DILLARD'S, INC.
For the period ended Nov 1, 2025. Filed Dec 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Nov 1, 2025 · Filed Dec 5, 2025
DDS$602.38-3.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-08-02; filed 2025-09-05.
0000028917-25-000025
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-11-01; filed 2025-12-05.
0000028917-25-000032
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 93 previous paragraphs and 93 current paragraphs.
46 unchanged; 41 reworded; 5 added; 4 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (5)
Current report
Management was encouraged to see the sales strength from July continue through the third quarter, with sales up 3% compared to the prior year third quarter. The Company continued to focus on inventory control. Retail gross margin improved 80 basis points of sales compared to the prior year third quarter, and ending inventory increased 2%.
Current report
Selling, general and administrative expenses for the three months ended November 1, 2025 increased $21.5 million to $440.4 million (30.0% of sales) from $418.9 million (29.4% of sales) for the prior year third quarter. The increase was notably due to payroll and payroll-related expenses.
Current report
During the nine months ended November 1, 2025 and November 2, 2024, payroll and payroll-related expenses were $912.8 million and $905.0 million, respectively, increasing $7.8 million. The increase in SG&A was also attributed to an $8.2 million increase in services purchased during the nine-month period.
Current report
During the nine months ended November 1, 2025, the Company contributed $34.3 million to its mall joint ventures, recording the investments in other assets on the Company’s condensed consolidated balance sheet.
Current report
On November 20, 2025, the Company announced that its Board of Directors declared a special dividend of $30.00 per share. The dividend is payable on the Class A Common Stock and Class B Common Stock of the Company on January 5, 2026 to stockholders of record as of December 12, 2025. The Company expects to fund the dividend from cash flows from operations.
Removed paragraphs (4)
Previous report
Management was encouraged to report a sales increase for the second quarter of 2025 compared to the second quarter of 2024 as well as by strengthening sales trends in July. The Company noted its focus on inventory control in a rapidly changing operating environment during the quarter.
Previous report
Selling, general and administrative expenses for the three months ended August 2, 2025 increased $0.5 million to $434.2 million (28.7% of sales) from $433.7 million (29.1% of sales) for the prior year second quarter as savings in payroll expense was offset by increases in various other expense categories.
Previous report
Storewide sales penetration of exclusive brand merchandise for the six months ended August 2, 2025 and August 3, 2024 was 23.4%.
Previous report
During the three months ended August 2, 2025 and August 3, 2024, payroll and payroll-related expenses were $303.5 million and $304.3 million, respectively, decreasing $0.8 million. This decrease was offset by increases in various other expense categories.
Reworded paragraphs (41)
Previous wording
Compared to the prior year second quarter, total retail sales (which exclude construction sales) increased 1% and sales in comparable stores increased 1%. Retail gross margin was 38.1% of sales compared to 39.1%. Inventory increased 2% at August 2, 2025 compared to August 3, 2024.
Current wording
Compared to the prior third quarter, both total retail sales (which exclude construction sales) and comparable store sales increased 3%. Retail gross margin was 45.3% of sales compared to 44.5% in the prior year third quarter.
Previous wording
For the three months ended August 2, 2025, the Company reported net income of $72.8 million ($4.66 per share) compared to net income of $74.5 million ($4.59 per share) for the three months ended August 3, 2024. Included in net income for the three months ended August 2, 2025, is a pretax gain of $4.8 million ($3.7 million after tax or $0.24 per share) primarily related to the sale of three properties.
Current wording
For the three months ended November 1, 2025, the Company reported net income of $129.8 million ($8.31 per share) compared to net income of $124.6 million ($7.73 per share) for the three months ended November 2, 2024.
Previous wording
Net cash provided by operating activities was $319.4 million for the six months ended August 2, 2025 compared to $176.0 million for the prior year six-month period, with the increase primarily due to changes in income taxes payable following a federal disaster declaration which allowed the postponement of certain income tax payments.
