Form 4: Dillard's CEO William T. Dillard II Reports Share Acquisition and Updated Holdings

Dillard's CEO and Chairman William T. Dillard II reported the acquisition of 27 Class A Common shares and updated his beneficial ownership, including shares held indirectly through W.D. Company, Inc. and a GST Trust.

Summary

• William T. Dillard II, CEO and Chairman of Dillard's, Inc., acquired 27 shares of Common Class A stock on June 30, 2025, at a price of $413.32 per share.
• Following this transaction, his direct beneficial ownership of Common Class A shares is 897,900.
• An adjustment was made to reflect 81 shares transferred from his retirement plan to a brokerage account on June 26, 2025.
• He indirectly beneficially owns 41,496 shares of Common Class A through W.D. Company, Inc., in which he holds a 27.4% ownership interest and serves as a director and officer.
• W.D. Company, Inc. also holds 3,985,776 shares of Class B Common Stock, convertible into Class A shares on a one-for-one basis.
• An additional 7,300 shares of Common Class A are indirectly beneficially owned as a trustee of a GST Trust.

Sentiment

Score: 6

Explanation: The acquisition of shares by the CEO, even a small amount, is generally a positive signal of confidence, though the overall impact is minor given the transaction size and the nature of a Form 4 filing.

Positives

• CEO William T. Dillard II acquired 27 shares of Common Class A stock, indicating a small increase in direct ownership.

Future Outlook

No forward-looking statements or guidance are provided in this Form 4 filing.

Management Comments

• The reporting person disclaims beneficial ownership of the shares reported herein as indirectly beneficially owned, except to the extent of his pecuniary interest therein.

Industry Context

This Form 4 filing details an insider transaction for Dillard's, Inc., a major department store chain. Such filings provide transparency into executive stock ownership and transactions, which can sometimes signal management's confidence in the company's future, though the small size of this acquisition limits its broader industry implications.

Comparison to Industry Standards

• This document reports an insider transaction, which is a standard disclosure requirement for publicly traded companies.
• The acquisition of 27 shares by a CEO is a relatively small transaction compared to typical institutional trades or large insider purchases seen in the retail sector, such as those by executives at Macy's or Nordstrom.
• The indirect holdings through W.D. Company, Inc. and a GST Trust are common structures for long-term family or trust-based ownership in established companies.

Related Party Transactions

• Indirect beneficial ownership of 41,496 Common Class A shares and 3,985,776 Class B Common Stock through W.D. Company, Inc., where the reporting person owns 27.4% and serves as a director and officer.
• Indirect beneficial ownership of 7,300 Common Class A shares as a trustee of a GST Trust.

Stakeholder Impact

• Shareholders: Provides transparency regarding insider stock ownership and a minor increase in direct holdings by the CEO, which could be interpreted as a sign of confidence.
• Employees, Customers, Suppliers, Creditors: No direct impact on these stakeholders is indicated by this filing.

Key Dates

Keywords

Dillard's Inc., DDS, SEC Form 4, Insider Trading, Beneficial Ownership, Share Acquisition, William T. Dillard II, CEO, Chairman, Retail, Department Store