Exhibit 99
Dillard’s, Inc. Reports First Quarter Results


LITTLE ROCK, Ark.--(BUSINESS WIRE)--May 15, 2019--Dillard’s, Inc. (NYSE: DDS) (the “Company” or “Dillard’s”) announced operating results for the 13 weeks ended May 4, 2019. This release contains certain forward-looking statements. Please refer to the Company’s cautionary statements regarding forward-looking information included below under “Forward-Looking Information.”

Highlights of the First Quarter:

Earnings per share of $2.99 compared to $2.89 for the prior year first quarter

Net Income of $78.6 million compared to $80.5 million

Merchandise sales:
Total sales increased 1% on top of a 2% increase in the prior year first quarter
Comparable sales were flat on top of a 2% increase

Retail gross margin declined 141 basis points of sales

Retail operating expenses decreased 23 basis points of sales
    
Share repurchase of $17.4 million (0.2 million shares)

First Quarter Results

Dillard’s reported net income for the 13 weeks ended May 4, 2019 of $78.6 million, or $2.99 per share, compared to net income of $80.5 million, or $2.89 per share, for the prior year first quarter. Included in net income for the 13 weeks ended May 4, 2019 is a pretax gain of $7.4 million ($5.8 million after tax or $0.22 per share) related to the sale of two stores.

Net sales for the 13 weeks ended May 4, 2019 were $1.465 billion and $1.458 billion for the 13 weeks ended May 5, 2018. Net sales includes the operations of the Company’s construction business, CDI Contractors, LLC ("CDI").
 
Total merchandise sales (which excludes CDI) for the 13-week period ended May 4, 2019 were $1.421 billion and $1.411 billion for the 13-week period ended May 5, 2018. Total merchandise sales increased 1% for the 13-week period ended May 4, 2019. Sales in comparable stores for the period remained unchanged on a percentage basis. In relation to the total Company sales performance, sales were strongest in juniors' and children's apparel followed by home and furniture and men's apparel and accessories. Below-trend performances were noted in shoes and cosmetics. Sales were strongest in the Eastern region followed by the Central and Western regions, respectively.

Gross Margin/Inventory
 
Gross margin from retail operations (which excludes CDI) declined 141 basis points of sales for the 13 weeks ended May 4, 2019 compared to the prior year first quarter primarily due to increased markdowns. Consolidated gross margin for the 13 weeks ended May 4, 2019 declined 134 basis points of sales compared to the prior year first quarter. Inventory increased 3% at May 4, 2019 compared to May 5, 2018.

Selling, General & Administrative Expenses

Retail selling, general and administrative expenses ("operating expenses") decreased 23 basis points of sales for the 13 weeks ended May 4, 2019 compared to the 13 weeks ended May 5, 2018. Retail operating expenses were $403.3 million (28.4% of sales) and $404.0 million (28.6% of sales) during the 13 weeks ended May 4, 2019 and May 5, 2018, respectively. Consolidated operating expenses were $405.1 million (27.6% of sales) and $406.0 million (27.8% of sales) during the 13 weeks ended May 4, 2019 and May 5, 2018, respectively.

Share Repurchase

During the 13 weeks ended May 4, 2019, the Company purchased $17.4 million (approximately 0.2 million shares) of Class A Common Stock under its $500 million share repurchase program. Total shares outstanding (Class A and Class B Common Stock) at May 4, 2019 and May 5, 2018 were 26.1 million and 27.6 million, respectively. At May 4, 2019, $389 million authorization remained under the share repurchase program.

Store Information

Dillard's operates 261 Dillard's locations and 28 clearance centers spanning 29 states and an Internet store at www.dillards.com. Total store square footage is 48.7 million.

Lease Accounting

During the first quarter of fiscal 2019, the Company adopted Accounting Standards Update ("ASU") No. 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("ASU 2016-02") using the optional effective date transition method. Under this method, the Company applied the new standard as of February 3, 2019 with no adjustments to the comparative period presented. The condensed consolidated balance sheet at May 4, 2019 reflects the impact of recording operating lease assets and operating lease liabilities for existing operating leases. At May 4, 2019, the operating lease assets totaled $52.8 million, and the operating lease liabilities totaled $52.0 million. The impact of the adoption was immaterial to the condensed consolidated statements of income for the 13 weeks ended May 4, 2019.



The following information was filed by Dillard's, Inc. (DDS) on Wednesday, May 15, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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