0000028917-25-000004 | 10-K | XBRL Viewer

Leases - Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$ 14,598
Lease assets obtained in exchange for new operating lease liabilities	$ 2,852	$ 20,477	$ 3,660

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Feb. 01, 2025	Mar. 01, 2025	Aug. 03, 2024
Document Type	10-K
Document Annual Report	true
Document Period End Date	Feb. 01, 2025
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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 2,993,550,190
Entity Central Index Key	0000028917
Current Fiscal Year End Date	--02-01
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Firm ID	185
Auditor Location	Dallas, TX
Common Stock Class A
Entity Common Stock, Shares Outstanding		11,918,431
Common Stock Class B
Entity Common Stock, Shares Outstanding		3,986,233

Revolving Credit Agreement

12 Months Ended

Feb. 01, 2025

Line of Credit Facility [Abstract]

Revolving Credit Agreement

3. Revolving Credit Agreement

The Company maintains a revolving 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 June 16, 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. Pursuant to the 2023 amendment, borrowings under the credit agreement bore interest, at our option, at a rate per annum equal to (1) the then alternative base rate plus the applicable rate or (2) adjusted term or daily simple SOFR, in each case plus 0.10% per annum, plus the applicable rate. The applicable rate was defined as (A) (x) 1.50% per annum in the case of term benchmark and RFR loans and (y) 0.50% per annum in the case of base rate loans when average quarterly availability is greater than or equal to 50% of the total commitments and (B) (x) 1.75% per annum in the case of term benchmark and RFR loans and (y) 0.75% per annum in the case of base rate loans when average quarterly availability is less than 50% of the total commitments. The commitment fee for unused borrowings was 0.30% per annum if average borrowings were less than 35% of the total commitments and 0.25% per annum if average borrowings were greater than or equal to 35% of the total commitments. As long as availability exceeds $80 million and no specified event of default has occurred or is

continuing, there are no financial covenant requirements under the credit agreement. The credit agreement, as amended by the 2023 amendment, was scheduled to mature on April 28, 2026.

No borrowings were outstanding at February 1, 2025. Letters of credit totaling $25.3 million were issued under the credit agreement leaving unutilized availability under the facility of $774.7 million at February 1, 2025. The Company had no borrowings during fiscal 2024, 2023 and 2022.

See Note 15, Subsequent Event, for additional information regarding an amendment to the credit agreement.

Commitments and Contingencies

12 Months Ended

Feb. 01, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

12. Commitments and Contingencies

At February 1, 2025, the Company is committed to incur costs of approximately $3.0 million to acquire, complete and furnish certain stores and equipment.

At February 1, 2025, letters of credit totaling $25.3 million were issued under the Company’s $800 million revolving credit facility.

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 is not expected to materially affect the Company’s financial position, cash flows or results of operations.

Description of Business and Summary of Significant Accounting Policies - Long-Lived Assets, Insurance Accruals, Revenue Recognition, Gift Card Revenue Recognition, Advertising (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Property, Plant and Equipment [Line Items]
Asset impairment and store closing charges	$ 0	$ 0	$ 0
Insurance Accruals
Self Insurance Reserve	$ 40,100	41,000
Revenue Recognition
Term of Citibank Alliance	10 years
Income received from private label credit cards under the Alliance	$ 54,100	67,200	67,800
Gift Card Revenue Recognition
Gift card breakage income, recognition period	60 months
Gift card liabilities	$ 65,600	67,300
Advertising
Advertising expense	36,200	38,100	38,600
Cooperative advertisement reimbursements	$ 3,700	$ 4,400	$ 5,600
Minimum
Revenue Recognition
Typical term of CDI construction contracts	9 months
Maximum
Revenue Recognition
Typical term of CDI construction contracts	18 months

Accumulated Other Comprehensive Loss ("AOCL")

12 Months Ended

Feb. 01, 2025

Accumulated Other Comprehensive Loss ("AOCL")

Accumulated Other Comprehensive Loss ("AOCL")

10. Accumulated Other Comprehensive Loss (“AOCL”)

Reclassifications from AOCL

Reclassifications from AOCL are summarized as follows (in thousands):


		Amount
		Reclassified			Affected Line Item in the Statement
		from AOCL			Where Net Income Is
Details about AOCL Components	Fiscal 2024		Fiscal 2023		Presented
Defined benefit pension plan items
Amortization of actuarial losses	$	8,731	$	5,843	Total before tax ⁽¹⁾
		955		466	Income tax expense
	$	7,776	$	5,377	Total net of tax

(1)	This item is included in the computation of net periodic benefit costs. See Note 8 for additional information.

Changes in AOCL

Changes in AOCL by component (net of tax) are summarized as follows (in thousands):


	Defined Benefit
	Pension Plan Items
	Fiscal 2024		Fiscal 2023
Beginning balance	$	87,208	$	65,722

Other comprehensive loss before reclassifications		(29,581)		26,863
Amounts reclassified from AOCL		(7,776)		(5,377)
Net other comprehensive (income) loss		(37,357)		21,486

Ending balance	$	49,851	$	87,208

Description of Business and Summary of Significant Accounting Policies- Cash, Receivables, and Inventory (Details)	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Restricted Cash
Maximum number of days cash remains restricted pursuant to like-kind exchange agreements	180 days	180 days	180 days
Accounts Receivable
Number of days in which accounts receivable are ordinarily due	30 days
Number of days in which contract retentions are due	30 days
Minimum number of days past due for accounts receivable to be considered delinquent	120 days
Merchandise Inventories
Percentage of inventories valued at the lower of cost or market using LIFO retail inventory method	95.00%

Income Taxes (Tables)

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Schedule of provision for federal and state income taxes


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Current:
Federal	$	136,281	$	185,082	$	220,089
State		8,936		10,412		13,040
		145,217		195,494		233,129
Deferred:
Federal		(7,382)		(12,621)		(1,652)
State		(1,610)		(5,103)		(13,647)
		(8,992)		(17,724)		(15,299)
	$	136,225	$	177,770	$	217,830

Schedule of reconciliation between the Company's income tax provision and income taxes using the federal income tax rate


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Income tax at the statutory federal rate	$	153,237	$	192,490	$	232,988
State income taxes, net of federal benefit		6,850		14,529		20,616
Net changes in unrecognized tax benefits, interest and penalties/reserves		(395)		458		1,598
Tax benefit of federal credits		(1,407)		(1,571)		(1,724)
Changes in cash surrender value of life insurance policies		(310)		(383)		(389)
Changes in valuation allowance		(351)		(9,766)		(22,071)
Tax benefit of dividends paid to ESOP		(26,630)		(21,990)		(17,257)
Other		5,231		4,003		4,069
	$	136,225	$	177,770	$	217,830

Schedule of deferred tax assets and liabilities


	February 1,		February 3,
(in thousands of dollars)	2025		2024
Prepaid expenses	$	58,592	$	56,808
Joint venture basis differences		7,614		7,954
Differences between book and tax basis of inventory		31,215		30,551
Operating lease assets		7,586		9,670
Other		2		716
Total deferred tax liabilities		105,009		105,699
Property and equipment bases and depreciation differences		(57,394)		(50,123)
Accruals not currently deductible		(86,878)		(87,396)
Operating lease liabilities		(7,731)		(9,853)
Net operating loss carryforwards		(21,405)		(21,750)
Other		(1,446)		(1,030)
Total deferred tax assets		(174,854)		(170,152)
Valuation allowance		1,119		1,470
Net deferred tax assets		(173,735)		(168,682)
Net deferred income taxes	$	(68,726)	$	(62,983)

Schedule of classification of deferred tax assets and liabilities


	February 1,		February 3,
(in thousands of dollars)	2025		2024
Net deferred tax assets - deferred income taxes	$	(69,099)	$	(63,951)
Net deferred tax liabilities - other liabilities		373		968
Net deferred income taxes	$	(68,726)	$	(62,983)

Schedule of reconciliation of beginning and ending amount of unrecognized tax benefits


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Unrecognized tax benefits at beginning of period	$	8,110	$	7,030	$	6,735
Gross increases—tax positions in prior period		58		868		—
Gross decreases—tax positions in prior period		(261)		(695)		(885)
Gross increases—current period tax positions		1,313		1,405		1,202
Lapse of statutes of limitation		(1,200)		(498)		(22)
Unrecognized tax benefits at end of period	$	8,020	$	8,110	$	7,030

Accumulated Other Comprehensive Loss ("AOCL") (Tables)

12 Months Ended

Feb. 01, 2025

Equity [Abstract]

Schedule of reclassifications from AOCL

Reclassifications from AOCL are summarized as follows (in thousands):


		Amount
		Reclassified			Affected Line Item in the Statement
		from AOCL			Where Net Income Is
Details about AOCL Components	Fiscal 2024		Fiscal 2023		Presented
Defined benefit pension plan items
Amortization of actuarial losses	$	8,731	$	5,843	Total before tax ⁽¹⁾
		955		466	Income tax expense
	$	7,776	$	5,377	Total net of tax

(1)	This item is included in the computation of net periodic benefit costs. See Note 8 for additional information.

Schedule of change in Accumulated Other Comprehensive Income (Loss)

Changes in AOCL by component (net of tax) are summarized as follows (in thousands):


	Defined Benefit
	Pension Plan Items
	Fiscal 2024		Fiscal 2023
Beginning balance	$	87,208	$	65,722

Other comprehensive loss before reclassifications		(29,581)		26,863
Amounts reclassified from AOCL		(7,776)		(5,377)
Net other comprehensive (income) loss		(37,357)		21,486

Ending balance	$	49,851	$	87,208

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Feb. 01, 2025
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Stockholders' Equity (Tables)

12 Months Ended

Feb. 01, 2025

Stockholders' Equity Note [Abstract]

Schedule of capital stock


	Par		Shares
Type	Value		Authorized
Preferred (5% cumulative)	$	100.00	5,000
Additional preferred	$	0.01	10,000,000
Class A, common	$	0.01	289,000,000
Class B, common	$	0.01	11,000,000

Schedule of share repurchase activity

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


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Cost of shares repurchased	$	121,029	$	281,406	$	436,620
Number of shares repurchased		329		918		1,709
Average price per share	$	367.33	$	306.66	$	255.49

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

Trade Accounts Payable and Accrued Expenses - Supplier Finance Program (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024
Supplier Finance Program
Confirmed obligations outstanding at the beginning of the year	$ 1,599	$ 1,791
Invoices confirmed during the year	20,742	24,125
Confirmed invoices paid during the year	(20,957)	(24,317)
Confirmed obligations outstanding at the end of the year	$ 1,384	$ 1,599
Supplier Finance Program, Obligation, Statement of Financial Position	Trade accounts payable and accrued expenses	Trade accounts payable and accrued expenses

Income Taxes - Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Reconciliation of unrecognized tax benefits
Unrecognized tax benefits at beginning of period	$ 8,110	$ 7,030	$ 6,735
Gross increases-tax positions in prior period	58	868
Gross decreases-tax positions in prior period	(261)	(695)	(885)
Gross increases-current period tax positions	1,313	1,405	1,202
Lapse of statutes of limitation	(1,200)	(498)	(22)
Unrecognized tax benefits at end of period	8,020	8,110	7,030
Portion of unrecognized tax benefits that, if recognized, would affect the effective tax rate	5,800	6,000
Income taxes paid, net of income tax refunds received	$ 150,500	$ 183,800	$ 234,900

Description of Business and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Feb. 01, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of estimated useful lives


Buildings and leasehold improvements		20 - 40 years
Furniture, fixtures and equipment		3 - 10 years

Subsequent Event

12 Months Ended

Feb. 01, 2025

Subsequent Event [Abstract]

Subsequent Event

15. Subsequent Event

In March 2025, the Company amended and extended its senior secured revolving credit facility (the "2025 amendment") replacing the Company's previous amended credit agreement. The new amended credit agreement remains at $800 million with a $200 million expansion option, and the new maturity date is March 12, 2030. There are no financial covenant requirements under the amended credit agreement provided availability exceeds $80 million and no specified event of default has occurred or is continuing. The 2025 amendment continues to have the 0.10% per annum credit spread adjustment to the interest rate for term benchmark and RFR loans but reduced the applicable rate to (A) (x) 1.25% per annum in the case of term benchmark and RFR loans and (y) 0.25% per annum in the case of base rate loans when average quarterly availability is greater than or equal to 50% of the total commitments and (B) (x) 1.50% per annum in the case of term benchmark and RFR loans and (y) 0.50% per annum in the case of base rate loans when average quarterly availability is less than 50% of the total commitments. The 2025 amendment reduced the unused commitment fee to (A) 0.25% per annum when the average amount utilized is less than 50% of the total commitments and (B) 0.20% per annum when the average amount utilized is greater than or equal to 50% of the total commitments. The facility was arranged by JPMorgan Chase Bank, N.A. The new amended credit agreement is available to the Company 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.

