0000028917-24-000022 | 10-Q | XBRL Viewer

Benefit Plans (Details) - USD ($) $ in Thousands	3 Months Ended
Benefit Plans (Details) - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023
Retirement Benefits [Abstract]
Employer contribution	$ 1,800
Defined benefit plan, expected future benefit contributions, remainder of year	5,600
Components of net periodic benefit costs:
Service cost	1,589	$ 1,262
Interest cost	3,975	3,237
Net actuarial loss	2,183	1,461
Net periodic benefit costs	$ 7,747	$ 5,960

Earnings Per Share - Narrative (Details) - shares	May 04, 2024	Apr. 29, 2023
Earnings Per Share [Abstract]
Total dilutive and potentially dilutive securities outstanding (in shares)	0	0

Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended
	May 04, 2024	Apr. 29, 2023
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract]
Treasury stock, shares acquired		357,154
Common stock, cash dividends declared per share	$ 0.25	$ 0.20

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Operating activities:
Net income	$ 180,038	$ 201,495
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred costs	46,516	46,155
Gain on disposal of assets	(267)	(1,793)
Accrued interest on short-term investments	(3,196)	(1,881)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	11,296	(2,098)
Increase in merchandise inventories	(293,685)	(289,809)
(Increase) decrease in other current assets	(9,887)	7,163
Increase in other assets	(186)	(380)
Increase in trade accounts payable and accrued expenses and other liabilities	259,484	261,600
Increase in income taxes payable	54,265	60,496
Net cash provided by operating activities	244,378	280,948
Investing activities:
Purchase of property and equipment and capitalized software	(35,175)	(32,348)
Proceeds from disposal of assets	323	1,887
Purchase of short-term investments	(245,932)	(97,543)
Proceeds from maturities of short-term investments	50,000	149,962
Net cash (used in) provided by investing activities	(230,784)	21,958
Financing activities:
Cash dividends paid	(4,056)	(3,425)
Purchase of treasury stock		(103,078)
Net cash used in financing activities	(4,056)	(106,503)
Increase in cash and cash equivalents and restricted cash	9,538	196,403
Cash and cash equivalents and restricted cash, beginning of period	808,287	660,331
Cash and cash equivalents and restricted cash, end of period	817,825	856,734
Non-cash transactions:
Accrued capital expenditures	6,405	8,608
Accrued purchases of treasury stock and excise taxes		11,872
Lease assets obtained in exchange for new operating lease liabilities	$ 2,152	$ 1,807

Basis of Presentation (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023	Jan. 28, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 817,825	$ 808,287	$ 848,316
Restricted cash			8,418
Total cash, cash equivalents and restricted cash	$ 817,825	$ 808,287	$ 856,734	$ 660,331

Earnings Per Share

3 Months Ended

May 04, 2024

Earnings Per Share [Abstract]

Earnings Per Share Data

Note 4. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).


	Three Months Ended
	May 4,		April 29,
	2024		2023
Net income	$	180,038	$	201,495

Weighted average shares of common stock outstanding		16,230		17,004

Basic and diluted earnings per share	$	11.09	$	11.85

The Company maintains a capital structure in which common stock is the only equity security issued and outstanding, and there were no shares of preferred stock, stock options, other dilutive securities or potentially dilutive securities issued or outstanding during the three months ended May 4, 2024 and April 29, 2023.

Revolving Credit Agreement (Details) - USD ($) $ in Millions	Jul. 01, 2023	May 04, 2024
Line of Credit Facility [Abstract]
Borrowing capacity		$ 800.0
Expansion option		200.0
Borrowings outstanding		0.0
Reference rate	Adjusted Daily Simple SOFR
Basis spread on variable rate, condition one	1.75%
Quarterly availability, percentage of commitment fee maximum for condition one	50.00%
Basis spread on variable rate, condition two	1.50%
Quarterly availability, percentage of commitment fee minimum for condition two	50.00%
Commitment fee for unused borrowings, condition one	0.30%
Unused borrowings, percentage of total commitment maximum for condition one	35.00%
Commitment fee for unused borrowings, condition two	0.25%
Unused borrowings, percentage of total commitment minimum for condition two	35.00%
Minimum line of credit availability for no financial covenant requirements	$ 80.0
Letters of credit issued		25.8
Unutilized credit facility borrowing capacity		$ 774.2