Current wording
Net cash provided by operating activities was $505.9 million for the nine months ended November 1, 2025 compared to $349.4 million for the prior year nine-month period, with the increase largely due to changes in income taxes payable following a federal disaster declaration which allowed the postponement of certain income tax payments.
Previous wording
As of August 2, 2025, the Company had working capital of $1.613 billion (including cash and cash equivalents of $1.012 billion and short-term investments of $199.8 million) and $521.6 million of total debt outstanding, including one scheduled debt maturity of $96.0 million due July 2026, $225.6 million of long-term debt and $200.0 million of subordinated debentures.
Current wording
As of November 1, 2025, the Company had working capital of $1.724 billion (including cash and cash equivalents of $1.149 billion and short-term investments of $185.2 million) and $521.6 million of total debt outstanding, including one scheduled debt maturity of $96.0 million due July 2026, $225.6 million of long-term debt and $200.0 million of subordinated debentures.
Previous wording
*Cash flow from operations data is for the six months ended August 2, 2025 and August 3, 2024.
Current wording
*Cash flow from operations data is for the nine months ended November 1, 2025 and November 2, 2024.
Previous wording
Net sales from the retail operations segment increased $20.4 million, or approximately 1%, and sales in comparable stores increased approximately 1% during the three months ended August 2, 2025 compared to the three months ended
Current wording
Net sales from the retail operations segment increased $44.3 million, or approximately 3%, and sales in comparable stores increased approximately 3% during the three months ended November 1, 2025 compared to the three months
Previous wording
August 3, 2024. Sales in juniors’ and children’s apparel increased significantly. Sales in ladies’ accessories and lingerie and ladies’ apparel increased moderately. Sales in shoes and men’s apparel and accessories increased slightly. Sales in cosmetics decreased slightly while sales in home and furniture decreased moderately.
Current wording
ended November 2, 2024. Sales in ladies’ accessories and lingerie, juniors’ and children’s apparel and ladies’ apparel increased significantly. Sales in shoes increased moderately, while sales in home and furniture, men’s apparel and accessories and cosmetics increased slightly.
Previous wording
The number of sales transactions decreased 2% for the three months ended August 2, 2025 compared to the three months ended August 3, 2024, while the average dollars per sales transaction increased 3%.
Current wording
The number of sales transactions decreased 1% for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, while the average dollars per sales transaction increased 5%.
Previous wording
We recorded a return asset of $11.0 million and $11.5 million and an allowance for sales returns of $18.8 million and $20.1 million as of August 2, 2025 and August 3, 2024, respectively.
Current wording
We recorded a return asset of $10.6 million and $10.5 million and an allowance for sales returns of $20.7 million and $20.2 million as of November 1, 2025 and November 2, 2024, respectively.
Previous wording
During the three months ended August 2, 2025, net sales from the construction segment increased $3.5 million, or approximately 5%, compared to the three months ended August 3, 2024 due to an increase in construction activity. The remaining performance obligations related to executed construction contracts totaled $129.5 million as of August 2, 2025, decreasing approximately 36% from February 1, 2025 and decreasing approximately 45% from August 3, 2024. We expect these remaining performance obligations to be satisfied over the next nine to eighteen months.
Current wording
During the three months ended November 1, 2025, net sales from the construction segment decreased $2.6 million, or approximately 4%, compared to the three months ended November 2, 2024 due to a decrease in construction activity. The remaining performance obligations related to executed construction contracts totaled $92.3 million as of November 1, 2025, decreasing approximately 54% from February 1, 2025 and decreasing approximately 63% from November 2, 2024. We expect these remaining performance obligations to be satisfied over the next nine to eighteen months.
