Dillard's 10-Q Filing: Financial Snapshot
Ticker: DDT · Form: 10-Q · Filed: Jun 7, 2024 · CIK: 28917
Sentiment: neutral
Topics: 10-Q, financials, retail
TL;DR
Dillard's 10-Q shows updated financials for Q1 2024, including stock and retained earnings.
AI Summary
Dillard's, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported its financial position, including common stock, retained earnings, and treasury stock as of various dates in 2023 and 2024. Key financial data points from previous periods are also included.
Why It Matters
This filing provides investors with a detailed look at Dillard's financial health and changes in its equity structure over the past year.
Risk Assessment
Risk Level: low — This filing is a routine quarterly report and does not indicate any immediate or significant new risks.
Key Numbers
- 2024-05-04 — End of Reporting Period (Marks the end of the fiscal quarter for which financial data is reported.)
- 20240607 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)
Key Players & Entities
- DILLARD'S, INC. (company) — Filer of the 10-Q report
- 2024-05-04 (date) — End of the reporting period
- 20240607 (date) — Filing date of the report
- 1600 CANTRELL RD (address) — Company's business and mailing address
- LITTLE ROCK (city) — Company's business and mailing city
- AR (state) — Company's business and mailing state
- 72201 (zip_code) — Company's business and mailing zip code
FAQ
What is the reporting period for this 10-Q filing?
The reporting period for this 10-Q filing is the quarter ending on May 4, 2024.
What is the company's primary business as indicated by the SIC code?
The company's primary business is 'RETAIL-DEPARTMENT STORES' with SIC code 5311.
When was Dillard's, Inc. previously known as DILLARD DEPARTMENT STORES INC?
The company was formerly known as DILLARD DEPARTMENT STORES INC, with a date of name change on 19920703.
What is the SEC file number for Dillard's, Inc.?
The SEC file number for Dillard's, Inc. is 001-06140.
What is the company's fiscal year end?
The company's fiscal year ends on February 1st (0201).
Filing Stats: 4,467 words · 18 min read · ~15 pages · Grade level 14 · Accepted 2024-06-07 16:18:29
Key Financial Figures
- $180.0 million — 024, the Company reported net income of $180.0 million ($11.09 per share) compared to net inco
- $11.09 — reported net income of $180.0 million ($11.09 per share) compared to net income of $2
- $201.5 million — 09 per share) compared to net income of $201.5 million ($11.85 per share) for the prior year f
- $11.85 — mpared to net income of $201.5 million ($11.85 per share) for the prior year first qua
- $1.8 million — nded April 29, 2023 is a pretax gain of $1.8 million ($1.4 million after tax or $0.08 per sh
- $1.4 million — 2023 is a pretax gain of $1.8 million ($1.4 million after tax or $0.08 per share) primarily
- $0.08 — $1.8 million ($1.4 million after tax or $0.08 per share) primarily related to the sal
Filing Documents
- dds-20240504x10q.htm (10-Q) — 1239KB
- dds-20240504xex10.htm (EX-10) — 40KB
- dds-20240504xex31d1.htm (EX-31.1) — 13KB
- dds-20240504xex31d2.htm (EX-31.2) — 13KB
- dds-20240504xex31d3.htm (EX-31.3) — 13KB
- dds-20240504xex32d1.htm (EX-32.1) — 6KB
- dds-20240504xex32d2.htm (EX-32.2) — 6KB
- dds-20240504xex32d3.htm (EX-32.3) — 6KB
- 0000028917-24-000022.txt ( ) — 4329KB
- dds-20240504.xsd (EX-101.SCH) — 31KB
- dds-20240504_cal.xml (EX-101.CAL) — 38KB
- dds-20240504_def.xml (EX-101.DEF) — 81KB
- dds-20240504_lab.xml (EX-101.LAB) — 261KB
- dds-20240504_pre.xml (EX-101.PRE) — 169KB
- dds-20240504x10q_htm.xml (XML) — 561KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION Item 1.