Commitments and Contingencies

3 Months Ended

May 04, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 5. Commitments and Contingencies

Various legal proceedings, in the form of lawsuits and claims, which occur in the normal course of business, are pending against the Company and its subsidiaries. In the opinion of management, disposition of these matters, individually or in the aggregate, is not expected to materially affect the Company’s financial position, cash flows or results of operations.

At May 4, 2024, letters of credit totaling $25.8 million were issued under the Company’s revolving credit facility. See Note 7, Revolving Credit Agreement, for additional information.

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Comprehensive Income
Amortization of retirement plan and other retiree benefit adjustments, tax	$ 239	$ 117

Benefit Plans

3 Months Ended

May 04, 2024

Retirement Benefits [Abstract]

Benefit Plans

Note 6. Benefit Plans

The Company has an unfunded, nonqualified defined benefit plan (“Pension Plan”) for its officers. The Pension Plan is noncontributory and provides benefits based on years of service and compensation during employment. Pension expense is determined using an actuarial cost method to estimate the total benefits ultimately payable to officers and allocates this cost to service periods. The actuarial assumptions used to calculate pension costs are reviewed annually. The Company contributed $1.8 million to the Pension Plan during the three months ended May 4, 2024 and expects to make additional contributions to the Pension Plan of approximately $5.6 million during the remainder of fiscal 2024.

The components of net periodic benefit costs are as follows:


	Three Months Ended
	May 4,		April 29,
(in thousands of dollars)	2024		2023
Components of net periodic benefit costs:
Service cost	$	1,589	$	1,262
Interest cost		3,975		3,237
Net actuarial loss		2,183		1,461
Net periodic benefit costs	$	7,747	$	5,960

The service cost component of net periodic benefit costs is included in selling, general and administrative expenses, and the interest costs and net actuarial loss components are included in other expense in the condensed consolidated statements of income.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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-URI https://asc.fasb.org//1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

+ Details

Fair Value Disclosures (Details) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Fair value disclosures
Subordinated debentures	$ 200,000	$ 200,000	$ 200,000
Fair Value of Assets
Fair value disclosures
Long-term debt, fair value	334,000
Subordinated debentures	206,000
Carrying value
Fair value disclosures
Long-term debt	321,000
Subordinated debentures	$ 200,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Basis of Presentation

3 Months Ended

May 04, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Note 1. Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements of Dillard’s, Inc. (the “Company”) have been prepared in accordance with the rules of the Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended May 4, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending February 1, 2025 due to, among other factors, the seasonal nature of the business.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended February 3, 2024 filed with the SEC on March 29, 2024.

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the condensed consolidated statements of cash flows.


	May 4,		April 29,
(in thousands of dollars)	2024		2023
Cash and cash equivalents	$	817,825	$	848,316
Restricted cash		—		8,418
Total cash and cash equivalents and restricted cash	$	817,825	$	856,734

Stock Repurchase Programs (Tables)

3 Months Ended

May 04, 2024

Schedule of Share Repurchase Program Activity [Abstract]

Schedule of share repurchase activity

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


	Three Months Ended
	May 4,		April 29,
	2024		2023
Cost of shares repurchased	$	—	$	113,810
Number of shares repurchased		—		357
Average price per share	$	—	$	318.66

Business Segments (Tables)

3 Months Ended

May 04, 2024

Segment Reporting [Abstract]

Schedule of percentage of net sales by segment and major product line

The following table summarizes the percentage of net sales by segment and major product line:


	Three Months Ended
	May 4,		April 29,
	2024		2023
Retail operations segment:
Cosmetics	16	%	15	%
Ladies’ apparel	23		23
Ladies’ accessories and lingerie	12		12
Juniors’ and children’s apparel	10		10
Men’s apparel and accessories	17		18
Shoes	15		15
Home and furniture	3		3
	96		96
Construction segment	4		4
Total	100	%	100	%

Schedule of segment reporting information, by segment

The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations:


	Retail
(in thousands of dollars)	Operations		Construction		Consolidated
Three Months Ended May 4, 2024
Net sales from external customers	$	1,492,643	$	56,408	$	1,549,051
Gross margin		689,185		2,041		691,226
Depreciation and amortization		46,051		68		46,119
Interest and debt (income) expense, net		(3,288)		(244)		(3,532)
Income (loss) before income taxes		235,206		(398)		234,808
Total assets		3,863,603		73,553		3,937,156

Three Months Ended April 29, 2023
Net sales from external customers	$	1,514,933	$	69,015	$	1,583,948
Gross margin		690,389		2,298		692,687
Depreciation and amortization		45,687		60		45,747
Interest and debt expense (income), net		228		(105)		123
Income before income taxes		262,823		292		263,115
Total assets		3,686,633		62,396		3,749,029

Schedule of contract liabilities


Retail
	May 4,		February 3,		April 29,		January 28,
(in thousands of dollars)	2024		2024		2023		2023
Contract liabilities	$	75,075	$	85,227	$	76,011	$	83,909

Schedule of accounts receivable, contract assets and liabilities - Construction


Construction
	May 4,		February 3,		April 29,		January 28,
(in thousands of dollars)	2024		2024		2023		2023
Accounts receivable	$	39,773	$	47,240	$	48,334	$	44,286
Costs and estimated earnings in excess of billings on uncompleted contracts		16,707		1,695		1,473		798
Billings in excess of costs and estimated earnings on uncompleted contracts		7,426		6,307		10,095		10,909

Gain on Disposal of Assets (Details) $ in Thousands	3 Months Ended
Gain on Disposal of Assets (Details) $ in Thousands	May 04, 2024 USD ($)	Apr. 29, 2023 USD ($) store
Discontinued Operations and Disposal Groups [Abstract]
Proceeds from disposal of assets	$ 323	$ 1,887
Gain on disposal of assets	$ 267	$ 1,793
Number of former retail stores sold \| store		1

Business Segments

3 Months Ended

May 04, 2024

Segment Reporting [Abstract]

Business Segments

Note 3. Business Segments

The Company operates in two reportable segments: the operation of retail department stores (“retail operations”) and a general contracting construction company (“construction”).

For the Company’s retail operations segment, the Company determined its operating segments on a store by store basis. Each store’s operating performance has been aggregated into one reportable segment for financial reporting purposes because stores are similar in each of the following areas: economic characteristics, class of consumer, nature of products and distribution methods. Revenues from external customers are derived from merchandise sales, and the Company does not rely on any major customers as a source of revenue. Across all stores, the Company operates one store format under the Dillard’s name where each store offers the same general mix of merchandise with similar categories and similar customers. The Company believes that disaggregating its retail operations segment would not provide meaningful additional information.

The following table summarizes the percentage of net sales by segment and major product line:


	Three Months Ended
	May 4,		April 29,
	2024		2023
Retail operations segment:
Cosmetics	16	%	15	%
Ladies’ apparel	23		23
Ladies’ accessories and lingerie	12		12
Juniors’ and children’s apparel	10		10
Men’s apparel and accessories	17		18
Shoes	15		15
Home and furniture	3		3
	96		96
Construction segment	4		4
Total	100	%	100	%

The following tables summarize certain segment information, including the reconciliation of those items to the Company’s consolidated operations:


	Retail
(in thousands of dollars)	Operations		Construction		Consolidated
Three Months Ended May 4, 2024
Net sales from external customers	$	1,492,643	$	56,408	$	1,549,051
Gross margin		689,185		2,041		691,226
Depreciation and amortization		46,051		68		46,119
Interest and debt (income) expense, net		(3,288)		(244)		(3,532)
Income (loss) before income taxes		235,206		(398)		234,808
Total assets		3,863,603		73,553		3,937,156