Previous wording
The percent change by segment and product category in the Company’s sales for the six months ended August 2, 2025 compared to the six months ended August 3, 2024 as well as the sales percentage by segment and product category to total net sales for the six months ended August 2, 2025 are as follows:
Current wording
The percent change by segment and product category in the Company’s sales for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024 as well as the sales percentage by segment and product category to total net sales for the nine months ended November 1, 2025 are as follows:
Previous wording
Net sales from the retail operations segment decreased $4.3 million during the six months ended August 2, 2025 compared to the six months ended August 3, 2024, remaining essentially flat as a percentage of the prior period sales in both total and comparable stores. Sales in home and furniture, cosmetics and shoes decreased moderately, while sales in ladies’ apparel decreased slightly. Sales in men’s apparel and accessories remained essentially flat, while sales in ladies’ accessories and lingerie and juniors’ and children’s apparel increased moderately.
Current wording
Net sales from the retail operations segment increased $40.0 million, or approximately 1%, and sales in comparable stores increased 1% during the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024. Sales in juniors’ and children’s apparel increased significantly, while sales in ladies’ accessories and lingerie increased moderately. Sales in ladies’ apparel and men’s apparel and accessories increased slightly. Sales in shoes remained essentially flat. Sales in cosmetics decreased slightly, while sales in home and furniture decreased moderately.
Previous wording
The number of sales transactions decreased 2% for the six months ended August 2, 2025 compared to the six months ended August 3, 2024, while the average dollars per sales transaction increased 2%.
Current wording
The number of sales transactions decreased 2% for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024, while the average dollars per sales transaction increased 3%.
Previous wording
During the six months ended August 2, 2025, net sales from the construction segment increased $8.0 million, or approximately 7%, compared to the six months ended August 3, 2024 due to an increase in construction activity.
Current wording
During the nine months ended November 1, 2025, net sales from the construction segment increased $5.4 million, or approximately 3%, compared to the nine months ended November 2, 2024 due to an increase in construction activity.
Previous wording
Service charges and other income includes the income from the Citibank Alliance and former Wells Fargo Alliance. Income from the alliances decreased $1.4 million for the three months ended August 2, 2025 compared to August 3, 2024, primarily from decreases in finance charges and late fees mainly resulting from lower average net receivables. Income from the alliances decreased $7.2 million for the six months ended August 2, 2025 compared to August 3, 2024, primarily from (a) decreases in finance charges and late fees mainly resulting from lower average net receivables and (b) increases in credit losses.
Current wording
Service charges and other income includes the income from the Citibank Alliance and former Wells Fargo Alliance. Income from the alliances decreased $2.0 million for the three months ended November 1, 2025 compared to the three months ended November 2, 2024, primarily from decreases in finance charges and late fees mainly resulting from lower average net receivables. Income from the alliances decreased $9.2 million for the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024, primarily from (a) decreases in finance charges and late fees mainly resulting from lower average net receivables and (b) increases in credit losses.
Previous wording
Gross margin, as a percentage of sales, decreased to 36.6% from 37.6% during the three months ended August 2, 2025 compared to the three months ended August 3, 2024.
Current wording
Gross margin, as a percentage of sales, increased to 43.4% from 42.6% during the three months ended November 1, 2025 compared to the three months ended November 2, 2024.
Previous wording
Gross margin from retail operations, as a percentage of sales, decreased to 38.1% from 39.1% during the three months ended August 2, 2025 compared to the three months ended August 3, 2024. Gross margin decreased significantly in ladies’ apparel and decreased slightly in men’s apparel and accessories. Gross margin was essentially flat in juniors’ and children’s apparel, cosmetics and home and furniture. Gross margin increased slightly in ladies’ accessories and lingerie and increased moderately in shoes.
Current wording
Gross margin from retail operations, as a percentage of sales, increased to 45.3% from 44.5% during the three months ended November 1, 2025 compared to the three months ended November 2, 2024. Gross margin increased moderately in ladies’ accessories and lingerie and shoes, while gross margin in home and furniture and men’s apparel and accessories increased slightly. Gross margin was essentially unchanged in all other product categories.
Previous wording
Gross margin, as a percentage of sales, decreased to 40.3% from 41.2% during the six months ended August 2, 2025 compared to the six months ended August 3, 2024.
Current wording
Gross margin, as a percentage of sales, decreased to 41.3% from 41.6% during the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024.
