Exhibit 99.1
Dillard’s, Inc. Reports First Quarter Results
LITTLE ROCK, Ark. (BUSINESS WIRE) – May 16, 2024 - Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the 13 weeks ended May 4, 2024. This release contains certain forward-looking statements. Please refer to the Company’s cautionary statements included below under “Forward-Looking Information.”
Dillard’s Chief Executive Officer William T. Dillard, II stated, “While the consumer environment remained challenging, we focused on profitable sales by offering interesting product combined with inventory control. As a result, our retail gross margin was 46.2% and inventory was down 2%. For the first time in our history, we reported cash and short-term investments exceeding $1 billion.”
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 May 4, 2024 of $180.0 million, or $11.09 per share, compared to $201.5 million, or $11.85 per share, for the 13 weeks ended April 29, 2023. Included in net income for the prior year first quarter 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.
Sales
Net sales for the 13 weeks ended May 4, 2024 and April 29, 2023 were $1.549 billion and $1.584 billion, respectively. Net sales includes the operations of the Company’s construction business, CDI Contractors, LLC (“CDI”).
Total retail sales (which excludes CDI) for the 13 weeks ended May 4, 2024 and April 29, 2023 were $1.493 billion and $1.515 billion, respectively. Total retail sales decreased 1% for the 13-week period ended May 4, 2024 compared to the 13-week period ended April 29, 2023. Sales in comparable stores for that same period decreased 2%. The Company noted a continued challenging sales environment during the first quarter. Cosmetics was the strongest performing merchandise category, and men’s apparel and accessories was the weakest performing category.