DDTLOW SIGNALOPERATIONAL10-K

Dillard's shows stable operations with minor store count reduction and improved financial position through debt reduction and cash growth.

The company maintains a steady operational footprint with 271 stores versus 272 previously, while demonstrating disciplined capital management. The reincorporation from Delaware to Texas represents a routine corporate governance decision that typically relates to regulatory or tax considerations.

Comparing 2026-03-27 vs 2025-03-28View on EDGAR →
FINANCIAL ANALYSIS

Dillard's financial position strengthened modestly with cash increasing 20% to $861.5M and total debt declining 11% to $614.8M, indicating improved liquidity and reduced leverage. Accounts receivable decreased 29% to $39.7M, suggesting more efficient collections or changes in credit terms. Share buybacks of $107.8M remained substantial though slightly below the prior year's $121.0M, reflecting continued capital returns to shareholders.

FINANCIAL STATEMENT CHANGES
Accounts Receivable
Balance Sheet
-28.7%
$55.7M→$39.7M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Cash & Equivalents
Balance Sheet
+20%
$717.9M→$861.5M

Cash grew 20% — improving liquidity position supports investment and shareholder returns.

Total Debt
Balance Sheet
-11.1%
$691.6M→$614.8M

Debt reduced 11.1% — deleveraging strengthens balance sheet and reduces financial risk.

Share Buybacks
Cash Flow
-11%
$121.0M→$107.8M

Buyback activity reduced 11% — capital being redeployed elsewhere or cash conservation underway.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-28
ADDED
Dillard, was incorporated in Delaware in 1964 (and was reincorporated in Texas in 2025).
As of January 31, 2026, we operated 271 Dillard s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods.
Fiscal year 2025 ended on January 31, 2026 and contained 52 weeks.
Approximately 20,400 were full-time associates (greater than 35 hours per week), 6,400 were part-time associates (20-35 hours per week) and 2,300 were limited status associates (less than 20 hours per week).
As of December 20, 2025, approximately 75% of the salaried managers at our stores were promoted from hourly store positions.
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REMOVED
As of February 1, 2025, we operated 272 Dillard s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods.
Fiscal year 2022 ended on January 28, 2023 and contained 52 weeks.
Approximately 20,100 were full-time associates (greater than 35 hours per week), 6,300 were part-time associates (20-35 hours per week) and 2,400 were limited status associates (less than 20 hours per week).
As of December 23, 2024, approximately 75% of the salaried managers at our stores were promoted from hourly store positions.
The occurrence of, or threat of, a natural disaster, climate change, war (including the ongoing conflict in Ukraine and the resulting sanctions imposed on Russia by the U.S.
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