Previous wording
Gross margin from retail operations, as a percentage of sales, decreased to 41.8% from 42.7% during the six months ended August 2, 2025 compared to the six months ended August 3, 2024. Gross margin decreased moderately in ladies’ apparel and decreased slightly in men’s apparel and accessories and juniors’ and children’s apparel. Gross margin was essentially unchanged in all other product categories.
Current wording
Gross margin from retail operations, as a percentage of sales, decreased to 42.9% from 43.3% during the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024. Gross margin decreased moderately in ladies’ apparel and increased slightly in shoes and ladies’ accessories and lingerie. Gross margin was essentially unchanged in all other product categories.
Previous wording
Total inventory increased 2% at August 2, 2025 compared to August 3, 2024. A 1% change in the dollar amount of markdowns would have impacted net income by approximately $2 million and $4 million for the three and six months ended August 2, 2025, respectively.
Current wording
Total inventory increased 2% at November 1, 2025 compared to November 2, 2024. A 1% change in the dollar amount of markdowns would have impacted net income by approximately $1 million and $5 million for the three and nine months ended November 1, 2025, respectively.
Previous wording
SG&A decreased to 28.7% of sales during the three months ended August 2, 2025 from 29.1% of sales during the three months ended August 3, 2024, while increasing $0.5 million in total dollars. SG&A from retail operations decreased to 29.8% of sales for the three months ended August 2, 2025 from 30.2% of sales for the three months ended August 3, 2024, while increasing $0.9 million in total dollars.
Current wording
SG&A increased to 30.0% of sales during the three months ended November 1, 2025 from 29.4% of sales during the three months ended November 2, 2024, increasing $21.5 million in total dollars. SG&A from retail operations increased to 31.3% of sales for the three months ended November 1, 2025 from 30.7% of sales for the three months ended November 2, 2024, increasing $21.3 million in total dollars.
Previous wording
During the six months ended August 2, 2025 and August 3, 2024, payroll and payroll-related expenses were $601.4 million and $606.5 million, respectively, decreasing $5.1 million.
Current wording
During the three months ended November 1, 2025 and November 2, 2024, payroll and payroll-related expenses were $311.4 million and $298.5 million, respectively, increasing $12.9 million.
Previous wording
SG&A decreased to 28.1% of sales during the six months ended August 2, 2025 from 28.3% of sales during the six months ended August 3, 2024, a decrease of $4.5 million in total dollars. SG&A from retail operations decreased to 29.2% of sales for the six months ended August 2, 2025 from 29.3% of sales for the six months ended August 3, 2024, a decrease of $3.6 million in total dollars.
Current wording
SG&A increased to 28.7% of sales during the nine months ended November 1, 2025 from 28.6% of sales during the nine months ended November 2, 2024, increasing $17.0 million in total dollars. SG&A from retail operations increased to 29.9% of sales for the nine months ended November 1, 2025 from 29.7% of sales for the nine months ended November 2, 2024, increasing $17.7 million in total dollars.
Previous wording
Net interest and debt income decreased $2.5 million and $5.2 million during the three and six months ended August 2, 2025 compared to the three and six months ended August 3, 2024, primarily due to a decrease in interest income. Interest income was $11.5 million and $13.7 million for the three months ended August 2, 2025 and August 3, 2024, respectively. Interest income was $22.7 million and $27.3 million for the six months ended August 2, 2025 and August 3, 2024, respectively.
Current wording
Net interest and debt income decreased $1.4 million and $6.6 million during the three and nine months ended November 1, 2025 compared to the three and nine months ended November 2, 2024, primarily due to a decrease in interest income and capitalized interest. Interest income was $13.3 million and $14.1 million for the three months ended November 1, 2025 and November 2, 2024, respectively. Interest income was $36.0 million and $41.4 million for the nine months ended November 1, 2025 and November 2, 2024, respectively.
Previous wording
Other expense decreased $1.1 million and $1.6 million during the three and six months ended August 2, 2025 compared to the three and six months ended August 3, 2024, respectively, primarily due to a decrease in the amortization of the net actuarial loss related to the Company’s Pension Plan.
