Dillard's 2002 Annual Report Download - page 28

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Independent Auditors' Report
Independent Auditors’ Report
To the Stockholders and Board of Directors of Dillard’s, Inc.
Little Rock, Arkansas
We have audited the accompanying consolidated balance sheets of Dillard’s, Inc. and subsidiaries as of February 1, 2003 and February
2, 2002, and the related consolidated statements of operations, stockholders’ equity and comprehensive loss and cash flows for each of
the three fiscal years in the period ended February 1, 2003. Our audits also included the financial statement schedule of Dillard's, Inc.
and subsidiaries, listed in item 15. These financial statements and financial statement schedule are the responsibility of the
Company’s management. Our responsibility is to express an opinion on these financial statements and financial statement schedule
based on our audits.
We conducted our audits in accordance with auditing standards generally accepted within the United States of America. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such consolidated financial statements present fairly, in all material respects, the consolidated financial position of
Dillard’s, Inc. and subsidiaries as of February 1, 2003 and February 2, 2002, and the results of their operations and their cash flows for
each of the three fiscal years in the period ended February 1, 2003 in conformity with accounting principles generally accepted in the
United States of America. Also, in our opinion, such financial statement schedule, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.
As discussed in Notes 1 and 2 to the consolidated financial statements, the Company changed its method of accounting for goodwill
and other intangible assets in 2002 to conform to Statement of Financial Standards No. 142. Also, as discussed in Note 1 to the
consolidated financial statements, the Company changed its method of accounting for merchandise inventories under the retail
inventory method in 2000.
Deloitte & Touche LLP
Dallas, Texas
March 1, 2003
F-2