Leases - Narrative (Details) - USD ($)	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Leases
Operating lease assets	$ 33,562,000	$ 42,681,000
Operating lease liability	33,756,000	42,980,000
Finance lease obligations	$ 0	$ 0	$ 0
Minimum
Leases
Renewal options	5 years
Maximum
Leases
Renewal options	10 years

Condensed Consolidated Balance Sheets (Parenthetical) - shares	Feb. 01, 2025	Feb. 03, 2024
Common Stock Class A
Common stock, shares issued	120,075,882	120,066,708
Common stock, shares outstanding	11,923,536	12,243,845
Treasury stock, at cost, Class A, shares	108,152,346	107,822,863
Common Stock Class B
Common stock, shares issued	3,986,233	3,986,233
Common stock, shares outstanding	3,986,233	3,986,233

Trade Accounts Payable and Accrued Expenses

12 Months Ended

Feb. 01, 2025

Payables and Accruals [Abstract]

Trade Accounts Payable and Accrued Expenses

5. Trade Accounts Payable and Accrued Expenses

Trade accounts payable and accrued expenses consist of the following:


(in thousands of dollars)	February 1, 2025		February 3, 2024
Trade accounts payable	$	601,175	$	562,408
Accrued expenses:
Taxes, other than income		48,161		58,063
Salaries, wages and employee benefits		78,542		84,522
Liability to customers		47,184		61,039
Interest		7,281		3,726
Rent		1,433		1,778
Other		11,247		11,009
	$	795,023	$	782,545

Supplier Finance Program

The Company has a supplier finance program, whereby participating suppliers have the option of payment in advance of an invoice due date, which is paid by certain administering banks, on the basis of invoices that the Company has confirmed as valid and approved. The Company agrees to pay the administering bank the stated amount of confirmed invoices from its designated suppliers on the Company’s standard payment terms or on the original due dates of the invoices, as applicable. The Company’s suppliers are not required to participate in the supplier finance program.

The early payment transactions between the Company’s supplier and the administering bank are subject to an agreement between those parties, and the Company does not participate in any financial aspect of the agreement between the Company’s supplier and the administering bank. The Company has not pledged assets or any other security for the committed payment to the administering bank. The Company or the administering bank may terminate the agreement upon at least 30 days’ notice.

A reconciliation of the amount of obligations confirmed under the program that remain unpaid by the Company is presented below:


(in thousands of dollars)	Fiscal 2024		Fiscal 2023
Confirmed obligations outstanding under the program	$	1,599	$	1,791
Invoices confirmed during the year		20,742		24,125
Confirmed invoices paid during the year		(20,957)		(24,317)
Confirmed obligations outstanding at the end of the year	$	1,384	$	1,599

Fair Value Disclosures (Details) - USD ($) $ in Thousands	12 Months Ended
Fair Value Disclosures (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Fair value disclosures
Subordinated debentures	$ 200,000	$ 200,000
Asset impairment and store closing charges	0	0	$ 0
Fair Value of Assets
Fair value disclosures
Long-term debt, fair value	336,000	339,000
Subordinated debentures	206,000	205,000
Carrying value
Fair value disclosures
Long-term debt	322,000	321,000
Subordinated debentures	$ 200,000	$ 200,000

- Definition

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

+ References + Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 593,476	$ 738,847	$ 891,637

- 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

Long-Term Debt - Maturities (Details) $ in Millions	Feb. 01, 2025 USD ($)
Maturity of long-term debt
2026	$ 96.0
2027	80.0
2028	$ 145.8

Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Statement of Comprehensive Income
Amortization of retirement plan and other retiree benefit adjustments, tax	$ 3,249	$ (5,003)	$ 1,560

Income Taxes

12 Months Ended

Feb. 01, 2025

Income Tax Disclosure [Abstract]

Income Taxes

6. Income Taxes

The provision for federal and state income taxes is summarized as follows:


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Current:
Federal	$	136,281	$	185,082	$	220,089
State		8,936		10,412		13,040
		145,217		195,494		233,129
Deferred:
Federal		(7,382)		(12,621)		(1,652)
State		(1,610)		(5,103)		(13,647)
		(8,992)		(17,724)		(15,299)
	$	136,225	$	177,770	$	217,830

A reconciliation between the Company’s income tax provision and income taxes using the federal statutory income tax rate of 21% is presented below:


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Income tax at the statutory federal rate	$	153,237	$	192,490	$	232,988
State income taxes, net of federal benefit		6,850		14,529		20,616
Net changes in unrecognized tax benefits, interest and penalties/reserves		(395)		458		1,598
Tax benefit of federal credits		(1,407)		(1,571)		(1,724)
Changes in cash surrender value of life insurance policies		(310)		(383)		(389)
Changes in valuation allowance		(351)		(9,766)		(22,071)
Tax benefit of dividends paid to ESOP		(26,630)		(21,990)		(17,257)
Other		5,231		4,003		4,069
	$	136,225	$	177,770	$	217,830

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of February 1, 2025 and February 3, 2024 are as follows:


	February 1,		February 3,
(in thousands of dollars)	2025		2024
Prepaid expenses	$	58,592	$	56,808
Joint venture basis differences		7,614		7,954
Differences between book and tax basis of inventory		31,215		30,551
Operating lease assets		7,586		9,670
Other		2		716
Total deferred tax liabilities		105,009		105,699
Property and equipment bases and depreciation differences		(57,394)		(50,123)
Accruals not currently deductible		(86,878)		(87,396)
Operating lease liabilities		(7,731)		(9,853)
Net operating loss carryforwards		(21,405)		(21,750)
Other		(1,446)		(1,030)
Total deferred tax assets		(174,854)		(170,152)
Valuation allowance		1,119		1,470
Net deferred tax assets		(173,735)		(168,682)
Net deferred income taxes	$	(68,726)	$	(62,983)

Deferred tax assets and liabilities were measured using the federal statutory income tax rate of 21% and the appropriate state statutory income tax rates. State deferred tax assets and liabilities, including net operating loss carryforwards and valuation allowances, are presented net of related federal tax effects.

At February 1, 2025, the Company had a deferred tax asset of approximately $21.4 million, primarily related to state net operating loss carryforwards that could be utilized to reduce the tax liabilities of future years. Approximately $6.5 million of these carryforwards have indefinite lives, and approximately $14.9 million will expire between fiscal 2025 and 2040. State deferred tax assets were reduced by a valuation allowance of approximately $1.1 million primarily for the net operating loss carryforwards of various members of the affiliated group in states for which the Company determined that it is “more likely than not” that the benefit of the net operating losses will not be realized.

Deferred tax assets and liabilities are presented as follows in the accompanying consolidated balance sheets:


	February 1,		February 3,
(in thousands of dollars)	2025		2024
Net deferred tax assets - deferred income taxes	$	(69,099)	$	(63,951)
Net deferred tax liabilities - other liabilities		373		968
Net deferred income taxes	$	(68,726)	$	(62,983)

The total amount of unrecognized tax benefits as of February 1, 2025 was $8.0 million, of which $5.8 million would, if recognized, affect the Company’s effective tax rate. The total amount of unrecognized tax benefits as of February 3, 2024 was $8.1 million, of which $6.0 million would, if recognized, affect the Company’s effective tax rate. The Company does not expect a significant change in unrecognized tax benefits in the next twelve months. Where applicable, associated interest expense and penalties are also recorded in income tax expense. The total amounts of interest and penalties were not material.

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Unrecognized tax benefits at beginning of period	$	8,110	$	7,030	$	6,735
Gross increases—tax positions in prior period		58		868		—
Gross decreases—tax positions in prior period		(261)		(695)		(885)
Gross increases—current period tax positions		1,313		1,405		1,202
Lapse of statutes of limitation		(1,200)		(498)		(22)
Unrecognized tax benefits at end of period	$	8,020	$	8,110	$	7,030

The fiscal tax years that remain subject to examination for the federal tax jurisdiction and major state tax jurisdictions are 2021 and forward. At this time, the Company does not expect the results from any income tax audit to have a material impact on the Company’s consolidated financial statements.

Income taxes paid, net of income tax refunds received, during fiscal 2024, 2023 and 2022 were approximately $150.5 million, $183.8 million and $234.9 million, respectively.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Earnings Per Share (Tables)

12 Months Ended

Feb. 01, 2025

Earnings Per Share [Abstract]

Schedule of computation of basic and diluted earnings per share


	Fiscal 2024				Fiscal 2023				Fiscal 2022
(in thousands, except per share data)	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net earnings available for per-share calculation	$	593,476	$	593,476	$	738,847	$	738,847	$	891,637	$	891,637
Average shares of common stock outstanding		16,120		16,120		16,517		16,517		17,549		17,549
Dilutive effect of stock-based compensation		—		—		—		—		—		—
Total average equivalent shares		16,120		16,120		16,517		16,517		17,549		17,549
Per share of common stock:
Net income	$	36.82	$	36.82	$	44.73	$	44.73	$	50.81	$	50.81

Description of Business and Summary of Significant Accounting Policies (Policies)

12 Months Ended

Feb. 01, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Consolidation

Consolidation—The accompanying consolidated financial statements include the accounts of Dillard’s, Inc. and its wholly owned subsidiaries (excluding Dillard’s Capital Trust I; see Note 7 for more information). Intercompany accounts and transactions are eliminated in consolidation. Investments in and advances to joint ventures are accounted for by the equity method where the Company does not have control.

Use of Estimates

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant estimates include merchandise inventories, self-insured accruals, future cash flows and real estate values for impairment analysis, pension discount rate and taxes. Actual results could differ from those estimates.

Seasonality

Seasonality—The Company’s business is highly seasonal, and historically the Company has realized a significant portion of its sales, net income and cash flow in the last quarter of our fiscal year. Due to holiday buying patterns, sales for the fourth quarter average approximately one-third of annual sales. Additionally, working capital requirements fluctuate during the year, increasing in the third quarter in anticipation of the holiday season.

Cash Equivalents and Restricted Cash

Cash Equivalents—The Company considers all highly liquid investments with an original maturity of 3 months or less when purchased or certificates of deposit with no early withdrawal penalty to be cash equivalents. The Company considers receivables from charge card companies to be cash equivalents because they settle the balances within 2 to 3 days.

Restricted Cash—Restricted cash consists of cash proceeds from the sale of property held in escrow for the acquisition of replacement property under like-kind exchange agreements. The escrow accounts are administered by an intermediary. Pursuant to the like-kind exchange agreements, the cash remains restricted for a maximum of 180 days from the date of the property sale pending the acquisition of replacement property.

Accounts Receivable

Accounts Receivable—Accounts receivable primarily consists of construction receivables of the Company’s general contracting construction company, CDI Contractors, LLC (“CDI”), and the monthly settlements of Dillard’s share of earnings from its long-term marketing and servicing private label credit card portfolio alliances. Construction receivables are based on amounts billed to customers. The Company provides any allowance for doubtful accounts considered necessary based upon a review of outstanding receivables, historical collection information and existing economic conditions. Accounts receivable are ordinarily due 30 days after the issuance of the invoice. Contract retentions are due 30 days after completion of the project and acceptance by the owner. Accounts that are past due more than 120 days are considered for write-off based on individual credit evaluation and specific circumstances of the customer.

Short-term Investments

Short-term Investments—Short-term investments are securities with original maturities of greater than three months but less than twelve months and are comprised of U.S. Treasury Bills. The Company determines the classification of these securities as trading, available for sale or held to maturity at the time of purchase and re-evaluates these determinations at each balance sheet date. The Company’s short-term investments are classified as held-to-maturity for the periods presented as it has the positive intent and ability to hold these investments to maturity. The Company’s held-to-maturity investments are stated at amortized cost, which approximated fair value, and are periodically assessed for other-than-temporary impairment.

Merchandise Inventories

Merchandise Inventories—All of the Company’s inventories are valued at the lower of cost or market using the last-in, first-out (“LIFO”) inventory method. Approximately 95% of the Company’s inventories are valued using the LIFO retail inventory method. Under the retail inventory method, the valuation of inventories at cost and the resulting gross margins are calculated by applying a cost to retail ratio to the retail value of inventories. The retail inventory method is an averaging method that is widely used in the retail industry due to its practicality. Inherent in the retail inventory method calculation are certain significant management judgments including, among others, merchandise markon, markups and markdowns, which significantly impact the ending inventory valuation at cost as well as the resulting gross margins. During periods of deflation, inventory values on the first-in, first-out (“FIFO”) retail inventory method may be lower than the LIFO retail inventory method. Additionally, inventory values at LIFO cost may be in excess of net realizable value. At February 1, 2025 and February 3, 2024, merchandise inventories valued at LIFO, including adjustments as necessary to record inventory at the lower of cost or market, approximated the cost of such inventories using the FIFO retail inventory method. The application of the LIFO retail inventory method did not result in the recognition of any LIFO charges or credits affecting cost of sales for fiscal 2024, 2023 or 2022.