Current wording
Other expense decreased $1.1 million and $2.7 million during the three and nine months ended November 1, 2025 compared to the three and nine months ended November 2, 2024, respectively, primarily due to a decrease in the amortization of the net actuarial loss related to the Company’s Pension Plan.
Previous wording
During the three months ended August 2, 2025, the Company received proceeds of $6.0 million primarily from the sale of three properties, resulting in a gain of $4.8 million that was recorded in gain on disposal of assets.
Current wording
During the nine months ended November 1, 2025, the Company received proceeds of $7.6 million primarily from the sale of four properties, resulting in a gain of $5.5 million that was recorded in gain on disposal of assets.
Previous wording
The Company’s estimated federal and state effective income tax rate was approximately 23.0% and 23.3% for the three months ended August 2, 2025 and August 3, 2024, respectively. The Company’s estimated federal and state effective income tax rate was approximately 23.2% and 23.3% for the six months ended August 2, 2025 and August 3, 2024, respectively. During the three and six months ended August 2, 2025 and August 3, 2024, income tax expense differed from what would be computed using the statutory federal income tax rate primarily due to the effects of state and local income taxes.
Current wording
The Company’s estimated federal and state effective income tax rate was approximately 23.1% and 23.3% for the three months ended November 1, 2025 and November 2, 2024, respectively. The Company’s estimated federal and state effective income tax rate was approximately 23.2% and 23.3% for the nine months ended November 1, 2025 and November 2, 2024, respectively. During the three and nine months ended November 1, 2025 and November 2, 2024, income tax expense differed from what would be computed using the statutory federal income tax rate primarily due to the effects of state and local income taxes.
Previous wording
The Company expects the fiscal 2025 federal and state effective income tax rate to approximate 23%. This rate may change if results of operations for fiscal 2025 differ from management’s current expectations. Changes in the Company’s assumptions and judgments can materially affect amounts recognized in the condensed consolidated financial statements.
Current wording
The Company expects the fiscal 2025 federal and state effective income tax rate to approximate 19%. This rate includes expected federal and state income tax benefits due to a deduction related to that portion of the special dividend of $30.00 per share to be paid to the Dillard’s, Inc. Investment and Employee Stock Ownership Plan. This rate may change if results of operations for fiscal 2025 differ from management’s current expectations. Changes in the Company’s assumptions and judgments can materially affect amounts recognized in the condensed consolidated financial statements.
Previous wording
A summary of net cash flows for the six months ended August 2, 2025 and August 3, 2024 follows:
Current wording
A summary of net cash flows for the nine months ended November 1, 2025 and November 2, 2024 follows:
Previous wording
Net cash flows from operations increased $143.4 million during the six months ended August 2, 2025 compared to the six months ended August 3, 2024. This increase was primarily due to changes in working capital items, notably changes in income taxes payable. Following the disaster declaration issued by the Federal Emergency Management Agency related to the severe storms, tornadoes and flooding that began on April 2, 2025 in the state of Arkansas, the Internal Revenue Service was permitted to and did postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. As a result, the Company’s tax payment deadline was extended to November 3, 2025.
Current wording
Net cash flows from operations increased $156.4 million during the nine months ended November 1, 2025 compared to the nine months ended November 2, 2024. This increase was primarily due to changes in working capital items, notably changes in income taxes payable. Following the disaster declaration issued by the Federal Emergency Management Agency related to the severe storms, tornadoes and flooding that began on April 2, 2025 in the State of Arkansas, the Internal Revenue Service was permitted to and did postpone certain tax-filing and tax-payment deadlines for taxpayers who reside or have a business in the disaster area. As a result, the Company’s tax payment deadline was extended to November 3, 2025.
