相关趋势也得到了行业协会的印证。美国鞋类分销商与零售商协会(FDRA)近期一项调查显示，超过一 半的受访企业预计2025年零售价格将因关税上升6%至10%。美国服装与鞋类协会(AAFA)主席Stephen Lamar则表示，随着返校季商品普遍面临10%至30%的新关税，价格全面走高早已在预期之中。他警告 称，如果7月9日后这些关税持续甚至上调，消费品价格将在接下来的季度继续上行。 引发更大担忧的是，特朗普政府本周宣布与越南达成贸易协议，将对越南商品加征20%的关税，对 于"转运"商品(原产中国、在越南加工)则征收高达40%的关税。这项协议对耐克(NKE.US)、 Lululemon(LULU.US)、Patagonia、彪马和H&M等深度依赖越南制造的品牌构成沉重打击。 随着总统特朗普推动的新一轮关税政策逐步实施，其对美国整体经济价格体系的影响正在加剧。 智通财经APP获悉，根据电商分析机构DataWeave发布的最新数据显示，从2025年5月开始，美国大型百 货商如梅西百货(M.US)、诺德斯特龙与迪拉德百货(DDS.US)旗下的鞋类、服饰和包袋等品类出现明显 涨价趋势，这一波"标签式通胀"已逐渐浮出水面。 ...

Dillard's (DDS) shares ended the last trading session 7.8% higher at $450.49. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 6.7% gain over the past four weeks.The company is benefiting from its ongoing efforts to capture growth opportunities in brick-and-mortar and e-commerce businesses, enhancing its customer base and boosting performance. The company is focused on maintaining stringent expense controls, which h ...

Financial Performance - Total retail sales declined by 2% and comparable store sales decreased by 1% compared to the prior year first quarter [58] - Net income for the three months ended May 3, 2025, was $163.8 million ($10.39 per share), down from $180.0 million ($11.09 per share) in the prior year [59] - Gross margin as a percentage of net sales decreased to 43.9% from 44.6% year-over-year [83] - Net sales from the retail operations segment decreased by $24.7 million, or approximately 2% [76] - The construction segment saw an increase in net sales of $4.5 million, or approximately 8% [79] - The number of sales transactions decreased by 3%, while the average dollars per sales transaction increased by 2% [77] Expenses and Cash Flow - Selling, general and administrative expenses decreased to $421.7 million (27.6% of sales) from $426.7 million (27.5% of sales) in the prior year [59] - Total Selling, General and Administrative Expenses (SG&A) decreased by $4.98 million to $421.69 million for the three months ended May 3, 2025, compared to $426.67 million for the same period in 2024, representing a 1.2% decrease [86] - SG&A as a percentage of net sales increased to 27.6% for the three months ended May 3, 2025, from 27.5% for the same period in 2024 [87] - Net cash provided by operating activities was $232.6 million, down from $244.4 million in the prior year [60] - Net cash flows from operations decreased by $11.75 million to $232.63 million for the three months ended May 3, 2025, compared to $244.38 million for the same period in 2024, primarily due to lower sales [92] - Capital expenditures were $16.9 million for the three months ended May 3, 2025, down from $35.2 million for the same period in 2024, primarily related to equipment purchases and store construction [97] Inventory and Store Operations - Total inventory increased by 6% as of May 3, 2025, compared to the previous year [85] - The company operated 272 stores, including 28 clearance centers, as of May 3, 2025 [61] Shareholder Actions - During the three months ended May 3, 2025, the Company repurchased 0.3 million shares of Class A Common Stock at an average price of $355.65 per share for a total of $98 million [102] Tax and Income - The estimated federal and state effective income tax rate for fiscal 2025 is expected to approximate 23% [91] - The Company recognized income of $5.9 million from the Citibank Alliance during the three months ended May 3, 2025, down from $11.6 million from the former Wells Fargo Alliance for the same period in 2024 [95] Strategic Focus and Market Conditions - The company is focusing on future income and cash flows from a new credit program with Citi [108] - There are plans for opening new stores while evaluating the closure of existing ones [108] - The company is managing costs amid inflation and trade restrictions, including tariffs [108] - Labor shortages and competition for talent are impacting the company's ability to meet labor needs [108] - Changes in consumer spending patterns and economic conditions are being closely monitored [108] - The company is assessing the impact of potential disruptions from global conflicts on consumer spending [108] - There have been no material changes in market risk disclosures since the last annual report [109]

Group 1 - The article discusses the impact of tariffs on consumer discretionary stocks, specifically highlighting Kohl's and Dillard's as intriguing investment opportunities amidst a sell-off [1] - The analysis suggests that both companies may present potential value for investors looking to capitalize on the current market conditions [1]

Group 1 - The investment approach focuses on long-term investments while incorporating short-term shorts to uncover alpha opportunities [1] - The analysis is based on bottom-up evaluation, emphasizing the fundamental strengths and weaknesses of individual companies [1] - The goal is to identify companies with solid fundamentals, sustainable competitive advantages, and growth potential [1]

Core Viewpoint - Dillard's has filed a lawsuit against Wells Fargo, claiming breach of a co-branded credit card agreement, resulting in significant financial losses for Dillard's [1][2]. Group 1: Lawsuit Details - Dillard's alleges that Wells Fargo's actions led to a loss of tens of millions of dollars due to the termination of their co-branded credit card relationship [1]. - The complaint states that Wells Fargo became an "unwilling and incapable partner" after regulatory issues arose, effectively abandoning the co-branded card market without notifying Dillard's [2]. Group 2: New Partnerships - In January 2024, Dillard's announced new credit card agreements with Citi and Mastercard, where Citi would acquire existing Dillard's credit card accounts and Mastercard would be the exclusive payment network for Dillard's co-branded cards [3]. - Dillard's President emphasized the importance of providing premium credit services to customers and expressed confidence in the new partnerships [4]. Group 3: Wells Fargo's Regulatory Challenges - Wells Fargo has faced ongoing regulatory issues since the "fake accounts" scandal in 2016, including an asset cap imposed by the Federal Reserve in 2018 [4]. - In April, Wells Fargo reported that the CFPB terminated a consent order related to its compliance risk management program, indicating progress in regulatory compliance [5].

