 52-week period ended
View source version on businesswire.com: https://www.businesswire.com/news/home/20240516779751/en/
Dillard’s, Inc.
501-376-5965
julie.guymon@dillards.com
Source: Dillard’s, Inc.