SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
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PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
March 21, 2001
DATE OF REPORT (Date of earliest event reported)
DILLARD'S, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-6140 71-0388071
(State or other (Commission (IRS Employer
jurisdiction of incorporation) File Number) Identification Number)
1600 Cantrell Road, Little Rock, Arkansas 72201
(Address of principal executive offices)
(Zip Code)
(501) 376-5200
(Registrant's telephone number, including area code)
Item 5. Other Events
On March 21, 2001, the Company issued a press release announcing its unaudited operating results for its fourth
quarter and fiscal year ended February 3, 2001.The Company expects to file its Annual Report on Form 10-K for the
fiscal year ended February 3, 2001 during April 2001. Such report will include its audited financial statements
for the fiscal year ended February 3, 2001("fiscal 2000"), and will include a discussion of the accounting change
adopted by the Company effective the beginning of fiscal 2000. Included in its March 21, 2001 press release, the
Company reported the following with respect to such accounting change:
"Effective the beginning of fiscal 2000, the Company changed its method of accounting for inventories under the
retail inventory method. The change principally relates to the Company's accounting for allowances received from
vendors, from recording such allowances directly as a reduction to cost of sales to recording such allowances as a
reduction to inventoriable product cost. The cumulative effect of the accounting change was to reduce fiscal 2000
net income by $130 million ($1.42 per fully diluted share). The effect of adopting the new method was to increase
both income before extraordinary item and net income by $30 million ($.33 per share) for the fiscal year."
The effect of adopting the new method on its operating results for the fourth quarter and fiscal year ended
February 3, 2001 was included in the unaudited financial statements presented in the March 21, 2001 press release.
However, the change in accounting method will also impact the Company's operating results for the quarterly
periods ended April 29, 2000, July 29, 2000, and October 28, 2000, which were previously presented under the prior
accounting method. Accordingly, as a result of the accounting change which was effective at the beginning of
fiscal 2000, the Company will restate its previously filed unuaudited interim financial statements for the first
three quarterly reporting periods of fiscal 2000. Such restated results will be presented in a footnote to the
audited financial statements for fiscal 2000 to be included in the Company's Form 10-K, as well as in its future
filings on Form 10-Q for fiscal 2001.
In order to dissemminate such information sooner, the Company has included in this filing its unaudited statements
of operations for the interim periods in fiscal 2000, which reflect the accounting change effective the beginning
of fiscal 2000.
Dillard's, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
(Amounts in Millions, Except Per Share Data)
(Unaudited)
Quarterly Period Ended
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April 29, July 29, October 28, February 3,
2000 2000 2000 2001
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Net sales $ 2,083 $ 1,843 $ 1,979 $ 2,662
Total revenues 2,146 1,902 2,047 2,723
Cost of sales 1,369 1,228 1,391 1,815
Advertising, selling, administrative
and general expenses 536 523 541 620
Depreciation and amortization 76 76 77 74
Rentals 16 16 17 27
Interest and debt expense 59 57 52 56
Asset impairment and store closing charges - - - 51
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Total costs and expenses 2,056 1,900 2,078 2,643
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Income (loss) before income taxes 90 2 (31) 80
Income taxes (benefits) 34 1 (12) 21
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Income (loss) before extraordinary item and cumulative
effect of accounting change 56 1 (19) 59
Extraordinary gain on early extinguishment of debt,
net of taxes - 4 16 7
Cumulative effect of accounting change, net of taxes (130) - - -
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Net income (loss) $ (74) $ 5 $ (3) 66
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Basic and diluted earnings per share:
Income (loss) before extraordinary item and cumulative
effect of accounting change $0.58 $0.01 ($0.21) $0.69
Extraordinary gain on early extinguishment of debt,
net of taxes - 0.05 0.17 0.09
Cumulative effect of accounting change, net of taxes (1.36) - - -
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Net income (loss) ($0.78) $0.06 ($0.04) $0.78
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Weighted average shares:
Basic 95.6 92.7 90.7 85.6
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Diluted 95.6 92.7 90.7 85.7
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
DILLARD'S, INC.
(Registrant)
By:__/s/ James I.Freeman____
James I. Freeman
Senior Vice President and
Chief Financial Officer
Date: March 27, 2001
