On this page of StockholderLetter.com we present the latest annual shareholder letter from DILLARD'S, INC. — ticker symbol DDS. Reading current and past DDS letters to shareholders can bring important insights into the investment thesis.

 •  4/4/2025 Letter Continued (Full PDF)
 •  4/7/2023 DDS Stockholder Letter
 •  4/5/2024 DDS Stockholder Letter
 •  More "Department Stores" Category Stockholder Letters
 •  DDS Benford's Law Stock Score = 68

DDS Shareholder/Stockholder Letter Transcript:

A N N U A L R E P O R T 2 0 24

Dear Shareholder,
In fiscal 2024, we focused on serving our customers exceptionally while maintaining sound financial
discipline in an environment that continues to change day by day. As we navigated weak consumer
sentiment during the year, we worked on presenting our customers with fashion excitement, newness
and exceptional service while remaining focused on gross margin performance and expense control
to protect our profitability.
We achieved net income of $593 million during fiscal 2024 while reporting retail gross margin
of 41.0% despite a comparable store sales decline of 3%. We generated cash flow from operations
of $714 million. With shareholder return remaining a high priority, we returned $535 million to our
shareholders in dividends and share repurchases. In January of 2025, we paid the largest special
dividend in our history of $25.00 per share, bringing our five-year shareholder return activity to
$2.8 billion and underscoring our commitment to creating long-term value. We ended the year with
over $1 billion in cash and short-term investments on a best-in-class balance sheet that serves as
a testament to decades of sound financial decisions.
Disruption in our industry and evolving consumer behaviors were continuing themes in 2024.
Retailers reported mass store closures, bankruptcies and realignments, making it difficult to believe in
the future of our sector at all. But Dillard   s is different. As a team of approximately 29,000 associates,
we serve a customer who is motivated by fashion over price     and generally willing to spend when
we provide fresh, new and interesting choices in style, beauty and home. It is here where our vendor
partnerships are mission critical to our success. We are continually engaging with exceptional, highprofile brands to come alongside us in this effort.
While the consumer environment remains uncertain, we rely on eight and a half decades of retail
experience to keep our focus on our customer while    managing the store,    and we are well-positioned
to capitalize on opportunities as they arise. One of the beautiful things about fashion retailing is
a fresh start every season, and we look forward to serving our customers, shareholders and
associates with the same dedication to excellence that has defined Dillard   s since 1938.
Thank you for your continuing interest in Dillard   s.
Warm regards,
William Dillard, II
Chairman of the Board &
Chief Executive Officer
Alex Dillard
President



 4/4/2025 Letter Continued (Full PDF)