Dillard’s, Inc. Reports Fourth Quarter and Fiscal Year Results
Dillard's, Inc. (DDS) reported operating results for the 13 and 52 weeks ended January 30, 2021. For the fiscal year, net income reached $220 million, with diluted earnings per share (EPS) at $9.36, showcasing a significant increase compared to the previous year. Total revenues were $6.21 billion, a 5% increase year-over-year. Dillard's highlighted improved sales across various categories, particularly in the home and apparel sectors. The Company maintains a positive outlook, anticipating continued growth and expansion in the upcoming fiscal period.
- Net income increased to $220 million.
- Diluted EPS rose to $9.36, marking a significant year-over-year gain.
- Total revenues increased by 5% to $6.21 billion.
- Sales growth observed in both home and apparel categories.
- None.
Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the 13 and 52 weeks ended January 30, 2021. 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, “Our year-long efforts to control inventory and expenses and preserve liquidity have resulted in encouraging fourth quarter results. We ended the year with
Highlights of the Fourth Quarter:
-
Earnings per share of
$3.05 per share compared to net income of$2.75 per share -
Net income of
$67.0 million compared to net income of$67.7 million for the prior year fourth quarter - Retail gross margin improved 171 basis points of sales
-
Inventory decreased approximately
26% -
Operating expenses decreased
$122.8 million -
Ending cash of
$360 million with no outstanding borrowings under the Company's$800 million revolving credit facility -
Sequential improvement in comparable store sales which decreased approximately
17% in the 4th quarter following a24% decrease in the third quarter
Fourth Quarter Results
Dillard’s reported net income for the 13 weeks ended January 30, 2021 of
The Company is in a net operating loss position for the fiscal year. The CARES Act, signed into law on March 27, 2020, allows for net operating loss carryback to years in which the federal tax rate was
Included in net income for the prior year 13 weeks ended February 1, 2020 is a pretax gain of
Sales
Net sales for the 13 weeks ended January 30, 2021 and the 13 weeks ended February 1, 2020 were
Total retail sales (which excludes CDI) for the 13-week period ended January 30, 2021 and the 13-week period ended February 1, 2020 were
Sales in the Eastern region outperformed the Central and Western regions, respectively. Sales of home and furniture significantly outperformed the other merchandise categories followed by cosmetics and shoes. Sales of ladies' apparel were significantly below trend.
Gross Margin / Inventory
Consolidated gross margin (which includes CDI) for the 13 weeks ended January 30, 2021 improved 127 basis points of sales to
Retail gross margin (which excludes CDI) for the 13 weeks ended January 30, 2021 improved 171 basis points of sales to
Inventory decreased approximately
Selling, General & Administrative Expenses
Consolidated selling, general and administrative expenses ("operating expenses") for the 13 weeks ended January 30, 2021 decreased
Retail operating expenses for the 13 weeks ended January 30, 2021 decreased
52-Week Results
Dillard’s reported a net loss for the 52 weeks ended January 30, 2021 of
The Company is in a net operating loss position for the fiscal year. The CARES Act, signed into law on March 27, 2020, allows for net operating loss carryback to years in which the federal tax rate was
Included in net income for the prior year 52 weeks ended February 1, 2020 is a pretax gain of
Net sales for the 52 weeks ended January 30, 2021 and the 52 weeks ended February 1, 2020 were
Total retail sales for the 52-week period ended January 30, 2021 and the 52-week period ended February 1, 2020 were
Consolidated gross margin for the 52 weeks ended January 30, 2021 declined 308 basis points of sales to
Consolidated operating expenses for the 52 weeks ended January 30, 2021 decreased
Retail operating expenses for the 52 weeks ended January 30, 2021 decreased
Share Repurchase
During the 52 weeks ended January 30, 2021 the Company purchased
Total shares outstanding (Class A and Class B Common Stock) at January 30, 2021 and February 1, 2020 were 22.0 million and 24.2 million, respectively.
The Company operates 250 Dillard’s locations and 32 clearance centers spanning 29 states and an Internet store at www.dillards.com. Total square footage at January 30, 2021 was 48 million square feet.
Dillard’s, Inc. and Subsidiaries |
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Condensed Consolidated Statements of Operations (Unaudited) |
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(In Millions, Except Per Share Data) |
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13 Weeks Ended |
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52 Weeks Ended |
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January 30, 2021 |
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February 1, 2020 |
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January 30, 2021 |
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February 1, 2020 |
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Amount |
% of
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Amount |
% of
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Amount |
% of
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Amount |
% of
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Net sales |
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$ |
1,570.3 |
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100.0 |
% |
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$ |
1,922.9 |
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100.0 |
% |
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$ |
4,300.9 |
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100.0 |
% |
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$ |
6,203.5 |
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100.0 |
% |
Service charges and other income |
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44.0 |
|
2.8 |
|
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39.9 |
|
2.1 |
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|
132.3 |
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3.1 |
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139.7 |
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2.3 |
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1,614.3 |
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102.8 |
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1,962.8 |
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102.1 |
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4,433.2 |
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103.1 |
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6,343.2 |
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102.3 |
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Cost of sales |
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1,082.1 |
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68.9 |
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1,349.4 |
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70.2 |
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3,069.1 |
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71.4 |
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4,236.0 |
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68.3 |
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Selling, general and administrative expenses |
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335.8 |
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21.4 |
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458.6 |
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23.8 |
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1,211.5 |
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28.2 |
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1,691.0 |
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27.3 |
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Depreciation and amortization |
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58.1 |
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3.7 |
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59.5 |
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FAQ
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