Three Months Ended April 29, 2023
Net sales from external customers	$	1,514,933	$	69,015	$	1,583,948
Gross margin		690,389		2,298		692,687
Depreciation and amortization		45,687		60		45,747
Interest and debt expense (income), net		228		(105)		123
Income before income taxes		262,823		292		263,115
Total assets		3,686,633		62,396		3,749,029

Intersegment construction revenues of $9.4 million and $10.4 million for the three months ended May 4, 2024 and April 29, 2023, respectively, were eliminated during consolidation and have been excluded from net sales for the respective periods.

The retail operations segment gives rise to contract liabilities through the customer loyalty program associated with Dillard’s private label cards and through the issuances of gift cards. The customer loyalty program liability and a portion of the gift card liability are included in trade accounts payable and accrued expenses, and a portion of the gift card liability is included in other liabilities on the condensed consolidated balance sheets. Our retail operations segment contract liabilities are as follows:


Retail
	May 4,		February 3,		April 29,		January 28,
(in thousands of dollars)	2024		2024		2023		2023
Contract liabilities	$	75,075	$	85,227	$	76,011	$	83,909

During the three months ended May 4, 2024 and April 29, 2023, the Company recorded $25.0 million and $24.3 million, respectively, in revenue that was previously included in the retail operations contract liability balances of $85.2 million and $83.9 million at February 3, 2024 and January 28, 2023, respectively.

Construction contracts give rise to accounts receivable, contract assets and contract liabilities. We record accounts receivable based on amounts expected to be collected from customers. We also record costs and estimated earnings in excess of billings on uncompleted contracts (contract assets) and billings in excess of costs and estimated earnings on uncompleted contracts (contract liabilities) in other current assets and trade accounts payable and accrued expenses, respectively, in the condensed consolidated balance sheets. The amounts included in the condensed consolidated balance sheets are as follows:


Construction
	May 4,		February 3,		April 29,		January 28,
(in thousands of dollars)	2024		2024		2023		2023
Accounts receivable	$	39,773	$	47,240	$	48,334	$	44,286
Costs and estimated earnings in excess of billings on uncompleted contracts		16,707		1,695		1,473		798
Billings in excess of costs and estimated earnings on uncompleted contracts		7,426		6,307		10,095		10,909

During the three months ended May 4, 2024 and April 29, 2023, the Company recorded $5.1 million and $9.5 million, respectively, in revenue that was previously included in billings in excess of costs and estimated earnings on uncompleted contracts of $6.3 million and $10.9 million at February 3, 2024 and January 28, 2023, respectively.

The remaining performance obligations related to executed construction contracts totaled $187.0 million, $163.7 million and $201.8 million at May 4, 2024, February 3, 2024 and April 29, 2023, respectively.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Income - USD ($) $ in Thousands	3 Months Ended
Consolidated Statements of Income - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023
Income Statement
Net sales	$ 1,549,051	$ 1,583,948
Service charges and other income	23,758	29,959
Total net sales, service charges and other income	1,572,809	1,613,907
Cost of sales	857,825	891,261
Selling, general and administrative expenses	426,674	406,375
Depreciation and amortization	46,119	45,747
Rentals	5,024	4,381
Interest and debt (income) expense, net	(3,532)	123
Other expense	6,158	4,698
Gain on disposal of assets	(267)	(1,793)
Income before income taxes	234,808	263,115
Income taxes	54,770	61,620
Net income	$ 180,038	$ 201,495
Earnings per share:
Earnings per share - Basic	$ 11.09	$ 11.85
Earnings per share - Diluted	$ 11.09	$ 11.85

Benefit Plans (Tables)

3 Months Ended

May 04, 2024

Retirement Benefits [Abstract]

Schedule of components of net periodic benefit costs

The components of net periodic benefit costs are as follows:


