Dillard's 2015 Annual Report Download - page 30

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24
Inventory in comparable stores remained flat at January 30, 2016 compared to January 31, 2015.
2014 Compared to 2013
Gross profit improved 14 basis points of sales during fiscal 2014 compared to fiscal 2013. Gross profit from retail
operations improved 35 basis points of segment net sales during the same periods primarily due to increased initial markups.
During fiscal 2014, gross margin improved slightly in juniors' and children's apparel and ladies' apparel. Gross margin
was essentially flat in all other product categories.
Inventory in comparable stores increased 2% as of January 31, 2015 compared to February 1, 2014.
Selling, General and Administrative Expenses ("SG&A")
(in thousands of dollars) Fiscal 2015 Fiscal 2014 Fiscal 2013
SG&A:
Retail operations segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,664,301 $ 1,658,994 $ 1,627,053
Construction segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,615 4,865 4,983
Total SG&A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,669,916 $ 1,663,859 $ 1,632,036
SG&A as a percentage of segment net sales:
Retail operations segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.1% 25.6% 25.3%
Construction segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7 3.7 5.4
Total SG&A as a percentage of net sales. . . . . . . . . . . . . . . . . . . . . . . . . . . 25.3 25.1 25.0
2015 Compared to 2014
SG&A increased $6.1 million or 19 basis points of sales during fiscal 2015 compared to fiscal 2014. The increase was
primarily driven by increased selling payroll expense ($15.1 million) partially offset by decreased advertising expense ($6.2
million).
2014 Compared to 2013
SG&A increased $31.8 million or 14 basis points of sales during fiscal 2014 compared to fiscal 2013. The increase was
most noted in payroll and payroll related taxes ($34.1 million), primarily of selling payroll as the Company focused on
increasing pay for selling associates, partially offset by reduced advertising expenditures ($9.0 million).
Depreciation and Amortization
(in thousands of dollars) Fiscal 2015 Fiscal 2014 Fiscal 2013
Depreciation and amortization:
Retail operations segment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 249,508 $ 250,371 $ 255,240
Construction segment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503 312 250
Total depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 250,011 $ 250,683 $ 255,490
2014 Compared to 2013
Depreciation and amortization expense decreased $4.8 million during fiscal 2014 compared to fiscal 2013, primarily due
to the timing and composition of capital expenditures.