Dillard's (DDS) Q4 2025 earnings summary

Executive summary

• Net income for Q4 was $214.4 million ($13.48 per share), down from $250.5 million ($15.44 per share) year-over-year.

• Fiscal year net income was $593.5 million ($36.82 per share), compared to $738.8 million ($44.73 per share) in the prior year.

• Total retail sales decreased 1% in Q4 and 2% for the fiscal year; comparable store sales fell 1% in Q4 and 3% for the year.

Financial highlights

• Q4 net sales were $2.017 billion, down from $2.124 billion; fiscal year net sales were $6.483 billion, down from $6.752 billion.

• Retail gross margin in Q4 was 36.1% (vs. 37.7% prior year); for the year, 41.0% (vs. 41.8%).

• Operating expenses in Q4 were $452.0 million (22.4% of sales); for the year, $1,731.2 million (26.7% of sales).

• Ending inventory increased 7% year-over-year.

Outlook and guidance

• Estimates for fiscal 2025: depreciation and amortization $180M, rentals $20M, interest and debt income $(8)M, capital expenditures $120M.