The Company regularly records a provision for estimated shrinkage, thereby reducing the carrying value of merchandise inventory. Complete physical inventories of the Company’s stores and warehouses are generally performed no less frequently than annually, with the recorded amount of merchandise inventory being adjusted to coincide with these physical counts.

Property and Equipment

Property and Equipment—Property and equipment owned by the Company is stated at cost, which includes related interest costs incurred during periods of construction, less accumulated depreciation and amortization. Interest capitalized during fiscal 2024, 2023, and 2022 was $2.0 million, $2.2 million and $1.9 million, respectively. For financial reporting purposes, depreciation is computed by the straight-line method over estimated useful lives:


Buildings and leasehold improvements		20 - 40 years
Furniture, fixtures and equipment		3 - 10 years

Properties leased by the Company under lease agreements which are determined to be finance leases are stated at an amount equal to the present value of the minimum lease payments during the lease term, less accumulated amortization. The assets under finance leases and leasehold improvements under operating leases are amortized on the straight-line method over the shorter of their useful lives or the related lease terms. The provision for amortization of assets under finance leases is included in depreciation and amortization expense, if any.

Included in property and equipment as of February 1, 2025 and February 3, 2024 are assets held for sale in the amount of $7.6 million. During fiscal 2023, the Company received cash proceeds of $6.3 million and realized a gain of $6.1 million primarily related to the sale of two store properties. During fiscal 2022, the Company received cash proceeds of $25.1 million and realized a gain of $21.0 million primarily related to the sale of three store properties.

Depreciation and amortization on property and equipment was approximately $178 million, $180 million and $188 million for fiscal 2024, 2023 and 2022, respectively.

Long-Lived Assets

Long-Lived Assets—Fair value measurements of long-lived assets used in operations are required when indicators of impairment are present and the undiscounted cash flows estimated to be generated by those assets are less than the assets’ carrying amount. In the evaluation of the fair value and future benefits of long-lived assets, the Company performs an analysis of the anticipated undiscounted future net cash flows of the related long-lived assets. This analysis is performed at the store unit level. If the carrying value of the related asset exceeds the fair value, the carrying value is reduced to its fair value. Various factors including future sales growth, profit margins and real estate values are included in this analysis. Management believes at this time that the carrying values and useful lives continue to be appropriate.

During fiscal 2024, 2023 and 2022, no asset impairment and store closing charges were recorded.

Other Assets

Other Assets—Other assets include investments accounted for by the equity and cost methods, capitalized software and cash surrender value of life insurance policies.

Vendor Allowances

Vendor Allowances—The Company receives concessions from its vendors through a variety of programs and arrangements, including cooperative advertising and margin maintenance programs. The Company has agreements in place with vendors setting forth the specific conditions for each allowance or payment. These agreements range in periods from a few days to up to a year. If the payment is a reimbursement for costs incurred, it is offset against those related costs; otherwise, it is treated as a reduction to the cost of the merchandise. Amounts of vendor concessions are recorded only when an agreement has been reached with the vendor and the collection of the concession is deemed probable.

For cooperative advertising programs, the Company generally offsets the allowances against the related advertising expense when incurred. Many of these programs require proof-of-advertising to be provided to the vendor to support the reimbursement of the incurred cost. Programs that do not require proof-of-advertising are monitored to ensure that the allowance provided by each vendor is a reimbursement of costs incurred to advertise for that particular vendor. If the allowance exceeds the advertising costs incurred on a vendor-specific basis, then the excess allowance from the vendor is recorded as a reduction of merchandise cost for that vendor.

Margin maintenance allowances are credited directly to cost of purchased merchandise in the period earned according to the agreement with the vendor. Under the retail method of accounting for inventory, a portion of these allowances reduces cost of goods sold and a portion reduces the carrying value of merchandise inventory.

Insurance Accruals

Insurance Accruals—The Company’s consolidated balance sheets include liabilities with respect to self-insured workers’ compensation and general liability claims. The Company’s self-insured retention is insured through a wholly-owned captive insurance subsidiary. The Company estimates the required liability of such claims, utilizing an actuarial method, based upon various assumptions, which include, but are not limited to, the Company’s historical loss experience, projected loss development factors, actual payroll and other data. The required liability is also subject to adjustment in the future based upon the changes in claims experience, including changes in the number of incidents (frequency) and changes in the ultimate cost per incident (severity). As of February 1, 2025 and February 3, 2024, insurance accruals of $40.1 million and $41.0 million, respectively, were recorded in trade accounts payable and accrued expenses and other liabilities on the consolidated balance sheets.

Operating Leases

Operating Leases—The Company leases retail stores, office space and equipment under operating leases. The Company records right-of-use assets and operating lease liabilities for operating leases with lease terms exceeding twelve months. The right-of-use assets are adjusted for lease incentives, including construction allowances and prepaid rent. The Company recognizes minimum rent expense on a straight-line basis over the lease term. Many leases contain contingent rent provisions. Contingent rent is expensed as incurred.

The lease term used for lease evaluation includes renewal option periods only in instances in which the exercise of the option period is reasonably certain.

Revenue Recognition

Revenue Recognition—The Company’s retail operations segment recognizes merchandise revenue at the “point of sale”. An allowance for sales returns is recorded as a component of net sales in the period in which the related sales are recorded. Sales taxes collected from customers are excluded from revenue and are recorded in trade accounts payable and accrued expenses until remitted to the taxing authorities.

Citibank, N.A. (“Citi”) owns and manages Dillard’s private label cards under a 10-year agreement (“Citibank Alliance”) which expires in fiscal 2034. Pursuant to the Citibank Alliance, we receive on-going cash compensation from Citi based upon the portfolio’s earnings. The compensation received from the portfolio is determined monthly and has no recourse provisions. The amount the Company receives is dependent on the level of sales on Citi accounts, the level of balances carried on Citi accounts by Citi customers, payment rates on Citi accounts, finance charge rates and other fees on Citi accounts, the level of credit losses for the Citi accounts as well as Citi’s ability to extend credit to our customers. The Company’s share of income under the Citibank Alliance and former Wells Fargo Alliance is included as a component of service charges and other income. The Company recognized income of $54.1 million, $67.2 million and $67.8 million from the Citibank Alliance and former Wells Fargo Alliance in fiscal 2024, 2023 and 2022, respectively. The Company participates in the marketing of the private label credit cards, which includes the cost of customer reward programs. Through the reward programs, customers earn points that are redeemable for discounts on future purchases.

The Company defers a portion of its net sales upon the sale of merchandise to its customer reward program members that is recognized in net sales when the reward is redeemed or expired at a future date.

Revenue from CDI construction contracts is generally measured based on the ratio of costs incurred to total estimated contract costs (the “cost-to-cost method”). The length of each contract varies but is typically nine to eighteen months. The progress towards completion is determined by relating the actual costs of work performed to date to the current estimated total costs of the respective contracts. When the estimate on a contract indicates a loss, the entire loss is recorded in the current period.

Gift Card Revenue Recognition

Gift Card Revenue Recognition—The Company establishes a liability upon the sale of a gift card. The liability is relieved and revenue is recognized when gift cards are redeemed for merchandise. Gift card breakage income is determined based upon historical redemption patterns. The Company uses a homogeneous pool to recognize gift card breakage and will recognize income over the period in proportion to the pattern of rights exercised by the customer when the Company determines that it does not have a legal obligation to remit the value of unredeemed gift cards to the relevant jurisdiction as abandoned property. At that time, the Company will recognize breakage income over the performance period for those gift cards (i.e. 60 months) and will record it in service charges and other income. As of February 1, 2025 and February 3, 2024, gift card liabilities of $65.6 million and $67.3 million, respectively, were included in trade accounts payable and accrued expenses and other liabilities.

Advertising

Advertising—Advertising and promotional costs, which include newspaper, magazine, Internet, broadcast and other media advertising, are expensed as incurred and were approximately $36.2 million, $38.1 million and $38.6 million, net of cooperative advertising reimbursements of $3.7 million, $4.4 million and $5.6 million for fiscal 2024, 2023 and 2022, respectively. The Company records net advertising expenses in selling, general and administrative expenses.

Income Taxes

Income Taxes—Income taxes are recognized for the amount of taxes payable for the current year and deferred tax assets and liabilities for the future tax consequence of events that have been recognized differently in the financial statements than for tax purposes. Deferred tax assets and liabilities are established using statutory tax rates and are adjusted for tax rate changes. Tax positions are analyzed to determine whether it is “more likely than not” that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. For those tax positions where it is not “more likely than not” that a tax benefit will be sustained, no tax benefit is recognized. The Company classifies accrued interest expense and penalties relating to income tax in the consolidated financial statements as income tax expense.

Shipping and Handling

Shipping and Handling—The Company records shipping and handling reimbursements in service charges and other income. The Company records shipping and handling costs in cost of sales.

Defined Benefit Retirement Plans

Defined Benefit Retirement Plans—The Company’s defined benefit retirement plan costs are accounted for using actuarial valuations. The Company recognizes the funded status of its defined benefit pension plans on the consolidated balance sheet and recognizes changes in the funded status that arise during the period but that are not recognized as components of net periodic benefit cost, within other comprehensive income, net of income taxes.

Comprehensive Income

Comprehensive Income—Comprehensive income is defined as the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. It consists of the net income or loss and other gains and losses affecting stockholders’ equity that, under GAAP, are excluded from net income or loss. One such exclusion is the amortization of retirement plan and other retiree benefit adjustments, which is the only item impacting our accumulated other comprehensive loss.

Supply Concentration

Supply Concentration—The Company purchases merchandise from many sources and does not believe that the Company was dependent on any one supplier during fiscal 2024.

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Pronouncements

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. This ASU was adopted for the fiscal period beginning February 4, 2024.

Recently Issued Accounting Pronouncements

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

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.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued ASU No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The update requires disclosure, in the notes to financial statements, of specified information about certain costs and expenses. The amendments in the update require that at each interim and annual reporting period an entity (i) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization, and (e) depreciation, depletion, and amortization recognized as part of oil and gas-producing activities (DD&A) (or other amounts of depletion expense) included in each relevant expense caption; (ii) include certain amounts that are already required to be disclosed under current GAAP in the same disclosure as the other disaggregation requirements; (iii) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iv) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements and accompanying notes.

Benefit Plans - Weighted Average Assumptions and Net Periodic Benefit Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Weighted average assumptions
Discount rate-net periodic pension cost	5.10%	4.80%	3.00%
Discount rate-benefit obligations	5.60%	5.10%	4.80%
Rate of compensation increases-net periodic pension cost	3.00%	2.00%	2.00%
Rate of compensation increases-benefit obligations	3.00%	3.00%	2.00%
Components of net periodic benefit costs:
Service cost	$ 6,355	$ 5,047	$ 4,077
Interest cost	15,901	12,948	6,786
Net actuarial loss	8,731	5,843	958
Net periodic benefit costs	$ 30,987	$ 23,838	$ 11,821
Net periodic benefit costs excluding service costs, Statement of Operations	Other expense	Other expense	Other expense
Other changes in benefit obligations recognized in other comprehensive loss (income):
Net actuarial (gain) loss	$ (40,607)	$ 26,490	$ 41,363
Total recognized in other comprehensive (income) loss	(40,607)	26,490	41,363
Total recognized in net periodic benefit costs and other comprehensive income or loss	$ (9,620)	$ 50,328	$ 53,184

Subsequent Event (Details) - USD ($) $ in Millions	Mar. 31, 2025	Feb. 01, 2025	Jun. 16, 2023
Subsequent Event
Borrowing capacity		$ 800
Term benchmark and RFR loans \| Average quarterly availability greater than or equal to 50% of the total commitments
Subsequent Event
Applicable rate			1.50%
Term benchmark and RFR loans \| Average quarterly availability less than 50% of the total commitments
Subsequent Event
Applicable rate			1.75%
Base rate loans \| Average quarterly availability greater than or equal to 50% of the total commitments
Subsequent Event
Applicable rate			0.50%
Base rate loans \| Average quarterly availability less than 50% of the total commitments
Subsequent Event
Applicable rate			0.75%
Subsequent Event \| Revolving Credit Facility, 2025 Amendment
Subsequent Event
Borrowing capacity	$ 800
Expansion option	200
Minimum line of credit availability for no financial covenant requirements	$ 80
Quarterly availability as percentage of total commitments considered for determining applicable rate	50.00%
Average amount utilized as percentage of total commitment considered for determining commitment fee rate	50.00%
Subsequent Event \| Revolving Credit Facility, 2025 Amendment \| Average amount utilized is less than 50% of the total commitments
Subsequent Event
Unused commitment fee (as a percent)	0.25%
Subsequent Event \| Revolving Credit Facility, 2025 Amendment \| Average amount utilized is greater than or equal to 50% of the total commitments
Subsequent Event
Unused commitment fee (as a percent)	0.20%
Subsequent Event \| Term benchmark and RFR loans
Subsequent Event
Credit spread adjustment	0.10%
Subsequent Event \| Term benchmark and RFR loans \| Average quarterly availability greater than or equal to 50% of the total commitments
Subsequent Event
Applicable rate	1.25%
Subsequent Event \| Term benchmark and RFR loans \| Average quarterly availability less than 50% of the total commitments
Subsequent Event
Applicable rate	1.50%
Subsequent Event \| Base rate loans \| Average quarterly availability greater than or equal to 50% of the total commitments
Subsequent Event
Applicable rate	0.25%
Subsequent Event \| Base rate loans \| Average quarterly availability less than 50% of the total commitments
Subsequent Event
Applicable rate	0.50%