	Three Months Ended
	May 4,		April 29,
(in thousands of dollars)	2024		2023
Components of net periodic benefit costs:
Service cost	$	1,589	$	1,262
Interest cost		3,975		3,237
Net actuarial loss		2,183		1,461
Net periodic benefit costs	$	7,747	$	5,960

Basis of Presentation (Tables)

3 Months Ended

May 04, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of cash, cash equivalents and restricted cash


	May 4,		April 29,
(in thousands of dollars)	2024		2023
Cash and cash equivalents	$	817,825	$	848,316
Restricted cash		—		8,418
Total cash and cash equivalents and restricted cash	$	817,825	$	856,734

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	May 04, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Accounting Standards

3 Months Ended

May 04, 2024

Accounting Standards Update and Change in Accounting Principle [Abstract]

Accounting Standards

Note 2. Accounting Standards

Recently Adopted Accounting Pronouncements

There have been no recently adopted accounting pronouncements that had a material impact on the Company’s condensed consolidated financial statements.

Recently Issued Accounting Pronouncements

Management has considered all recent accounting pronouncements, except as noted below, and believes there is no accounting guidance issued but not yet effective that would be material to the Company’s condensed consolidated financial statements.

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The update modifies the disclosure/presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. This update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and accompanying notes.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The update requires increased transparency in tax disclosures, specifically by expanding requirements for rate reconciliation and income taxes paid information. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company is currently evaluating the impact that this ASU will have on its income tax disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Commitments and Contingencies (Details) $ in Millions	May 04, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit under the Company's revolving credit facility	$ 25.8

Gain on Disposal of Assets

3 Months Ended

May 04, 2024

Discontinued Operations and Disposal Groups [Abstract]

Gain on Disposal of Fixed Assets

Note 10. Gain on Disposal of Assets

During the three months ended April 29, 2023, the Company recorded proceeds of $1.9 million primarily from the sale of one store property, resulting in a gain of $1.8 million that was recorded in gain on disposal of assets.

Consolidated Balance Sheets - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
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
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

Fair Value Disclosures

3 Months Ended

May 04, 2024

Fair Value Disclosures [Abstract]

Fair Value Disclosures

Note 11. Fair Value Disclosures

The estimated fair values of financial instruments presented herein have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of amounts the Company could realize in a current market exchange.

The fair value of the Company’s long-term debt and subordinated debentures are based on market prices and are categorized as Level 1 in the fair value hierarchy.

The fair value of the Company’s cash and cash equivalents and trade accounts receivable approximates their carrying values at May 4, 2024 due to the short-term maturities of these instruments. The Company’s short-term investments are recorded at amortized cost, which is consistent with the Company’s held-to-maturity classification. The fair value of the Company’s long-term debt at May 4, 2024 was approximately $334 million. The carrying value of the Company’s long-term debt at May 4, 2024 was approximately $321 million. The fair value of the Company’s subordinated debentures at May 4, 2024 was approximately $206 million. The carrying value of the Company’s subordinated debentures at May 4, 2024 was $200 million.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Statement of Comprehensive Income
Net income	$ 180,038	$ 201,495
Other comprehensive income:
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $239 and $117, respectively)	1,944	1,344
Comprehensive income	$ 181,982	$ 202,839

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	May 04, 2024	Jun. 01, 2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	May 04, 2024
Document Transition Report	false
Entity File Number	1-6140
Entity Registrant Name	DILLARD’S, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	71-0388071
Entity Address, Address Line One	1600 CANTRELL ROAD
Entity Address, City or Town	LITTLE ROCK
Entity Address, State or Province	AR
Entity Address, Postal Zip Code	72201
City Area Code	501
Local Phone Number	376-5200
Title of 12(b) Security	Class A Common Stock
Trading Symbol	DDS
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000028917
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Common Stock Class A
Entity Common Stock, Shares Outstanding		12,247,445
Common Stock Class B
Entity Common Stock, Shares Outstanding		3,986,233

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 04, 2024	Apr. 29, 2023
Basic:
Net income	$ 180,038	$ 201,495
Weighted average shares of common stock outstanding - Basic	16,230	17,004
Earnings per share - Basic	$ 11.09	$ 11.85
Diluted:
Net income	$ 180,038	$ 201,495
Weighted average shares of common stock outstanding - Diluted	16,230	17,004
Earnings per share - Diluted	$ 11.09	$ 11.85

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Income Taxes

3 Months Ended

May 04, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 9. Income Taxes

During the three months ended May 4, 2024 and April 29, 2023, 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Earnings Per Share (Tables)

3 Months Ended

May 04, 2024

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share

The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data).


