DDS vs ULTA

DDS Core

Annual filing released 2025-03-28 · GPT 6 Luna

PART I ITEM 1. BUSINESS. Dillard’s, Inc. (“Dillard’s”, the “Company”, “we”, “us”, “our” or “Registrant”) ranks among the nation’s largest fashion apparel, cosmetics and home furnishing retailers. The Company, originally founded in 1938 by William T. Dillard, was incorporated in Delaware in 1964. As of February 1, 2025, we operated 272 Dillard’s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods. The Company also operates a general contracting construction company, CDI Contractors, LLC (“CDI”), a portion of whose business includes constructing and remodeling stores for the Company. The following table summarizes the percentage of net sales by segment and major product line: Percentage of Net Sales

Fiscal 2024 Fiscal 2023 Fiscal 2022 Retail operations segment: Cosmetics 16 % 16 % 15 % Ladies' apparel 20 20 21 Ladies' accessories and lingerie 14 14 14 Juniors' and children's apparel 9 9 9 Men's apparel and accessories 19 19 20 Shoes 14 14 15 Home and furniture 4 4 4 96 96 98 Construction segment 4 4 2 Total 100 % 100 % 100 %

ULTA Core

Annual filing released 2025-03-27 · GPT 6 Luna

Part I Item 1. Business Overview Ulta Beauty is the largest specialty beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products, and salon services. Key aspects of our business include: One-of-a-kind Assortment. We offer guests a differentiated assortment of approximately 29,000 products from approximately 600 established and emerging beauty brands across a variety of categories and price points. We offer a wide selection of beauty and wellness categories, from mass to prestige price points, across cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools. Store Footprint. We operate more than 1,400 stores predominantly located in convenient, high-traffic locations.

In the Middle East, we entered into a franchise partnership with Alshaya Group, a leading international franchise operator, whereby Alshaya will license the Ulta Beauty brand name and operating model in the Middle East. Merchandising Overview We offer one of the most extensive product and brand selections in our industry, including a broad assortment of branded and private label beauty and wellness products in cosmetics, fragrance, haircare, skincare, bath and body products, and salon styling tools. Across our stores, Ulta.com and our mobile applications, we offer approximately 29,000 products from approximately 600 well-established and emerging beauty and wellness brands across all categories and price points, including Ulta Beauty’s own private label, Ulta Beauty Collection.

DDS Material

Annual filing released 2025-03-28 · GPT 6 Luna

PART I ITEM 1. BUSINESS. Dillard’s, Inc. (“Dillard’s”, the “Company”, “we”, “us”, “our” or “Registrant”) ranks among the nation’s largest fashion apparel, cosmetics and home furnishing retailers. The Company, originally founded in 1938 by William T. Dillard, was incorporated in Delaware in 1964. As of February 1, 2025, we operated 272 Dillard’s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods. The Company also operates a general contracting construction company, CDI Contractors, LLC (“CDI”), a portion of whose business includes constructing and remodeling stores for the Company. The following table summarizes the percentage of net sales by segment and major product line: Percentage of Net Sales

Additional information regarding our business, results of operations and financial condition, including information pertaining to our reporting segments, can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 hereof and in Note 2 in the “Notes to Consolidated Financial Statements” in Item 8 hereof. Customers may visit us in person at any of our retail stores located primarily in shopping malls and open-air centers throughout the southwest, southeast and midwest regions of the United States. Our customers may also visit us online at our e-Commerce site, dillards.com, gaining company-wide access to in-store merchandise selections across 30 states as well as in our fulfillment and distribution centers. Customers also have the option to buy online and pickup in store or have their orders shipped directly to their desired location.

ULTA Material

Annual filing released 2025-03-27 · GPT 6 Luna

Digital platform In addition to store expansion, we continue to expand our digital capabilities as more of our guests choose to engage with us across physical and digital platforms. In fiscal 2024, 18% of our loyalty members shopped both in Ulta Beauty stores and through our digital platforms. Our omnichannel guests are extremely valuable, historically spending nearly three times as much as retail-only guests. Our e-commerce platform has two key roles: generating direct channel sales and profits by engaging our guests in an interactive, enjoyable way that reinforces the Ulta Beauty brand; and driving traffic to our stores, website, and native applications.

The Company has one reportable segment, which includes retail stores, salon services, and e-commerce. We recognize merchandise revenue at the point of sale in our retail stores. E-commerce sales are recognized upon shipment or guest pickup of the merchandise based on meeting the transfer of control criteria. Retail store and e-commerce sales are recorded net of estimated returns. Shipping and handling are treated as costs to fulfill the contract and not a separate performance obligation. Accordingly, we recognize revenue for our single performance obligation related to online sales at the time control of the merchandise passes to the customer, which is at the time of shipment or guest pickup. We provide refunds for merchandise returns within 30 days from the original purchase date.

DDS Core

Annual filing released 2025-03-28 · GPT 6 Luna

PART I ITEM 1. BUSINESS. Dillard’s, Inc. (“Dillard’s”, the “Company”, “we”, “us”, “our” or “Registrant”) ranks among the nation’s largest fashion apparel, cosmetics and home furnishing retailers. The Company, originally founded in 1938 by William T. Dillard, was incorporated in Delaware in 1964. As of February 1, 2025, we operated 272 Dillard’s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods. The Company also operates a general contracting construction company, CDI Contractors, LLC (“CDI”), a portion of whose business includes constructing and remodeling stores for the Company. The following table summarizes the percentage of net sales by segment and major product line: Percentage of Net Sales

Additional information regarding our business, results of operations and financial condition, including information pertaining to our reporting segments, can be found in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Item 7 hereof and in Note 2 in the “Notes to Consolidated Financial Statements” in Item 8 hereof. Customers may visit us in person at any of our retail stores located primarily in shopping malls and open-air centers throughout the southwest, southeast and midwest regions of the United States. Our customers may also visit us online at our e-Commerce site, dillards.com, gaining company-wide access to in-store merchandise selections across 30 states as well as in our fulfillment and distribution centers. Customers also have the option to buy online and pickup in store or have their orders shipped directly to their desired location.