Trade Accounts Payable and Accrued Expenses - Components (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Trade accounts payable and accrued expenses
Trade accounts payable	$ 601,175	$ 562,408
Accrued expenses:
Taxes, other than income	48,161	58,063
Salaries, wages and employee benefits	78,542	84,522
Liability to customers	47,184	61,039
Interest	7,281	3,726
Rent	1,433	1,778
Other	11,247	11,009
Trade accounts payable and accrued expenses	$ 795,023	$ 782,545

Business Segments - Percentage of net sales by segment and major product line (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Business Segments
Net sales from external customers	$ 6,482,636	$ 6,752,053	$ 6,871,081
Service charges and other income	107,595	122,367	125,134
Total net sales and service charges and other income	6,590,231	6,874,420	6,996,215
Cost of sales	3,919,549	4,031,108	3,983,598
Payroll expense	1,094,698	1,086,264	1,048,316
Depreciation and amortization	177,867	179,573	188,440
Rentals	21,419	21,569	23,169
Interest and investment income	(53,569)	(45,240)	(12,827)
Interest and debt expense	39,874	40,640	43,354
Other segment items	660,692	643,889	612,698
Income before income taxes	729,701	916,617	1,109,467
Income taxes	136,225	177,770	217,830
Net income	593,476	738,847	891,637
Gross margin	$ 2,563,087	$ 2,720,945	$ 2,887,483
Gross margin percentage	39.50%	40.30%	42.00%
Total assets	$ 3,531,054	$ 3,448,906	$ 3,329,150
Capital expenditures	$ 104,552	$ 132,944	$ 120,105
Description of items included in other segment	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets
Retail Operations
Business Segments
Net sales from external customers	$ 6,218,525	$ 6,479,580	$ 6,701,972
Service charges and other income	107,398	122,080	124,827
Total net sales and service charges and other income	6,325,923	6,601,660	6,826,799
Cost of sales	3,667,860	3,770,509	3,823,062
Payroll expense	1,087,360	1,079,215	1,042,726
Depreciation and amortization	177,498	179,315	188,227
Rentals	21,199	21,353	23,031
Interest and investment income	(52,679)	(44,567)	(12,740)
Interest and debt expense	39,874	40,640	43,354
Other segment items	657,736	641,339	610,464
Income before income taxes	727,075	913,856	1,108,675
Gross margin	$ 2,550,665	$ 2,709,071	$ 2,878,910
Gross margin percentage	41.00%	41.80%	43.00%
Total assets	$ 3,453,795	$ 3,377,632	$ 3,274,072
Capital expenditures	$ 104,311	$ 132,599	$ 118,872
Description of items included in other segment	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets
Construction
Business Segments
Net sales from external customers	$ 264,111	$ 272,473	$ 169,109
Service charges and other income	197	287	307
Total net sales and service charges and other income	264,308	272,760	169,416
Cost of sales	251,689	260,599	160,536
Payroll expense	7,338	7,049	5,590
Depreciation and amortization	369	258	213
Rentals	220	216	138
Interest and investment income	(890)	(673)	(87)
Other segment items	2,956	2,550	2,234
Income before income taxes	2,626	2,761	792
Gross margin	$ 12,422	$ 11,874	$ 8,573
Gross margin percentage	4.70%	4.40%	5.10%
Total assets	$ 77,259	$ 71,274	$ 55,078
Capital expenditures	$ 241	$ 345	$ 1,233
Description of items included in other segment	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets	Other segment items for each reportable segment includes: • All SG&A items other than payroll expense • Other expense • Gain on disposal of assets
Operating Segment
Business Segments
Net sales from external customers	$ 6,513,743	$ 6,800,375	$ 6,915,983
Operating Segment \| Retail Operations
Business Segments
Net sales from external customers	6,218,525	6,479,580	6,701,972
Operating Segment \| Construction
Business Segments
Net sales from external customers	295,218	320,795	214,011
Intersegment Eliminations
Business Segments
Net sales from external customers	(31,107)	(48,322)	(44,902)
Intersegment Eliminations \| Construction
Business Segments
Net sales from external customers	$ (31,107)	$ (48,322)	$ (44,902)

Long-Term Debt - Narratives (Details) - USD ($) $ in Millions	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Long-term debt
Interest paid	$ 37.5	$ 45.0	$ 44.7
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028
Long-term debt
Long-term debt	$ 321.6	$ 321.5
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 \| Minimum
Long-term debt
Interest rate (as a percent)	7.00%
Unsecured notes, at rates ranging from 7.000% to 7.750%, due 2026 through 2028 \| Maximum
Long-term debt
Interest rate (as a percent)	7.75%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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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 5: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: 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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-Section 50
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
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-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

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

+ References + Details

Fair Value Disclosures

12 Months Ended

Feb. 01, 2025

Fair Value Disclosures [Abstract]

Fair Value Disclosures

14. Fair Value Disclosures

The estimated fair values of financial instruments which are 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 is 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, restricted cash, if any, and trade accounts receivable approximates their carrying values at February 1, 2025 and February 3, 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 values of the Company’s long-term debt at February 1, 2025 and February 3, 2024 were approximately $336 million and $339 million, respectively. The carrying values of the Company’s long-term debt at February 1, 2025 and February 3, 2024 were approximately $322 million and $321 million, respectively. The fair values of the subordinated debentures at February 1, 2025 and February 3, 2024 were approximately $206 million and $205 million, respectively. The carrying values of the subordinated debentures at both February 1, 2025 and February 3, 2024 were $200 million.

Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis

The FASB’s accounting guidance utilizes a fair value hierarchy that prioritizes the inputs to the valuation techniques used to measure fair value into three broad levels:

●

Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities

●

Level 2: Inputs, other than quoted prices, that are observable for the asset or liability, either directly or indirectly; these include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active

●

Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions

During fiscal 2024, 2023 and 2022, no asset impairment and store closing charges were recorded.

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Assets
Operating lease assets	$ 33,562	$ 42,681
Liabilities
Current lease liabilities	11,411	11,252
Noncurrent lease liabilities	22,345	31,728
Total Lease Liabilities	$ 33,756	$ 42,980

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Feb. 01, 2025
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

Income Taxes - Deferred tax assets and liabilities (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Components of deferred tax assets and liabilities
Prepaid expenses	$ 58,592	$ 56,808
Joint venture basis differences	7,614	7,954
Differences between book and tax basis of inventory	31,215	30,551
Operating lease assets	7,586	9,670
Other	2	716
Total deferred tax liabilities	105,009	105,699
Property and equipment bases and depreciation differences	(57,394)	(50,123)
Accruals not currently deductible	(86,878)	(87,396)
Operating lease liabilities	(7,731)	(9,853)
Net operating loss carryforwards	(21,405)	(21,750)
Other	(1,446)	(1,030)
Total deferred tax assets	(174,854)	(170,152)
Valuation allowance	1,119	1,470
Net deferred tax assets	(173,735)	(168,682)
Net deferred income taxes	(68,726)	$ (62,983)
Net operating loss carryforwards, portion with indefinite lives	6,500
Net operating loss carryforwards, portion with definite lives	$ 14,900

Stockholders' Equity - Capital Stock (Details) - $ / shares	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024
Capital stock
Number of Class A Common Stock shares received for conversion of each share of Class B Common Stock	0	0
Preferred (5% cumulative)
Capital stock
Dividend rate (as a percent)	5.00%
Preferred stock, par value (in dollars per share)	$ 100
Preferred stock, shares authorized	5,000
Additional preferred
Capital stock
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized	10,000,000
Common Stock Class A
Capital stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized	289,000,000
Percentage of Board of Directors members that common stock holders have a right to elect	33.33%
Number of Class A Common Stock shares received for conversion of each share of Class B Common Stock	1
Common Stock Class B
Capital stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized	11,000,000
Percentage of Board of Directors members that common stock holders have a right to elect	66.67%
Number of Class B common stock shares which are convertible into each Class A Common Stock share	1

Business Segments (Details) $ in Thousands	12 Months Ended
Business Segments (Details) $ in Thousands	Feb. 01, 2025 USD ($) item segment	Feb. 03, 2024 USD ($) item segment	Jan. 28, 2023 USD ($) item segment
Business Segments
Number of reportable segments \| segment	2	2	2
Concentration Risk, Percentage	100.00%	100.00%	100.00%
Retail operations
Business Segments
Number of reportable segments \| segment	1	1	1
Number of store formats \| item	1	1	1
Contract liabilities	$ 76,667	$ 85,227	$ 83,909
Contract liabilities, revenue recognized	$ 56,300	$ 55,000
Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	96.00%	96.00%	98.00%
Construction
Segment Reporting
Accounts Receivable, Construction Segment	$ 46,646	$ 47,240	$ 44,286
Costs and estimated earnings in excess of billings on uncompleted contracts, construction segment	3,913	1,695	798
Billings in excess of costs and estimated earnings on uncompleted contracts, construction segment	6,983	6,307	$ 10,909
Revenue Recognized, previously recorded in Billings in excess of costs and estimated earnings	6,000	10,300
Revenue, Remaining Performance Obligation, Amount, construction segment	$ 202,800	$ 163,700
Construction \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	4.00%	4.00%	2.00%
Cosmetics \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	16.00%	16.00%	15.00%
Ladies' Apparel \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	20.00%	20.00%	21.00%
Ladies' Accessories and Lingerie \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	14.00%	14.00%	14.00%
Juniors' and Children's Apparel \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	9.00%	9.00%	9.00%
Men's Apparel and Accessories \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	19.00%	19.00%	20.00%
Shoes \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	14.00%	14.00%	15.00%
Home and Furniture \| Retail operations \| Product Concentration Risk \| Revenue, Product and Service Benchmark
Business Segments
Concentration Risk, Percentage	4.00%	4.00%	4.00%

Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Effective income tax rate reconciliation
Income tax at the statutory federal rate	$ 153,237	$ 192,490	$ 232,988
State income taxes, net of federal benefit	6,850	14,529	20,616
Net changes in unrecognized tax benefits, interest and penalties/reserves	(395)	458	1,598
Tax benefit of federal credits	(1,407)	(1,571)	(1,724)
Changes in cash surrender value of life insurance policies	(310)	(383)	(389)
Changes in valuation allowance	(351)	(9,766)	(22,071)
Tax benefit of dividends paid to ESOP	(26,630)	(21,990)	(17,257)
Other	5,231	4,003	4,069
Income taxes	$ 136,225	$ 177,770	$ 217,830

Leases - Lease Term and Discount Rate (Details)	Feb. 01, 2025
Weighted-average remaining lease term
Operating Lease, Weighted-Average Remaining Lease Term	4 years 7 months 6 days
Weighted-average discount rate
Operating Lease, Weighted-Average Discount Rate	6.60%

Long-Term Debt

12 Months Ended

Feb. 01, 2025

Long-term Debt, Unclassified [Abstract]

Long-Term Debt

4. Long-Term Debt

Long-term debt, including any current portion, of $321.6 million and $321.5 million was outstanding at February 1, 2025 and February 3, 2024, respectively. The debt outstanding at February 1, 2025 consisted of unsecured notes, bearing interest rates ranging from 7.000% to 7.750% and maturing during fiscal 2026 through fiscal 2028. There are no financial covenants under any of the debt agreements.

Long-term debt maturities over the next five years are (in millions):


	Long-Term Debt
Fiscal Year	Maturities
2025	$	—
2026		96.0
2027		80.0
2028		145.8
2029		—

Net interest and debt (income) expense consists of the following:


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Interest on long-term debt and subordinated debentures	$	36,655	$	37,308	$	40,123
Revolving credit facility expenses		2,500		2,564		2,518
Amortization of debt expense		714		712		709
Investment interest income		(53,569)		(45,240)		(12,827)
Other interest		5		56		4
	$	(13,695)	$	(4,600)	$	30,527

Interest paid during fiscal 2024, 2023 and 2022 was approximately $37.5 million, $45.0 million and $44.7 million, respectively.

