Dillard’s, Inc. is a regional department store operator based in Little Rock, Arkansas, operating 272 stores, including clearance centers, across 30 states. The company reported a decline in some key financial metrics for the first quarter of 2025 compared to the same quarter the previous year.

For the 13 weeks ending May 3, 2025, Dillard’s reported net income of $163.8 million, or $10.39 per share, down from a net income of $180.0 million, or $11.09 per share, for the 13 weeks ended May 4, 2024. Total retail sales decreased by 2%, totaling $1.468 billion for the recent quarter, compared to $1.493 billion the prior year. Comparable store sales also dropped by 1%.

Dillard’s gross margin for the reported quarter was 45.5% of sales, down from 46.2% in the prior year, reflecting a decrease in the retail gross margin primarily in ladies’ apparel. Operating expenses were $421.7 million, which is 27.6% of sales, compared to $426.7 million, or 27.5% of sales, in the same quarter last year.

Inventory levels rose by 6% year-over-year, totaling $1.469 billion as of May 3, 2025, up from $1.388 billion at the same time last year. The company repurchased approximately 276,000 shares for $98 million, at an average price of $355.65 per share.

Current assets were reported at $2.768 billion, compared to $2.708 billion as of May 4, 2024, while total liabilities were $2.049 billion, virtually unchanged year-over-year. As of the end of the quarter, Dillard’s had $1.2 billion in cash and short-term investments remaining following its share repurchase program.

Dillard’s anticipates depreciation and amortization costs of $180 million for the fiscal year ending January 31, 2026, and plans for capital expenditures of approximately $120 million. The company continues to operate in a challenging retail environment amid economic uncertainty.