Core Insights - Dillard's Inc. reported mixed results for the first quarter of fiscal 2025, with earnings per share exceeding estimates while net sales fell short of expectations [1][2] Financial Performance - Earnings per share (EPS) reached $10.39, surpassing the Zacks Consensus Estimate of $9.10, but declined 6.3% from $11.09 in the same quarter last year [2] - Net sales amounted to $1.529 billion, a decrease of 1.4% year over year, and below the consensus estimate of $1.540 billion [2] - Total retail sales, excluding CDI Contractors, decreased by 1.7% year over year to $1.468 billion, with comparable store sales (comps) dropping 1% [4] Margin Analysis - The consolidated gross margin contracted by 70 basis points to 43.9%, with retail gross margin at 45.5%, also reflecting a year-over-year decrease of 70 basis points [5] - Selling, general and administrative (SG&A) expenses as a percentage of sales were 27.6%, up 10 basis points from the prior year, while dollar terms saw a 1.2% decline to $421.7 million [6] Cash Flow and Share Repurchase - Dillard's ended the quarter with cash and cash equivalents of $900.5 million and long-term debt of $321.6 million, reporting $232.6 million in net cash from operating activities [8] - The company repurchased 276,000 shares for $98 million, with an average price of $355.65 per share, and has $175 million remaining under its share repurchase authorization [9] Future Outlook - For fiscal 2025, Dillard's expects depreciation and amortization expenses of $180 million and projects interest and debt income of $8 million [12]

Core Insights - Dillard's reported revenue of $1.53 billion for the quarter ended April 2025, a decrease of 1.3% year-over-year, and EPS of $10.39, down from $11.09 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $1.54 billion, resulting in a surprise of -0.74%, while the EPS exceeded expectations by 14.18% against a consensus estimate of $9.10 [1] Financial Performance Metrics - Comparable store sales for domestic retail decreased by 1% year-over-year, slightly better than the estimated decline of 1.4% [4] - Service Charges Interest and Other Income was reported at $18.10 million, significantly lower than the average estimate of $22.40 million, reflecting a year-over-year decline of 23.6% [4] - Dillard's stock has returned +27.6% over the past month, outperforming the Zacks S&P 500 composite's +9.8% change, and currently holds a Zacks Rank 3 (Hold) [3]

Financial Performance - Net income for the first quarter was $163.8 million, or $10.39 per share, down from $180.0 million, or $11.09 per share in the prior year[2] - Total net sales decreased to $1.529 billion from $1.549 billion, while total retail sales (excluding construction business) fell 2% to $1.468 billion[3][4] - Comparable store sales decreased by 1% during the same period[4] - Retail gross margin was 45.5% of sales, down from 46.2% in the previous year[5][6] - Operating expenses were $421.7 million, representing 27.6% of sales, slightly up from 27.5% in the prior year[5][8] - Inventory increased by 6% compared to the previous year[7] Stock and Investments - The company repurchased $98 million in stock, reducing total shares outstanding to 15.6 million[9] - Cash and short-term investments totaled $1.2 billion after stock repurchases[1] Store Operations - The company operates 272 stores across 30 states, totaling 46.3 million square feet[10] Capital Expenditures - Estimated capital expenditures for 2025 are projected at $120 million, up from $105 million in 2024[14] Risk Management and Economic Outlook - The company is monitoring potential impacts on consumer spending patterns and economic changes[16] - Risks and uncertainties are detailed in periodic reports filed with the SEC, particularly in the Annual Report on Form 10-K for the fiscal year ended February 1, 2025[16] - The company emphasizes the importance of understanding demographic changes that may affect its operations[16] - The company is committed to addressing risks outlined under "Item 1A, Risk Factors" in its annual filings[16] - Future strategies will be influenced by ongoing economic and demographic trends[16] - The company is focused on maintaining transparency regarding its financial health and risk management[16] - The company plans to adapt its business strategies in response to identified risks and uncertainties[16] - The company is actively engaged in assessing the potential impact of market changes on its performance[16] - The company will continue to provide updates on its financial outlook and risk factors in future reports[16] - The company is dedicated to ensuring accurate and timely communication with stakeholders regarding its financial status[16]

Group 1 - Dillard's reported quarterly earnings of $10.39 per share, exceeding the Zacks Consensus Estimate of $9.10 per share, but down from $11.09 per share a year ago, representing an earnings surprise of 14.18% [1] - The company posted revenues of $1.53 billion for the quarter ended April 2025, missing the Zacks Consensus Estimate by 0.74% and down from $1.55 billion year-over-year [2] - Dillard's shares have declined approximately 10.4% since the beginning of the year, contrasting with the S&P 500's gain of 0.2% [3] Group 2 - The current consensus EPS estimate for the upcoming quarter is $3.15 on revenues of $1.51 billion, and for the current fiscal year, it is $28.01 on revenues of $6.55 billion [7] - The Zacks Industry Rank for Retail - Regional Department Stores is in the bottom 22% of over 250 Zacks industries, indicating potential challenges for stock performance [8]