Subordinated Debentures (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 01, 2025 USD ($) item $ / shares	Feb. 03, 2024 USD ($)
Note repurchase
Outstanding amount	$ 200,000	$ 200,000
Dillard's Capital Trust I
Note repurchase
Ownership interest percentage held in trust	100.00%
7.5% capital securities due on August 1, 2038, subject to mandatory redemption \| Dillard's Capital Trust I
Note repurchase
Liquidation amount	$ 200,000
Dividend rate (as a percent)	7.50%
Liquidation amount per security (in dollars per share) \| $ / shares	$ 25
7.5% subordinated debentures due on August 1, 2038 \| Dillard's Capital Trust I
Note repurchase
Outstanding amount	$ 200,000
Interest rate (as a percent)	7.50%
Maximum number of consecutive quarters available for deferral of interest payment \| item	20

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Statement of Comprehensive Income
Net income	$ 593,476	$ 738,847	$ 891,637
Other comprehensive income:
Amortization of retirement plan and other retiree benefit adjustments (net of tax of $3,249, $(5,003) and $1,560, respectively)	37,357	(21,486)	(42,924)
Comprehensive income	$ 630,833	$ 717,361	$ 848,713

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + 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 - Provision for Federal and State Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Current:
Federal	$ 136,281	$ 185,082	$ 220,089
State	8,936	10,412	13,040
Total current provision for income taxes	145,217	195,494	233,129
Deferred:
Federal	(7,382)	(12,621)	(1,652)
State	(1,610)	(5,103)	(13,647)
Total deferred provision for income taxes	(8,992)	(17,724)	(15,299)
Income taxes	$ 136,225	$ 177,770	$ 217,830
Effective income tax rate reconciliation, at federal statutory income tax rate	21.00%	21.00%	21.00%

Description of Business and Summary of Significant Accounting Policies - Property and Equipment (Details) $ in Thousands	12 Months Ended
	Feb. 01, 2025 USD ($)	Feb. 03, 2024 USD ($) store	Jan. 28, 2023 USD ($) store
Property and Equipment
Accumulated capitalized interest costs	$ 2,000	$ 2,200	$ 1,900
Assets held-for-sale, value	7,600	7,600
Proceeds from disposal of assets	703	6,328	25,062
Gain on disposal of assets	475	$ 6,053	$ 21,047
Number of former retail stores sold \| store		2	3
Depreciation and amortization	$ 177,867	$ 179,573	$ 188,440
Buildings and leasehold improvements \| Minimum
Property and Equipment
Estimated useful lives	20 years
Buildings and leasehold improvements \| Maximum
Property and Equipment
Estimated useful lives	40 years
Furniture, fixtures and equipment \| Minimum
Property and Equipment
Estimated useful lives	3 years
Furniture, fixtures and equipment \| Maximum
Property and Equipment
Estimated useful lives	10 years

Income Taxes - Classification of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Income Tax Disclosure [Abstract]
Net deferred tax assets - deferred income taxes	$ (69,099)	$ (63,951)
Net deferred tax liabilities - other liabilities	373	968
Net deferred income taxes	$ (68,726)	$ (62,983)

Accumulated Other Comprehensive Loss ("AOCL") (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Amount Reclassified from AOCL
Total before tax	$ (729,701)	$ (916,617)	$ (1,109,467)
Income tax expense	(136,225)	(177,770)	(217,830)
Total net of tax	(593,476)	(738,847)	(891,637)
Accumulated Other Comprehensive Loss
Beginning balance	(1,697,068)	(1,598,638)	(1,451,218)
Net other comprehensive (income) loss	(37,357)	21,486	42,924
Ending balance	(1,796,160)	(1,697,068)	(1,598,638)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Accumulated Other Comprehensive Loss
Beginning balance	87,208	65,722
Other comprehensive loss before reclassifications	(29,581)	26,863
Amounts reclassified from AOCL	(7,776)	(5,377)
Net other comprehensive (income) loss	(37,357)	21,486
Ending balance	49,851	87,208	$ 65,722
Accumulated Defined Benefit Plans Adjustment Attributable to Parent \| Reclassification out of Accumulated Other Comprehensive Income
Amount Reclassified from AOCL
Total before tax	8,731	5,843
Income tax expense	955	466
Total net of tax	$ 7,776	$ 5,377

Leases (Tables)

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Schedule of operating lease assets and liabilities


		Operating Leases
(in thousands of dollars)	Classification - Consolidated Balance Sheets	February 1, 2025		February 3, 2024
Assets
Total lease assets	Operating lease assets	$	33,562	$	42,681

Liabilities
Current lease liabilities	Current portion of operating lease liabilities	$	11,411	$	11,252
Noncurrent lease liabilities	Operating lease liabilities		22,345		31,728
Total lease liabilities		$	33,756	$	42,980

Schedule of lease cost


		Operating Lease Cost ^(a)
(in thousands of dollars)	Classification - Consolidated Statements of Operations	Fiscal 2024		Fiscal 2023		Fiscal 2022
Net lease cost	Rentals	$	21,419	$	21,569	$	23,169

(a)	Includes short term lease costs of $3.9 million and $4.4 million and variable lease costs, including contingent rent, of $3.3 million and $3.7 million for fiscal 2024 and 2023, respectively.

Schedule of operating lease maturities


	Total
(in thousands of dollars)	Operating
Fiscal Year	Leases
2025	$	13,191
2026		10,372
2027		5,044
2028		4,406
2029		1,379
After 2029		4,876
Total minimum lease payments		39,268
Less amount representing interest		(5,512)
Present value of lease liabilities	$	33,756

Schedule of lease term and discount rate


	February 1, 2025
Weighted-average remaining lease term
Operating leases	4.6
Weighted-average discount rate
Operating leases	6.6	%

Schedule of other lease information


(in thousands of dollars)	Fiscal 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,598

Lease assets obtained in exchange for new operating lease liabilities	$	2,852

12.

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Current assets:
Cash and cash equivalents	$ 717,854	$ 808,287
Accounts receivable	55,700	60,547
Short-term investments	325,675	148,036
Merchandise inventories	1,172,047	1,093,999
Other current assets	96,794	97,341
Total current assets	2,368,070	2,208,210
Property and equipment:
Land and land improvements	47,183	47,183
Buildings and leasehold improvements	3,112,469	3,063,322
Furniture, fixtures and equipment	605,959	547,150
Buildings under construction	10,718	54,816
Less accumulated depreciation and amortization	(2,774,081)	(2,638,167)
Property and equipment, net	1,002,248	1,074,304
Operating lease assets	33,562	42,681
Deferred income taxes	69,099	63,951
Other assets	58,075	59,760
Total assets	3,531,054	3,448,906
Current liabilities:
Trade accounts payable and accrued expenses	795,023	782,545
Current portion of operating lease liabilities	11,411	11,252
Federal and state income taxes	28,472	33,959
Total current liabilities	834,906	827,756
Long-term debt	321,567	321,461
Operating lease liabilities	22,345	31,728
Other liabilities	356,076	370,893
Subordinated debentures	200,000	200,000
Commitments and contingencies
Stockholders' equity:
Additional paid-in capital	971,524	967,348
Accumulated other comprehensive loss	(49,851)	(87,208)
Retained earnings	6,228,048	6,048,288
Less treasury stock, at cost, Class A- 108,152,346 and 107,822,863 shares	(5,354,802)	(5,232,600)
Total stockholders' equity	1,796,160	1,697,068
Total liabilities and stockholders' equity	3,531,054	3,448,906
Common Stock Class A
Stockholders' equity:
Common stock	1,201	1,200
Common Stock Class B
Stockholders' equity:
Common stock	$ 40	$ 40

Condensed Consolidated Statements of Income - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Income Statement
Net sales	$ 6,482,636	$ 6,752,053	$ 6,871,081
Service charges and other income	107,595	122,367	125,134
Total net sales and service charges and other income	6,590,231	6,874,420	6,996,215
Cost of sales	3,919,549	4,031,108	3,983,598
Selling, general and administrative expenses	1,731,234	1,717,415	1,674,317
Depreciation and amortization	177,867	179,573	188,440
Rentals	21,419	21,569	23,169
Interest and debt (income) expense, net	(13,695)	(4,600)	30,527
Other expense	24,631	18,791	7,744
Gain on disposal of assets	(475)	(6,053)	(21,047)
Income before income taxes	729,701	916,617	1,109,467
Income taxes	136,225	177,770	217,830
Net income	$ 593,476	$ 738,847	$ 891,637
Earnings per share:
Earnings per share - Basic	$ 36.82	$ 44.73	$ 50.81
Earnings per share - Diluted	$ 36.82	$ 44.73	$ 50.81

Revolving Credit Agreement (Details) - USD ($) $ in Millions	Jun. 16, 2023	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Line of Credit Facility [Line Items]
Borrowing capacity		$ 800.0
Basis spread on variable rate	0.10%
Borrowings outstanding		0.0	$ 0.0	$ 0.0
Letters of credit issued		25.3
Revolving Credit Facility, 2023 Amendment
Line of Credit Facility [Line Items]
Borrowing capacity	$ 800.0
Expansion option	$ 200.0
Quarterly availability as percentage of total commitments considered for determining applicable rate	50.00%
Average amount utilized as percentage of total commitment considered for determining commitment fee rate	35.00%
Minimum line of credit availability for no financial covenant requirements	$ 80.0
Borrowings outstanding		0.0
Letters of credit issued		25.3
Unutilized credit facility borrowing capacity		$ 774.7
Revolving Credit Facility, 2023 Amendment \| Average amount utilized is less than 35% of the total commitments
Line of Credit Facility [Line Items]
Unused commitment fee (as a percent)	0.30%
Revolving Credit Facility, 2023 Amendment \| Average amount utilized is greater than or equal to 35% of the total commitments
Line of Credit Facility [Line Items]
Unused commitment fee (as a percent)	0.25%
Revolving Credit Facility, 2023 Amendment \| Adjusted term
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Revolving Credit Facility, 2023 Amendment \| Daily Simple SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.10%
Term benchmark and RFR loans \| Average quarterly availability greater than or equal to 50% of the total commitments
Line of Credit Facility [Line Items]
Applicable rate	1.50%
Term benchmark and RFR loans \| Average quarterly availability less than 50% of the total commitments
Line of Credit Facility [Line Items]
Applicable rate	1.75%
Base rate loans \| Average quarterly availability greater than or equal to 50% of the total commitments
Line of Credit Facility [Line Items]
Applicable rate	0.50%
Base rate loans \| Average quarterly availability less than 50% of the total commitments
Line of Credit Facility [Line Items]
Applicable rate	0.75%

Benefit Plans (Tables)

12 Months Ended

Feb. 01, 2025

Retirement Benefits [Abstract]

Schedule of accumulated benefit obligation, changes in projected benefit obligation, change in Pension Plan assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets


	February 1,		February 3,
(in thousands of dollars)	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	316,487	$	273,118
Service cost		6,355		5,047
Interest cost		15,901		12,948
Actuarial (gain) loss		(31,876)		32,333
Benefits paid		(7,949)		(6,959)
Benefit obligation at end of year	$	298,918	$	316,487
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year	$	—	$	—
Employer contribution		7,949		6,959
Benefits paid		(7,949)		(6,959)
Fair value of Pension Plan assets at end of year	$	—	$	—
Funded status (Pension Plan assets less benefit obligation)	$	(298,918)	$	(316,487)
Amounts recognized in the balance sheets:
Accrued benefit liability	$	(298,918)	$	(316,487)
Net amount recognized	$	(298,918)	$	(316,487)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	57,310	$	97,917
Prior service cost		—		—
Net amount recognized	$	57,310	$	97,917

Accumulated benefit obligation at end of year	$	(284,168)	$	(303,442)

Schedule of weighted average assumptions


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Discount rate—net periodic pension cost	5.1	%	4.8	%	3.0	%
Discount rate—benefit obligations	5.6	%	5.1	%	4.8	%
Rate of compensation increases—net periodic pension cost	3.0	%	2.0	%	2.0	%
Rate of compensation increases—benefit obligations	3.0	%	3.0	%	2.0	%

Schedule of components of net periodic benefit costs


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Components of net periodic benefit costs:
Service cost	$	6,355	$	5,047	$	4,077
Interest cost		15,901		12,948		6,786
Net actuarial loss		8,731		5,843		958
Net periodic benefit costs	$	30,987	$	23,838	$	11,821
Other changes in benefit obligations recognized in other comprehensive loss (income):
Net actuarial (gain) loss	$	(40,607)	$	26,490	$	41,363
Amortization of prior service cost		—		—		—
Total recognized in other comprehensive (income) loss	$	(40,607)	$	26,490	$	41,363
Total recognized in net periodic benefit costs and other comprehensive income or loss	$	(9,620)	$	50,328	$	53,184

Schedule of estimated future benefits payments for the nonqualified benefit plan


(in thousands of dollars)
Fiscal Year
2025	$	8,222	*
2026		9,048
2027		22,106
2028		23,991
2029		24,418
2030 - 2034		145,860
Total payments for next ten fiscal years	$	233,645

*	The estimated benefit payment for fiscal 2025 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2025.