	Three Months Ended
	May 4,		April 29,
	2024		2023
Net income	$	180,038	$	201,495

Weighted average shares of common stock outstanding		16,230		17,004

Basic and diluted earnings per share	$	11.09	$	11.85

Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Apr. 29, 2023	May 04, 2024	May 27, 2023	Feb. 26, 2022
Stock repurchase programs
Cost of shares repurchased	$ 113,810
Number of shares repurchased	357,154
Average price per share	$ 318.66
February 2022 Stock Plan \| Common Stock Class A \| Maximum
Stock repurchase programs
Stock Repurchase Program, Authorized Amount				$ 500,000
May 2023 Stock Plan \| Common Stock Class A
Stock repurchase programs
Repurchase of common stock remaining authorization		$ 394,000
May 2023 Stock Plan \| Common Stock Class A \| Maximum
Stock repurchase programs
Stock Repurchase Program, Authorized Amount			$ 500,000

Business Segments (Details) $ in Thousands	3 Months Ended
Business Segments (Details) $ in Thousands	May 04, 2024 USD ($) segment	Apr. 29, 2023 USD ($) segment	Feb. 03, 2024 USD ($)	Jan. 28, 2023 USD ($)
Business Segments
Number of reportable segments \| segment	2	2
Concentration Risk, Percentage	100.00%	100.00%
Net sales from external customers	$ 1,549,051	$ 1,583,948
Gross margin	691,226	692,687
Depreciation and amortization	46,119	45,747
Interest and debt (income) expense, net	(3,532)	123
Income (loss) before income taxes	234,808	263,115
Total assets	3,937,156	3,749,029	$ 3,448,906
Contract liabilities	75,075	76,011	85,227	$ 83,909
Contract liabilities, revenue recognized	25,000	24,300
Segment Reporting
Accounts Receivable, Construction Segment	39,773	48,334	47,240	44,286
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment	16,707	1,473	1,695	798
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment	7,426	10,095	6,307	$ 10,909
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings	5,100	9,500
Revenue, Remaining Performance Obligation, Amount, construction segment	$ 187,000	$ 201,800	$ 163,700
Retail operations
Business Segments
Number of reportable segments \| segment	1	1
Number of store formats \| segment	1	1
Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	96.00%	96.00%
Construction \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	4.00%	4.00%
Operating Segment \| Retail operations
Business Segments
Net sales from external customers	$ 1,492,643	$ 1,514,933
Gross margin	689,185	690,389
Depreciation and amortization	46,051	45,687
Interest and debt (income) expense, net	(3,288)	228
Income (loss) before income taxes	235,206	262,823
Total assets	3,863,603	3,686,633
Operating Segment \| Construction
Business Segments
Net sales from external customers	56,408	69,015
Gross margin	2,041	2,298
Depreciation and amortization	68	60
Interest and debt (income) expense, net	(244)	(105)
Income (loss) before income taxes	(398)	292
Total assets	73,553	62,396
Intersegment Eliminations
Business Segments
Net sales from external customers	$ 9,400	$ 10,400
Cosmetics \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	16.00%	15.00%
Ladies' Apparel \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	23.00%	23.00%
Ladies' Accessories and Lingerie \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	12.00%	12.00%
Juniors' and Children's Apparel \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	10.00%	10.00%
Men's Apparel and Accessories \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	17.00%	18.00%
Shoes \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	15.00%	15.00%
Home and Furniture \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	3.00%	3.00%

