Dillard's FY2025 net income falls 3.9% to $570M; credit-card income down 27%, offset by $30 special dividend

Filed March 27, 2026 · Period ending January 31, 2026 · Compared to 10-K Mar 28, 2025 · ~2 min read

Key Changes

• high

  Net income declined $23.3M to $570.2M ($36.42/share) despite flat sales, driven by $28M higher SG&A expenses and $14.5M drop in credit-card alliance income; partially offset by $20.4M property-sale gain and $35M tax benefit from ESOP dividend deduction.

  MD&A: Net Income & Operating Expenses verify on EDGAR →
• high

  Credit-card alliance income fell 27% to $39.6M from lower receivables and finance charges, continuing multi-year decline ($67.2M FY2023 → $54.1M FY2024 → $39.6M FY2025); company removed prior disclosure that Citibank program would underperform Wells Fargo Alliance, now emphasizing collaborative improvement efforts.

  MD&A: Credit Card Alliance & Risk Factors verify on EDGAR →
• high

  Board declared record $30/share special dividend (up from $25 prior year); total cash returned via dividends and buybacks reached $570.2 million in FY2025.

  MD&A: Capital Allocation verify on EDGAR →