Business Segments

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

Business Segments

2. Business Segments

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

For the Company’s retail operations reportable 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. The Company’s operating segments are aggregated for financial reporting purposes because they 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 operating segments would not provide meaningful additional information.

The Company’s chief operating decision maker is the Executive Committee of the Board of Directors, which is comprised of Dillard’s Chief Executive Officer and its President. The members of Dillard’s Executive Committee use their experience in the retail industry and extensive and specific knowledge of the Dillard’s businesses when assessing segment performance and deciding how to allocate resources.

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



	Fiscal 2024		Fiscal 2023		Fiscal 2022
Retail operations segment:
Cosmetics	16	%	16	%	15	%
Ladies’ apparel	20		20		21
Ladies’ accessories and lingerie	14		14		14
Juniors’ and children’s apparel	9		9		9
Men’s apparel and accessories	19		19		20
Shoes	14		14		15
Home and furniture	4		4		4
	96		96		98
Construction segment	4		4		2
Total	100	%	100	%	100	%

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


	Fiscal 2024
(in thousands of dollars)	Retail Operations			Construction			Consolidated
Net sales from customers	$	6,218,525		$	295,218		$	6,513,743
Elimination of intersegment revenues		-			(31,107)			(31,107)
Net sales from external customers		6,218,525			264,111			6,482,636

Reconciliation of revenue
Service charges and other income		107,398			197			107,595
Total net sales and service charges and other income		6,325,923			264,308			6,590,231

Less: ^(a)
Cost of sales		3,667,860			251,689			3,919,549
Payroll expense ^(b)		1,087,360			7,338			1,094,698
Depreciation and amortization		177,498			369			177,867
Rentals		21,199			220			21,419
Interest and investment income		(52,679)			(890)			(53,569)
Interest and debt expense		39,874			-			39,874
Other segment items ^(c)		657,736			2,956			660,692
Income before income taxes	$	727,075		$	2,626			729,701
Income taxes								136,225
Net income							$	593,476

Gross margin ^(d)	$	2,550,665		$	12,422		$	2,563,087
Gross margin percentage		41.0	%		4.7	%		39.5	%

Total assets	$	3,453,795		$	77,259		$	3,531,054
Capital expenditures	$	104,311		$	241		$	104,552

(a)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b)	Payroll expense does not include amounts capitalized on the balance sheet or included within other expense categories.

(c)	Other segment items for each reportable segment includes:

●

All SG&A items other than payroll expense

●

Other expense

●

Gain on disposal of assets

(d)	The calculation of gross margin is Net sales from external customers less Cost of sales.


	Fiscal 2023
(in thousands of dollars)	Retail Operations			Construction			Consolidated
Net sales from customers	$	6,479,580		$	320,795		$	6,800,375
Elimination of intersegment revenues		-			(48,322)			(48,322)
Net sales from external customers		6,479,580			272,473			6,752,053

Reconciliation of revenue
Service charges and other income		122,080			287			122,367
Total net sales and service charges and other income		6,601,660			272,760			6,874,420

Less: ^(a)
Cost of sales		3,770,509			260,599			4,031,108
Payroll expense ^(b)		1,079,215			7,049			1,086,264
Depreciation and amortization		179,315			258			179,573
Rentals		21,353			216			21,569
Interest and investment income		(44,567)			(673)			(45,240)
Interest and debt expense		40,640			-			40,640
Other segment items ^(c)		641,339			2,550			643,889
Income before income taxes	$	913,856		$	2,761			916,617
Income taxes								177,770
Net income							$	738,847

Gross margin ^(d)	$	2,709,071		$	11,874		$	2,720,945
Gross margin percentage		41.8	%		4.4	%		40.3	%

Total assets	$	3,377,632		$	71,274		$	3,448,906
Capital expenditures	$	132,599		$	345		$	132,944

(a)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b)	Payroll expense does not include amounts capitalized on the balance sheet or included within other expense categories.

(c)	Other segment items for each reportable segment includes:

●

All SG&A items other than payroll expense

●

Other expense

●

Gain on disposal of assets

(d)	The calculation of gross margin is Net sales from external customers less Cost of sales.


	Fiscal 2022
(in thousands of dollars)	Retail Operations			Construction			Consolidated
Net sales from customers	$	6,701,972		$	214,011		$	6,915,983
Elimination of intersegment revenues		-			(44,902)			(44,902)
Net sales from external customers		6,701,972			169,109			6,871,081

Reconciliation of revenue
Service charges and other income		124,827			307			125,134
Total net sales and service charges and other income		6,826,799			169,416			6,996,215

Less: ^(a)
Cost of sales		3,823,062			160,536			3,983,598
Payroll expense ^(b)		1,042,726			5,590			1,048,316
Depreciation and amortization		188,227			213			188,440
Rentals		23,031			138			23,169
Interest and investment income		(12,740)			(87)			(12,827)
Interest and debt expense		43,354			-			43,354
Other segment items ^(c)		610,464			2,234			612,698
Income before income taxes	$	1,108,675		$	792			1,109,467
Income taxes								217,830
Net income							$	891,637

Gross margin ^(d)	$	2,878,910		$	8,573		$	2,887,483
Gross margin percentage		43.0	%		5.1	%		42.0	%

Total assets	$	3,274,072		$	55,078		$	3,329,150
Capital expenditures	$	118,872		$	1,233		$	120,105

(a)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b)	Payroll expense does not include amounts capitalized on the balance sheet or included within other expense categories.

(c)	Other segment items for each reportable segment includes:

●

All SG&A items other than payroll expense

●

Other expense

●

Gain on disposal of assets

(d)	The calculation of gross margin is Net sales from external customers less Cost of sales.

Intersegment construction revenues of $31.1 million, $48.3 million and $44.9 million were eliminated during consolidation and have been excluded from net sales for fiscal 2024, 2023 and 2022, respectively.

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 consolidated balance sheets. Our retail operations segment contract liabilities are as follows:


Retail
	February 1,		February 3,		January 28,
(in thousands of dollars)	2025		2024		2023
Contract liabilities	$	76,667	$	85,227	$	83,909

During fiscal 2024 and 2023, the Company recorded $56.3 million and $55.0 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 in the consolidated balance sheets, respectively. The amounts included in the consolidated balance sheets are as follows:


Construction
	February 1,		February 3,		January 28,
(in thousands of dollars)	2025		2024		2023
Accounts receivable	$	46,646	$	47,240	$	44,286
Costs and estimated earnings in excess of billings on uncompleted contracts		3,913		1,695		798
Billings in excess of costs and estimated earnings on uncompleted contracts		6,983		6,307		10,909

During fiscal 2024 and 2023, the Company recorded $6.0 million and $10.3 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 $202.8 million and $163.7 million at February 1, 2025 and February 3, 2024, 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

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+ Details

Description of Business and Summary of Significant Accounting Policies

12 Months Ended

Feb. 01, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Summary of Significant Accounting Policies

1. Description of Business and Summary of Significant Accounting Policies

Description of Business—Dillard’s, Inc. (“Dillard’s” or the “Company”) operates retail department stores, located primarily in the southeastern, southwestern and midwestern areas of the United States, and a general contracting construction company based in Little Rock, Arkansas. The Company’s fiscal year ends on the Saturday nearest January 31 of each year. Fiscal year 2024 ended on February 1, 2025 and included 52 weeks. Fiscal year 2023 ended on February 3, 2024 and included 53 weeks. Fiscal year 2022 ended on January 28, 2023 and included 52 weeks.


Buildings and leasehold improvements		20 - 40 years
Furniture, fixtures and equipment		3 - 10 years

Depreciation and amortization on property and equipment was approximately $178 million, $180 million and $188 million for fiscal 2024, 2023 and 2022, respectively.

During fiscal 2024, 2023 and 2022, no asset impairment and store closing charges were recorded.

Other Assets—Other assets include investments accounted for by the equity and cost methods, capitalized software and cash surrender value of life insurance policies.

The lease term used for lease evaluation includes renewal option periods only in instances in which the exercise of the option period is reasonably certain.

Shipping and Handling—The Company records shipping and handling reimbursements in service charges and other income. The Company records shipping and handling costs in cost of sales.

Supply Concentration—The Company purchases merchandise from many sources and does not believe that the Company was dependent on any one supplier during fiscal 2024.

Recently Adopted Accounting Pronouncements

Improvements to Reportable Segment Disclosures

Recently Issued Accounting Pronouncements

Improvements to Income Tax Disclosures

Disaggregation of Income Statement Expenses

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Basic:
Net income	$ 593,476	$ 738,847	$ 891,637
Weighted average shares of common stock outstanding - Basic	16,120	16,517	17,549
Earnings per share - Basic	$ 36.82	$ 44.73	$ 50.81
Diluted:
Net income	$ 593,476	$ 738,847	$ 891,637
Weighted average shares of common stock outstanding - Diluted	16,120	16,517	17,549
Earnings per share - Diluted	$ 36.82	$ 44.73	$ 50.81
Total stock options outstanding (in shares)	0	0	0

- Definition

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

+ References

+ Details

- 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.

+ References

+ Details

- Definition

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

+ References

+ Details

Stockholders' Equity

12 Months Ended

Feb. 01, 2025

Stockholders' Equity Note [Abstract]

Stockholders' Equity

9. Stockholders’ Equity

Capital stock is comprised of the following:


	Par		Shares
Type	Value		Authorized
Preferred (5% cumulative)	$	100.00	5,000
Additional preferred	$	0.01	10,000,000
Class A, common	$	0.01	289,000,000
Class B, common	$	0.01	11,000,000

Holders of Class A Common Stock are empowered as a class to elect one-third of the members of the Board of Directors, and the holders of Class B Common Stock are empowered as a class to elect two-thirds of the members of the Board of Directors. Shares of Class B Common Stock are convertible at the option of any holder thereof into shares of Class A Common Stock at the rate of one share of Class B Common Stock for one share of Class A Common Stock.

During fiscal 2024 and 2023, no shares of Class B Common Stock were converted to shares of Class A Common Stock.

Stock Repurchase Programs

In May 2021, 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 2021 Stock Plan"). 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 under an open-ended plan (“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 following is a summary of share repurchase activity for the periods indicated (in thousands, except per share data):


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Cost of shares repurchased	$	121,029	$	281,406	$	436,620
Number of shares repurchased		329		918		1,709
Average price per share	$	367.33	$	306.66	$	255.49

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 February 1, 2025, the Company had completed the authorized purchases under the May 2021 Stock Plan and the February 2022 Stock Plan, and $273.0 million of authorization remained under the May 2023 Stock Plan.

On August 16, 2022, the Inflation Reduction Act of 2022 ("the Act") was signed into law. Under the Act share repurchases after December 31, 2022 are subject to a 1% excise tax. At February 1, 2025, the Company had accrued $1.2 million of excise tax related to its share repurchase program.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Earnings Per Share

12 Months Ended

Feb. 01, 2025

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings per Share

Basic earnings per share has been computed based upon the weighted average of Class A and Class B common shares outstanding. As no stock options or other dilutive securities were outstanding during any of the respective periods, the calculation of basic and dilutive earnings per share are the same.