Stock Repurchase Programs

3 Months Ended

May 04, 2024

Schedule of Share Repurchase Program Activity [Abstract]

Stock Repurchase Programs

Note 8. Stock Repurchase Programs

In February 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock (“February 2022 Stock Plan”). In May 2023, the Company’s Board of Directors approved a stock repurchase program authorizing the Company to repurchase up to $500 million of its Class A Common Stock (“May 2023 Stock Plan”). The May 2023 Stock Plan permits the Company to repurchase its Class A Common Stock in the open market, pursuant to preset trading plans meeting the requirements

of Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or through privately negotiated transactions. The May 2023 Stock Plan has no expiration date.

The following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


	Three Months Ended
	May 4,		April 29,
	2024		2023
Cost of shares repurchased	$	—	$	113,810
Number of shares repurchased		—		357
Average price per share	$	—	$	318.66

All repurchases of the Company’s Class A Common Stock above were made at the market price at the trade date, and all amounts paid to reacquire these shares were allocated to treasury stock. As of May 4, 2024, the Company had completed the authorized purchases under the February 2022 Stock Plan, and $394.0 million of authorization remained under the May 2023 Stock Plan.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	May 04, 2024	Apr. 29, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 180,038	$ 201,495

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	May 04, 2024	Feb. 03, 2024	Apr. 29, 2023
Statement of Financial Position [Abstract]
Property and equipment, accumulated depreciation	$ 2,682,449	$ 2,638,167	$ 2,623,182

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock, Common	Total
Balance at Jan. 28, 2023	$ 1,240	$ 962,839	$ (65,722)	$ 5,648,700	$ (4,948,419)	$ 1,598,638
Increase (Decrease) in Stockholders' Equity
Net income				201,495		201,495
Other comprehensive income			1,344			1,344
Purchase of 357,154 shares of treasury stock (including excise tax)					(114,950)	(114,950)
Cash dividends declared:
Common stock, $0.25 and $0.20 per share during the three months ended May 4, 2024 and April 29, 2023, respectively				(3,393)		(3,393)
Balance at Apr. 29, 2023	1,240	962,839	(64,378)	5,846,802	(5,063,369)	1,683,134
Balance at Feb. 03, 2024	1,240	967,348	(87,208)	6,048,288	(5,232,600)	1,697,068
Increase (Decrease) in Stockholders' Equity
Net income				180,038		180,038
Other comprehensive income			1,944			1,944
Cash dividends declared:
Common stock, $0.25 and $0.20 per share during the three months ended May 4, 2024 and April 29, 2023, respectively				(4,058)		(4,058)
Balance at May. 04, 2024	$ 1,240	$ 967,348	$ (85,264)	$ 6,224,268	$ (5,232,600)	$ 1,874,992

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

+ References

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+ Details

Revolving Credit Agreement

3 Months Ended

May 04, 2024

Line of Credit Facility [Abstract]

Revolving Credit Agreement

Note 7. Revolving Credit Agreement

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, which is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries, provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option.

Effective July 1, 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. The rate of interest on borrowings is Adjusted Daily Simple SOFR, as defined in the 2023 amendment, plus 1.75% if average quarterly availability is less than 50% of the total commitment, as defined in the 2023 amendment ("total commitment"), and the rate of interest on borrowings is Adjusted Daily Simple SOFR, as defined in the 2023 amendment, plus 1.50% if average quarterly availability is greater than or equal to 50% of the total commitment. The commitment fee for unused borrowings is 0.30% per annum if average borrowings are less than 35% of the total commitment and 0.25% if average borrowings are greater than or equal to 35% of the total commitment. As long as availability exceeds $80 million and certain events of default have not occurred and are not continuing, there are no financial covenant requirements under the credit agreement. The credit agreement, as amended by the 2023 amendment, matures on April 28, 2026.

At May 4, 2024, no borrowings were outstanding, and letters of credit totaling $25.8 million were issued under the credit agreement leaving unutilized availability under the facility of $774.2 million.