Previous wording
Wells Fargo Bank, N.A. (“Wells Fargo”) previously owned and managed Dillard’s private label credit cards, including credit cards co-branded with American Express under the Wells Fargo Alliance. In January 2024, the Company announced that it entered into a new agreement with Citibank, N.A. (“Citi”) to provide the private label credit card program for Dillard’s customers under the Citibank Alliance, replacing the existing credit card program under the Wells Fargo Alliance upon its termination in September 2024. The new program launched on August 19, 2024 for new Dillard’s credit applicants. Existing accounts transferred from Wells Fargo to Citi on September 16, 2024. The term of
Current wording
Wells Fargo Bank, N.A. (“Wells Fargo”) previously owned and managed Dillard’s private label credit cards, including credit cards co-branded with American Express under the Wells Fargo Alliance. In January 2024, the Company announced that it entered into a new agreement with Citibank, N.A. (“Citi”) to provide the private label credit card program for Dillard’s customers under the Citibank Alliance, replacing the existing credit card program under the
Previous wording
the new Citi agreement is 10 years with automatic extensions for successive two-year terms unless the agreement is terminated by either party in accordance with the terms and conditions of the agreement.
Current wording
Wells Fargo Alliance upon its termination in September 2024. The new program launched on August 19, 2024 for new Dillard’s credit applicants. Existing accounts transferred from Wells Fargo to Citi on September 16, 2024. The term of the new Citi agreement is 10 years with automatic extensions for successive two-year terms unless the agreement is terminated by either party in accordance with the terms and conditions of the agreement.
Previous wording
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 Company recognized income of $17.2 million and $24.4 million from the Citibank Alliance and the former Wells Fargo Alliance during the six months ended August 2, 2025 and August 3, 2024, respectively.
Current wording
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 Company recognized income of $28.5 million and $37.6 million from the Citibank Alliance and the former Wells Fargo Alliance during the nine months ended November 1, 2025 and November 2, 2024, respectively.
Previous wording
Capital expenditures were $43.5 million and $61.1 million for the six months ended August 2, 2025 and August 3, 2024, respectively. The capital expenditures were primarily related to equipment purchases, the continued construction of new stores and the remodeling of existing stores. During the six months ended August 3, 2024, the Company opened a new location at The Empire Mall in Sioux Falls, South Dakota (140,000 square feet) marking its 30th state of operation.
Current wording
Capital expenditures were $73.8 million and $89.1 million for the nine months ended November 1, 2025 and November 2, 2024, respectively. The capital expenditures were primarily related to equipment purchases, the continued construction of new stores and the remodeling of existing stores. During the nine months ended November 2, 2024, the Company opened a new location at The Empire Mall in Sioux Falls, South Dakota (140,000 square feet) marking its 30th state of operation.
Previous wording
We remain committed to closing stores where appropriate and may incur future closing costs related to such stores when they close.
Current wording
In November 2025, the Company announced the upcoming closure of its store at The Shops at Willow Bend in Plano, Texas (240,000 square feet). The store was sold in November 2025 and is expected to cease operating in January 2026. There are no material costs associated or expected with this store closure. We remain committed to closing stores where appropriate and may incur future closing costs related to such stores when they close.
Previous wording
During the six months ended August 2, 2025, the Company received proceeds of $6.0 million primarily from the sale of three properties, resulting in a gain of $4.9 million that was recorded in gain on disposal of assets.
Current wording
During the nine months ended November 1, 2025, the Company received proceeds of $7.6 million primarily from the sale of four properties, resulting in a gain of $5.5 million that was recorded in gain on disposal of assets.
Previous wording
During the six months ended August 2, 2025 and August 3, 2024, the Company purchased certain treasury bills for $273.5 million and $319.5 million, respectively, that are classified as short-term investments. During the six months ended August 2, 2025 and August 3, 2024, the Company received proceeds of $405.0 million and $350.9 million, respectively, related to maturities of these short-term investments.
Current wording
During the nine months ended November 1, 2025 and November 2, 2024, the Company purchased certain treasury bills for $396.3 million and $422.4 million, respectively, that are classified as short-term investments. During the nine months ended November 1, 2025 and November 2, 2024, the Company received proceeds of $543.7 million and $450.9 million, respectively, related to maturities of these short-term investments.