Earnings per common share has been computed as follows:


	Fiscal 2024				Fiscal 2023				Fiscal 2022
(in thousands, except per share data)	Basic		Diluted		Basic		Diluted		Basic		Diluted
Net earnings available for per-share calculation	$	593,476	$	593,476	$	738,847	$	738,847	$	891,637	$	891,637
Average shares of common stock outstanding		16,120		16,120		16,517		16,517		17,549		17,549
Dilutive effect of stock-based compensation		—		—		—		—		—		—
Total average equivalent shares		16,120		16,120		16,517		16,517		17,549		17,549
Per share of common stock:
Net income	$	36.82	$	36.82	$	44.73	$	44.73	$	50.81	$	50.81

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY [Abstract]
Common stock, shares issued under equity plans	9,174	12,754	19,062
Treasury stock, shares acquired	329,483	917,652	1,708,918
Common stock, cash dividends declared per share	$ 26	$ 20.9	$ 15.8

Stockholders' Equity - Stock Repurchase Programs (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Aug. 16, 2022	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023	May 27, 2023	Feb. 26, 2022	May 29, 2021
Equity, Class of Treasury Stock [Line Items]
Cost of shares repurchased		$ 121,029	$ 281,406	$ 436,620
Number of shares repurchased		329,483	917,652	1,708,918
Average price per share		$ 367.33	$ 306.66	$ 255.49
Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Excise tax rate on share repurchases	1.00%
Accrued excise tax		$ 1,200
May 2021 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, authorized amount							$ 500,000
February 2022 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, authorized amount						$ 500,000
May 2023 Stock Plan \| Common Stock Class A
Equity, Class of Treasury Stock [Line Items]
Repurchase of common stock remaining authorization		$ 273,000
May 2023 Stock Plan \| Common Stock Class A \| Maximum
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, authorized amount					$ 500,000

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock Common Stock Class A	Common Stock Common Stock Class B	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Retained Earnings	Treasury Stock, Common	Total
Balance at Jan. 29, 2022	$ 1,200	$ 40	$ 956,653	$ (22,798)	$ 5,027,922	$ (4,511,799)	$ 1,451,218
Increase (Decrease) in Stockholders' Equity
Net income					891,637		891,637
Other comprehensive income (loss)				(42,924)			(42,924)
Issuance of shares under equity plans of 9,174, 12,754, and 19,062 during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.			6,186				6,186
Purchase of 329,483, 917,652 and 1,708,918 shares of treasury stock (including excise tax) during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.						(436,620)	(436,620)
Cash dividends declared:
Common stock, $26.00, $20.90, and $15.80 per share during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.					(270,859)		(270,859)
Balance at Jan. 28, 2023	1,200	40	962,839	(65,722)	5,648,700	(4,948,419)	1,598,638
Increase (Decrease) in Stockholders' Equity
Net income					738,847		738,847
Other comprehensive income (loss)				(21,486)			(21,486)
Issuance of shares under equity plans of 9,174, 12,754, and 19,062 during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.			4,509				4,509
Purchase of 329,483, 917,652 and 1,708,918 shares of treasury stock (including excise tax) during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.						(284,181)	(284,181)
Cash dividends declared:
Common stock, $26.00, $20.90, and $15.80 per share during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.					(339,259)		(339,259)
Balance at Feb. 03, 2024	1,200	40	967,348	(87,208)	6,048,288	(5,232,600)	1,697,068
Increase (Decrease) in Stockholders' Equity
Net income					593,476		593,476
Other comprehensive income (loss)				37,357			37,357
Issuance of shares under equity plans of 9,174, 12,754, and 19,062 during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.	1		4,176				4,177
Purchase of 329,483, 917,652 and 1,708,918 shares of treasury stock (including excise tax) during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.						(122,202)	(122,202)
Cash dividends declared:
Common stock, $26.00, $20.90, and $15.80 per share during the years ended February 1, 2025, February 3, 2024 and January 28, 2023, respectively.					(413,716)		(413,716)
Balance at Feb. 01, 2025	$ 1,201	$ 40	$ 971,524	$ (49,851)	$ 6,228,048	$ (5,354,802)	$ 1,796,160

- Definition

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

+ References

+ Details

- Definition

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

+ References

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- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Leases - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024
Operating Leases
2025	$ 13,191
2026	10,372
2027	5,044
2028	4,406
2029	1,379
After 2029	4,876
Total minimum lease payments	39,268
Less amount representing interest	(5,512)
Present value of lease liabilities	$ 33,756	$ 42,980

Trade Accounts Payable and Accrued Expenses (Table)

12 Months Ended

Feb. 01, 2025

Payables and Accruals [Abstract]

Schedule of trade accounts payable and accrued expenses


(in thousands of dollars)	February 1, 2025		February 3, 2024
Trade accounts payable	$	601,175	$	562,408
Accrued expenses:
Taxes, other than income		48,161		58,063
Salaries, wages and employee benefits		78,542		84,522
Liability to customers		47,184		61,039
Interest		7,281		3,726
Rent		1,433		1,778
Other		11,247		11,009
	$	795,023	$	782,545

Schedule of reconciliation of obligations under Supplier Finance Program


(in thousands of dollars)	Fiscal 2024		Fiscal 2023
Confirmed obligations outstanding under the program	$	1,599	$	1,791
Invoices confirmed during the year		20,742		24,125
Confirmed invoices paid during the year		(20,957)		(24,317)
Confirmed obligations outstanding at the end of the year	$	1,384	$	1,599

Long-Term Debt (Table)

12 Months Ended

Feb. 01, 2025

Long-term Debt, Unclassified [Abstract]

Schedule of maturities of long term debt

Long-term debt maturities over the next five years are (in millions):


	Long-Term Debt
Fiscal Year	Maturities
2025	$	—
2026		96.0
2027		80.0
2028		145.8
2029		—

Schedule of net interest and debt expense


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Interest on long-term debt and subordinated debentures	$	36,655	$	37,308	$	40,123
Revolving credit facility expenses		2,500		2,564		2,518
Amortization of debt expense		714		712		709
Investment interest income		(53,569)		(45,240)		(12,827)
Other interest		5		56		4
	$	(13,695)	$	(4,600)	$	30,527

Benefit Plans

12 Months Ended

Feb. 01, 2025

Retirement Benefits [Abstract]

Benefit Plans

8. Benefit Plans

The Company has a retirement plan with a 401(k)-salary deferral feature for eligible employees. Under the terms of the plan, eligible employees could contribute up to the lesser of $23,000 ($30,500 if at least 50 years of age) or 75% of eligible pay. Eligible employees with 1 year of service, who elect to participate in the plan or are auto-enrolled, receive a Company matching contribution. Company matching contributions are calculated on the eligible employee’s first 6% of elective deferrals with the first 1% being matched 100% and the next 5% being matched 50%. The Company matching contributions are used to purchase Class A Common Stock of the Company for the benefit of the employee. This stock may be immediately diversified into any of the other funds within the plan at the election of the employee. The terms of the plan provide a two-year vesting schedule for the Company matching contribution portion of the plan.

The Company incurred benefit plan expense of approximately $22 million, $24 million and $22 million for fiscal 2024, 2023 and 2022, respectively. Benefit plan expenses are included in selling, general and administrative expenses.

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 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 consolidated statements of income.

The accumulated benefit obligations, change in projected benefit obligation, change in assets, funded status and reconciliation to amounts recognized in the consolidated balance sheets related to the Pension Plan are as follows:


	February 1,		February 3,
(in thousands of dollars)	2025		2024
Change in benefit obligation:
Benefit obligation at beginning of year	$	316,487	$	273,118
Service cost		6,355		5,047
Interest cost		15,901		12,948
Actuarial (gain) loss		(31,876)		32,333
Benefits paid		(7,949)		(6,959)
Benefit obligation at end of year	$	298,918	$	316,487
Change in Pension Plan assets:
Fair value of Pension Plan assets at beginning of year	$	—	$	—
Employer contribution		7,949		6,959
Benefits paid		(7,949)		(6,959)
Fair value of Pension Plan assets at end of year	$	—	$	—
Funded status (Pension Plan assets less benefit obligation)	$	(298,918)	$	(316,487)
Amounts recognized in the balance sheets:
Accrued benefit liability	$	(298,918)	$	(316,487)
Net amount recognized	$	(298,918)	$	(316,487)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	$	57,310	$	97,917
Prior service cost		—		—
Net amount recognized	$	57,310	$	97,917

Accumulated benefit obligation at end of year	$	(284,168)	$	(303,442)

The accrued benefit liability is included in other liabilities. At February 1, 2025 and February 3, 2024, the current portion of the accrued benefit liability of $8.0 million and $6.9 million, respectively, is included in trade accounts payable and accrued expenses.

The decrease in the benefit obligation from February 3, 2024 to February 1, 2025 was primarily related to the actuarial gain of $31.9 million, which was primarily the net result of changes in retirement age assumptions on certain officers and the change in the discount rate to 5.6% as of February 1, 2025 from 5.1% as of February 3, 2024, partially offset by increased interest costs. The discount rate that the Company utilizes for determining future pension obligations is based on the FTSE Above Median Pension yield curve on its annual measurement date as of the end of each fiscal year and is matched to the future expected cash flows of the benefit plans by semi-annual periods.

Weighted average assumptions are as follows:


	Fiscal 2024		Fiscal 2023		Fiscal 2022
Discount rate—net periodic pension cost	5.1	%	4.8	%	3.0	%
Discount rate—benefit obligations	5.6	%	5.1	%	4.8	%
Rate of compensation increases—net periodic pension cost	3.0	%	2.0	%	2.0	%
Rate of compensation increases—benefit obligations	3.0	%	3.0	%	2.0	%

The components of net periodic benefit costs are as follows:


(in thousands of dollars)	Fiscal 2024		Fiscal 2023		Fiscal 2022
Components of net periodic benefit costs:
Service cost	$	6,355	$	5,047	$	4,077
Interest cost		15,901		12,948		6,786
Net actuarial loss		8,731		5,843		958
Net periodic benefit costs	$	30,987	$	23,838	$	11,821
Other changes in benefit obligations recognized in other comprehensive loss (income):
Net actuarial (gain) loss	$	(40,607)	$	26,490	$	41,363
Amortization of prior service cost		—		—		—
Total recognized in other comprehensive (income) loss	$	(40,607)	$	26,490	$	41,363
Total recognized in net periodic benefit costs and other comprehensive income or loss	$	(9,620)	$	50,328	$	53,184

The estimated future benefits payments for the nonqualified benefit plan are as follows:


(in thousands of dollars)
Fiscal Year
2025	$	8,222	*
2026		9,048
2027		22,106
2028		23,991
2029		24,418
2030 - 2034		145,860
Total payments for next ten fiscal years	$	233,645

*	The estimated benefit payment for fiscal 2025 also represents the amount the Company expects to contribute to the Pension Plan for fiscal 2025.

- 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
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Benefit Plans - Estimated Future Benefits Payments (Details) $ in Thousands	Feb. 01, 2025 USD ($)
Estimated future benefits payments for the nonqualified benefit plan
2025	$ 8,222
2026	9,048
2027	22,106
2028	23,991
2029	24,418
2030 - 2034	145,860
Total payments for next ten fiscal years	$ 233,645

Benefit Plans - Components of Pension Plan (Details) - USD ($)	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Defined Contribution Plan
Employee contribution limit per calendar year	$ 23,000
Employee contribution limit per calendar year for employees attaining at least 50 years of age	$ 30,500
Requisite age of eligible employees for additional contribution	50 years
Employee contribution limit per calendar year (as a percent of eligible pay)	75.00%
Requisite service period of employee to receive a employer's matching contribution	1 year
Employee's contribution matched by employer (as a percent of elective deferrals)	6.00%
Percentage of elective deferrals, matched 100% by employer	1.00%
Employer match of employee contributions of first 1% of elective deferrals (as a percent)	100.00%
Percentage of elective deferrals, matched 50% by employer	5.00%
Employer match of employee contributions of next 5% of elective deferrals (as a percent)	50.00%
Vesting period for employer's contribution, in years	2 years
Benefit plan expense	$ 22,000,000	$ 24,000,000	$ 22,000,000
Change in benefit obligation:
Benefit obligation at beginning of year	316,487,000	273,118,000
Service cost	6,355,000	5,047,000	4,077,000
Interest cost	15,901,000	12,948,000	6,786,000
Actuarial (gain) loss	(31,876,000)	32,333,000
Benefits paid	(7,949,000)	(6,959,000)
Benefit obligation at end of year	298,918,000	316,487,000	$ 273,118,000
Change in Pension Plan assets:
Employer contribution	7,949,000	6,959,000
Benefits paid	(7,949,000)	(6,959,000)
Funded status (Pension Plan assets less benefit obligation)	(298,918,000)	(316,487,000)
Amounts recognized in the balance sheets:
Accrued benefit liability	(298,918,000)	(316,487,000)
Net amount recognized	(298,918,000)	(316,487,000)
Pretax amounts recognized in accumulated other comprehensive loss:
Net actuarial loss	57,310,000	97,917,000
Net amount recognized	57,310,000	97,917,000
Accumulated benefit obligation at end of year	(284,168,000)	(303,442,000)
Current portion of accrued benefit liability	$ 8,000,000	$ 6,900,000

Leases

12 Months Ended

Feb. 01, 2025

Leases [Abstract]

Leases

13. Leases

The Company leases retail stores, office space and equipment under operating leases. As of February 1, 2025, right-of-use operating lease assets, which are recorded in operating lease assets in the consolidated balance sheets, totaled $33.6 million, and operating lease liabilities, which are recorded in current portion of operating lease liabilities and operating lease liabilities, totaled $33.8 million.

In determining our operating lease assets and operating lease liabilities, we apply an incremental borrowing rate to the minimum lease payments within each lease agreement. GAAP requires the use of the rate implicit in the lease whenever that rate is readily determinable; furthermore, if the implicit rate is not readily determinable, a lessee may use its incremental borrowing rate. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. To estimate our specific incremental borrowing rates that align with applicable lease terms, we utilized a model consistent with the credit quality of our outstanding debt instruments.