Financial Statements (Unaudited)
Financial Statements (Unaudited): Condensed Consolidated Balance Sheets as of May 4, 2024, February 3, 2024 and April 29, 2023 3 Condensed Consolidated Statements of Income for the Three Months Ended May 4, 2024 and April 29, 2023 4 Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended May 4, 2024 and April 29, 2023 5 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended May 4, 2024 and April 29, 2023 6 Condensed Consolidated Statements of Cash Flows for the Three Months Ended May 4, 2024 and April 29, 2023 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.
Controls and Procedures
Controls and Procedures 23
OTHER INFORMATION
PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 25 Item 1A.
Risk Factors
Risk Factors 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 5. Other Information 25 Item 6. Exhibits 26
SIGNATURES
SIGNATURES 27 2 Table of Contents
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. DILLARD'S, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In Thousands) May 4, February 3, April 29, 2024 2024 2023 Assets Current assets: Cash and cash equivalents $ 817,825 $ 808,287 $ 848,316 Restricted cash — — 8,418 Accounts receivable 49,251 60,547 59,050 Short-term investments 347,164 148,036 98,364 Merchandise inventories 1,387,684 1,093,999 1,410,017 Other current assets 106,241 97,341 79,030 Total current assets 2,708,165 2,208,210 2,503,195 Property and equipment (net of accumulated depreciation of $ 2,682,449 , $ 2,638,167 and $ 2,623,182 , respectively) 1,062,993 1,074,304 1,108,691 Operating lease assets 41,909 42,681 32,869 Deferred income taxes 64,017 63,951 41,801 Other assets 60,072 59,760 62,473 Total assets $ 3,937,156 $ 3,448,906 $ 3,749,029 Liabilities and stockholders' equity Current liabilities: Trade accounts payable and accrued expenses $ 1,031,325 $ 782,545 $ 1,099,669 Current portion of operating lease liabilities 11,596 11,252 9,086 Federal and state income taxes 87,369 33,959 82,032 Total current liabilities 1,130,290 827,756 1,190,787 Long-term debt 321,487 321,461 321,381 Operating lease liabilities 30,297 31,728 23,691 Other liabilities 380,090 370,893 330,036 Subordinated debentures 200,000 200,000 200,000 Commitments and contingencies Stockholders' equity: Common stock 1,240 1,240 1,240 Additional paid-in capital 967,348 967,348 962,839 Accumulated other comprehensive loss ( 85,264 ) ( 87,208 ) ( 64,378 ) Retained earnings 6,224,268 6,048,288 5,846,802 Less treasury stock, at cost ( 5,232,600 ) ( 5,232,600 ) ( 5,063,369 ) Total stockholders' equity 1,874,992 1,697,068 1,683,134 Total liabilities and stockholders' equity $ 3,937,156 $ 3,448,906 $ 3,749,029 See notes
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion should be read in conjunction with the condensed consolidated financial statements and the footnotes thereto included elsewhere in this report, as well as the financial and other information included in our Annual Report on Form 10-K for the fiscal year ended February 3, 2024. EXECUTIVE OVERVIEW The Company noted a continued challenging consumer environment during the three months ended May 4, 2024 with comparable retail sales declining 2%. However, retail gross margin was 46.2% of sales (compared to 45.6% of sales for the three months ended April 29, 2023) leading to a profitable first quarter of 2024. Management attributes the strong gross margin performance to its focus on producing profitable sales by offering interesting product combined with inventory control. For the three months ended May 4, 2024, the Company reported net income of $180.0 million ($11.09 per share) compared to net income of $201.5 million ($11.85 per share) for the prior year first quarter. Included in net income for the three months ended April 29, 2023 is a pretax gain of $1.8 million ($1.4 million after tax or $0.08 per share) primarily related to the sale of a store property. Selling, general and admin