Previous wording
The Company had cash and cash equivalents of $1.012 billion as of August 2, 2025. The Company maintains a 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 is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries and provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option.
Current wording
The Company had cash and cash equivalents of $1.149 billion as of November 1, 2025. The Company maintains a 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 is secured by certain deposit accounts of the Company and certain inventory of certain subsidiaries and provides a borrowing capacity of $800 million, subject to certain limitations as outlined in the credit agreement, with a $200 million expansion option.
Previous wording
In March 2025, the Company amended the credit agreement (the “2025 amendment”). See Note 7,Revolving Credit Agreement, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the six months ended August 2, 2025, the Company paid $3.3 million in issuance costs related to the 2025 amendment, which were recorded in other assets on the condensed consolidated balance sheet. At August 2, 2025, no borrowings were outstanding, and letters of credit totaling $25.3 million were issued under the credit agreement leaving unutilized availability of $774.7 million.
Current wording
In March 2025, the Company amended the credit agreement (the “2025 amendment”). See Note 7,Revolving Credit Agreement, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the nine months ended November 1, 2025, the Company paid $3.3 million in issuance costs related
Previous wording
During the six months ended August 2, 2025, the Company repurchased 0.3 million shares of Class A Common Stock at an average price of $359.16 per share for $107.8 million under the Company’s stock repurchase plan. During the six months ended August 3, 2024, no share repurchases were made under the Company’s stock repurchase plan. As of August 2, 2025, $165.2 million of authorization remained under the Company’s open stock repurchase plan. The
Current wording
During the nine months ended November 1, 2025, the Company repurchased 0.3 million shares of Class A Common Stock at an average price of $359.16 per share for $107.8 million under the Company’s stock repurchase plan. During the nine months ended November 2, 2024, the Company repurchased 0.3 million shares of Class A Common Stock at an average price of $364.43 per share for $107.0 million (including the accrual of $2.0 million of share repurchases that had not settled as of November 2, 2024) under the Company’s stock repurchase plan. As of November 1, 2025, $165.2 million of authorization remained under the Company’s open stock repurchase plan. The ultimate disposition of the repurchased stock has not been determined. See Note 8,Stock Repurchase Programs, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the nine months ended November 1, 2025 and November 2, 2024, the Company accrued $1.1 million of excise tax in each period related to its share repurchase program as an additional cost of treasury shares.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
to the 2025 amendment, which were recorded in other assets on the condensed consolidated balance sheet. At November 1, 2025, no borrowings were outstanding, and letters of credit totaling $25.3 million were issued under the credit agreement leaving unutilized availability of $774.7 million.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
ultimate disposition of the repurchased stock has not been determined. See Note 8,Stock Repurchase Programs, in the “Notes to Condensed Consolidated Financial Statements,” in Part I, Item 1 hereof for additional information. During the six months ended August 2, 2025, the Company also accrued $1.1 million of excise tax related to its share repurchase program as an additional cost of treasury shares.
Previous report — wording carried elsewhere
This report contains certain forward-looking statements. The following are or may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995: (a) statements including words such as “may,” “will,” “could,” “should,” “believe,” “expect,” “future,” “potential,” “anticipate,” “intend,” “plan,” “estimate,” “continue,” or the negative or other variations thereof; (b) statements regarding matters that are not historical facts; and (c) statements about the Company’s future occurrences, plans and objectives, including statements regarding management’s expectations and forecasts for the remainder of fiscal 2025 and beyond, statements regarding future income and cash flows from our new credit program with Citi, statements concerning the opening of new stores or the closing of existing stores, statements concerning sources of liquidity, statements concerning share repurchases, statements concerning pension contributions, statements regarding the impacts of inflation, trade restrictions, including tariffs, and the effectiveness of our ongoing initiatives to manage such costs, statements regarding expense management and statements concerning estimated taxes. The Company cautions that forward-looking statements contained in this