Renewal options of five to 10 years exist on the majority of leased properties. The Company has sole discretion in exercising the lease renewal options. We do not recognize operating lease assets or operating lease liabilities at lease inception for renewal periods unless it has been determined that we are reasonably certain of exercising the renewal options. The depreciable life of operating lease assets and related leasehold improvements is limited by the expected lease term.

Contingent rentals on certain leases are based on a percentage of annual sales in excess of specified amounts. Other contingent rentals are based entirely on a percentage of sales. The Company’s operating lease agreements do not contain any material residual value guarantees or material restrictive covenants.

There were no finance lease obligations outstanding during fiscal 2024, 2023 and 2022. The following table summarizes the Company’s operating leases:


		Operating Leases
(in thousands of dollars)	Classification - Consolidated Balance Sheets	February 1, 2025		February 3, 2024
Assets
Total lease assets	Operating lease assets	$	33,562	$	42,681

Liabilities
Current lease liabilities	Current portion of operating lease liabilities	$	11,411	$	11,252
Noncurrent lease liabilities	Operating lease liabilities		22,345		31,728
Total lease liabilities		$	33,756	$	42,980

Lease Cost


		Operating Lease Cost ^(a)
(in thousands of dollars)	Classification - Consolidated Statements of Operations	Fiscal 2024		Fiscal 2023		Fiscal 2022
Net lease cost	Rentals	$	21,419	$	21,569	$	23,169

(a)	Includes short term lease costs of $3.9 million and $4.4 million and variable lease costs, including contingent rent, of $3.3 million and $3.7 million for fiscal 2024 and 2023, respectively.

Maturities of Lease Liabilities


	Total
(in thousands of dollars)	Operating
Fiscal Year	Leases
2025	$	13,191
2026		10,372
2027		5,044
2028		4,406
2029		1,379
After 2029		4,876
Total minimum lease payments		39,268
Less amount representing interest		(5,512)
Present value of lease liabilities	$	33,756

Lease Term and Discount Rate


	February 1, 2025
Weighted-average remaining lease term
Operating leases	4.6
Weighted-average discount rate
Operating leases	6.6	%

Other Information


(in thousands of dollars)	Fiscal 2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	14,598

Lease assets obtained in exchange for new operating lease liabilities	$	2,852

12.

Long-Term Debt - Net interest and debt (income) expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Net interest and debt (income) expense
Interest on long-term debt and subordinated debentures	$ 36,655	$ 37,308	$ 40,123
Revolving credit facility expenses	2,500	2,564	2,518
Amortization of debt expense	714	712	709
Interest and investment income	(53,569)	(45,240)	(12,827)
Other interest	5	56	4
Interest and debt (income) expense, net	$ (13,695)	$ (4,600)	$ 30,527

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Operating activities:
Net income	$ 593,476	$ 738,847	$ 891,637
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of property and other deferred costs	179,522	181,182	190,030
Deferred income taxes	(8,992)	(17,724)	(15,299)
Gain on disposal of assets	(475)	(6,053)	(21,047)
Gain from insurance proceeds			(160)
Accrued interest on short-term investments	(11,757)	(5,679)	(3,206)
Changes in operating assets and liabilities:
Decrease (increase) in accounts receivable	4,847	(3,595)	(17,175)
(Increase) decrease in merchandise inventories	(78,048)	26,209	(40,030)
Decrease (increase) in other current assets	2,277	(7,819)	(5,359)
Increase in other assets	(787)	(4,678)	(1,161)
Increase (decrease) in trade accounts payable and accrued expenses and other liabilities	36,471	(22,492)	(28,582)
(Decrease) increase in income taxes payable	(2,407)	5,392	(1,257)
Net cash provided by operating activities	714,127	883,590	948,391
Investing activities:
Purchase of property and equipment and capitalized software	(104,552)	(132,944)	(120,105)
Proceeds from disposal of assets	703	6,328	25,062
Proceeds from insurance		4,477	4,886
Purchase of short-term investments	(696,734)	(295,354)	(245,696)
Proceeds from maturities of short-term investments	530,852	301,899	100,000
Net cash used in investing activities	(269,731)	(115,594)	(235,853)
Financing activities:
Principal payments on long-term debt			(44,800)
Cash dividends paid	(413,795)	(338,629)	(271,313)
Purchase of treasury stock	(121,034)	(281,411)	(452,853)
Net cash used in financing activities	(534,829)	(620,040)	(768,966)
(Decrease) increase in cash and cash equivalents and restricted cash	(90,433)	147,956	(56,428)
Cash and cash equivalents and restricted cash, beginning of period	808,287	660,331	716,759
Cash and cash equivalents and restricted cash, end of period	717,854	808,287	660,331
Non-cash transactions:
Accrued capital expenditures	6,783	6,219	5,155
Stock awards	4,176	4,509	6,186
Accrued purchases of treasury stock and excise taxes	1,168	2,770
Lease assets obtained in exchange for new operating lease liabilities	$ 2,852	$ 20,477	$ 3,660

Subordinated Debentures

12 Months Ended

Feb. 01, 2025

Subordinated Debentures [Abstract]

Subordinated Debentures

7. Subordinated Debentures

At February 1, 2025, the Company had $200 million outstanding of its 7.5% subordinated debentures due August 1, 2038. All of these subordinated debentures were held by Dillard’s Capital Trust I (“Trust”), a 100% owned unconsolidated finance subsidiary of the Company. The subordinated debentures are the sole asset of the Trust. The Company has the right to defer the payment of interest on the subordinated debentures at any time for a period not to exceed 20 consecutive quarters.

At February 1, 2025, the Trust had outstanding $200 million liquidation amount of 7.5% Capital Securities, due August 1, 2038 (the “Capital Securities”). Holders of the Capital Securities are entitled to receive cumulative cash distributions, payable quarterly, at the annual rate of 7.5% of the liquidation amount of $25 per Capital Security. The Capital Securities are subject to mandatory redemption upon repayment of the Company’s subordinated debentures. The Company’s obligations under the subordinated debentures and related agreements, taken together, provide a full and unconditional guarantee of payments due on the Capital Securities.

The Trust is a variable interest entity and is not consolidated into the Company’s financial statements, since the Company is not the primary beneficiary of the Trust.

Commitments and Contingencies (Details) $ in Millions	Feb. 01, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Outstanding letters of credit under the Company's revolving credit facility	$ 25.3
Commitment to incur costs to acquire, complete and furnish certain stores and equipment	3.0
Revolving credit facility maximum borrowing capacity	$ 800.0

Leases - Lease Cost (Details) - USD ($) $ in Thousands	12 Months Ended
Leases - Lease Cost (Details) - USD ($) $ in Thousands	Feb. 01, 2025	Feb. 03, 2024	Jan. 28, 2023
Leases [Abstract]
Net lease costs	$ 21,419	$ 21,569	$ 23,169
Short-term lease cost	3,900	4,400
Variable lease cost	$ 3,300	$ 3,700

Business Segments (Tables)

12 Months Ended

Feb. 01, 2025

Segment Reporting [Abstract]

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



	Fiscal 2024		Fiscal 2023		Fiscal 2022
Retail operations segment:
Cosmetics	16	%	16	%	15	%
Ladies’ apparel	20		20		21
Ladies’ accessories and lingerie	14		14		14
Juniors’ and children’s apparel	9		9		9
Men’s apparel and accessories	19		19		20
Shoes	14		14		15
Home and furniture	4		4		4
	96		96		98
Construction segment	4		4		2
Total	100	%	100	%	100	%

Schedule of segment reporting information, by segment


	Fiscal 2024
(in thousands of dollars)	Retail Operations			Construction			Consolidated
Net sales from customers	$	6,218,525		$	295,218		$	6,513,743
Elimination of intersegment revenues		-			(31,107)			(31,107)
Net sales from external customers		6,218,525			264,111			6,482,636

Reconciliation of revenue
Service charges and other income		107,398			197			107,595
Total net sales and service charges and other income		6,325,923			264,308			6,590,231

Less: ^(a)
Cost of sales		3,667,860			251,689			3,919,549
Payroll expense ^(b)		1,087,360			7,338			1,094,698
Depreciation and amortization		177,498			369			177,867
Rentals		21,199			220			21,419
Interest and investment income		(52,679)			(890)			(53,569)
Interest and debt expense		39,874			-			39,874
Other segment items ^(c)		657,736			2,956			660,692
Income before income taxes	$	727,075		$	2,626			729,701
Income taxes								136,225
Net income							$	593,476

Gross margin ^(d)	$	2,550,665		$	12,422		$	2,563,087
Gross margin percentage		41.0	%		4.7	%		39.5	%

Total assets	$	3,453,795		$	77,259		$	3,531,054
Capital expenditures	$	104,311		$	241		$	104,552

(a)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b)	Payroll expense does not include amounts capitalized on the balance sheet or included within other expense categories.

(c)	Other segment items for each reportable segment includes:

●

All SG&A items other than payroll expense

●

Other expense

●

Gain on disposal of assets

(d)	The calculation of gross margin is Net sales from external customers less Cost of sales.


	Fiscal 2023
(in thousands of dollars)	Retail Operations			Construction			Consolidated
Net sales from customers	$	6,479,580		$	320,795		$	6,800,375
Elimination of intersegment revenues		-			(48,322)			(48,322)
Net sales from external customers		6,479,580			272,473			6,752,053

Reconciliation of revenue
Service charges and other income		122,080			287			122,367
Total net sales and service charges and other income		6,601,660			272,760			6,874,420

Less: ^(a)
Cost of sales		3,770,509			260,599			4,031,108
Payroll expense ^(b)		1,079,215			7,049			1,086,264
Depreciation and amortization		179,315			258			179,573
Rentals		21,353			216			21,569
Interest and investment income		(44,567)			(673)			(45,240)
Interest and debt expense		40,640			-			40,640
Other segment items ^(c)		641,339			2,550			643,889
Income before income taxes	$	913,856		$	2,761			916,617
Income taxes								177,770
Net income							$	738,847

Gross margin ^(d)	$	2,709,071		$	11,874		$	2,720,945
Gross margin percentage		41.8	%		4.4	%		40.3	%

Total assets	$	3,377,632		$	71,274		$	3,448,906
Capital expenditures	$	132,599		$	345		$	132,944

(a)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b)	Payroll expense does not include amounts capitalized on the balance sheet or included within other expense categories.

(c)	Other segment items for each reportable segment includes:

●

All SG&A items other than payroll expense

●

Other expense

●

Gain on disposal of assets

(d)	The calculation of gross margin is Net sales from external customers less Cost of sales.


	Fiscal 2022
(in thousands of dollars)	Retail Operations			Construction			Consolidated
Net sales from customers	$	6,701,972		$	214,011		$	6,915,983
Elimination of intersegment revenues		-			(44,902)			(44,902)
Net sales from external customers		6,701,972			169,109			6,871,081

Reconciliation of revenue
Service charges and other income		124,827			307			125,134
Total net sales and service charges and other income		6,826,799			169,416			6,996,215

Less: ^(a)
Cost of sales		3,823,062			160,536			3,983,598
Payroll expense ^(b)		1,042,726			5,590			1,048,316
Depreciation and amortization		188,227			213			188,440
Rentals		23,031			138			23,169
Interest and investment income		(12,740)			(87)			(12,827)
Interest and debt expense		43,354			-			43,354
Other segment items ^(c)		610,464			2,234			612,698
Income before income taxes	$	1,108,675		$	792			1,109,467
Income taxes								217,830
Net income							$	891,637

Gross margin ^(d)	$	2,878,910		$	8,573		$	2,887,483
Gross margin percentage		43.0	%		5.1	%		42.0	%

Total assets	$	3,274,072		$	55,078		$	3,329,150
Capital expenditures	$	118,872		$	1,233		$	120,105

(a)	The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker.

(b)	Payroll expense does not include amounts capitalized on the balance sheet or included within other expense categories.

(c)	Other segment items for each reportable segment includes:

●

All SG&A items other than payroll expense

●

Other expense

●

Gain on disposal of assets

(d)	The calculation of gross margin is Net sales from external customers less Cost of sales.

Schedule of contract liabilities


Retail
	February 1,		February 3,		January 28,
(in thousands of dollars)	2025		2024		2023
Contract liabilities	$	76,667	$	85,227	$	83,909

Schedule of accounts receivable, contract assets and liabilities - Construction


Construction
	February 1,		February 3,		January 28,
(in thousands of dollars)	2025		2024		2023
Accounts receivable	$	46,646	$	47,240	$	44,286
Costs and estimated earnings in excess of billings on uncompleted contracts		3,913		1,695		798
Billings in excess of costs and estimated earnings on uncompleted contracts		6,983		6,307		10,909