ULTA Core

Annual filing released 2025-03-27 · GPT 6 Luna

Part I Item 1. Business Overview Ulta Beauty is the largest specialty beauty retailer in the United States and the premier beauty destination for cosmetics, fragrance, skin care products, hair care products, and salon services. Key aspects of our business include: One-of-a-kind Assortment. We offer guests a differentiated assortment of approximately 29,000 products from approximately 600 established and emerging beauty brands across a variety of categories and price points. We offer a wide selection of beauty and wellness categories, from mass to prestige price points, across cosmetics, fragrance, haircare, skincare, bath and body products, professional hair products, and salon styling tools. Store Footprint. We operate more than 1,400 stores predominantly located in convenient, high-traffic locations.

Ulta Beauty, Inc. Notes to Consolidated Financial Statements (In thousands, except per share and store count data) 1. Business and basis of presentation Ulta Beauty, Inc. was founded in 1990 to operate specialty retail stores selling cosmetics, fragrance, haircare and skincare products, and related accessories and services. Nearly every store features a full-service salon. As used in these notes and throughout this Annual Report on Form 10-K, all references to “we,” “us,” “our,” “Ulta Beauty,” or the “Company” refer to Ulta Beauty, Inc. and its consolidated subsidiaries. All amounts are stated in thousands, with the exception of per share amounts and number of stores. As of February 1, 2025, the Company operated 1,445 stores across 50 states. The Company has one reportable segment, which includes retail stores, salon services, and e-commerce.

DDS Material

Annual filing released 2025-03-28 · GPT 6 Luna

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. At February 1, 2025, Dillard’s, Inc. operates 272 retail department stores spanning 30 states and an Internet store at dillards.com. The Company also operates a general contracting construction company, CDI, a portion of whose business includes constructing and remodeling stores for the Company, which is a reportable segment separate from our retail operations. In accordance with the National Retail Federation fiscal reporting calendar and our bylaws, the fiscal 2024 reporting period presented and discussed below ended February 1, 2025 and contained 52 weeks. The fiscal 2023 reporting period presented and discussed below ended February 3, 2024 and contained 53 weeks. The fiscal 2022 reporting period presented and discussed below ended January 28, 2023 and contained 52 weeks.

Fiscal 2023 Fiscal 2022 Net sales: Retail operations segment $ 6,218,525 $ 6,479,580 $ 6,701,972 Construction segment 264,111 272,473 169,109 Total net sales $ 6,482,636 $ 6,752,053 $ 6,871,081 The percent change by segment and product category in the Company’s sales for the past two years is as follows: Percent Change Fiscal 2024 - 2023 Fiscal 2024 - 2023* Fiscal 2023 - 2022 Fiscal 2023 - 2022** Retail operations segment Cosmetics 1.4 % 3.0 % 4.3 % 3.0 % Ladies’ apparel (4.7) (2.9) (4.1) (5.6) Ladies’ accessories and lingerie (2.7) (1.3) (6.4) (7.7) Juniors’ and children’s apparel (5.7) (3.9) (7.3) (8.7) Men’s apparel and accessories (7.1) (5.6) (4.4) (5.8) Shoes (6.1) (4.2) (3.4) (4.6) Home and furniture (0.1) 1.2 (1.0) (2.4)

ULTA Not tagged

Annual filing released 2025-03-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

DDS Material

Annual filing released 2025-03-28 · GPT 6 Luna

PART I ITEM 1. BUSINESS. Dillard’s, Inc. (“Dillard’s”, the “Company”, “we”, “us”, “our” or “Registrant”) ranks among the nation’s largest fashion apparel, cosmetics and home furnishing retailers. The Company, originally founded in 1938 by William T. Dillard, was incorporated in Delaware in 1964. As of February 1, 2025, we operated 272 Dillard’s stores, including 28 clearance centers, and an Internet store at dillards.com offering a wide selection of merchandise including fashion apparel for women, men and children, accessories, cosmetics, home furnishings and other consumer goods. The Company also operates a general contracting construction company, CDI Contractors, LLC (“CDI”), a portion of whose business includes constructing and remodeling stores for the Company. The following table summarizes the percentage of net sales by segment and major product line: Percentage of Net Sales

Fiscal 2024 Fiscal 2023 Fiscal 2022 Retail operations segment: Cosmetics 16 % 16 % 15 % Ladies' apparel 20 20 21 Ladies' accessories and lingerie 14 14 14 Juniors' and children's apparel 9 9 9 Men's apparel and accessories 19 19 20 Shoes 14 14 15 Home and furniture 4 4 4 96 96 98 Construction segment 4 4 2 Total 100 % 100 % 100 %

ULTA Not tagged

Annual filing released 2025-03-27 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

DDS Not tagged

Annual filing released 2025-03-28 · GPT 6 Luna

This activity has no positive tag in the selected filing snapshot.

ULTA Material

Annual filing released 2025-03-27 · GPT 6 Luna

This unique understanding, combined with our ongoing investment in data analytics and CRM capabilities, enables us to create personalized experiences and value for our guests and has unlocked new ways for us to support our brand partners and drive additional vendor income. In 2022, we launched our retail media network, UB Media, to transform the way our brand partners can connect with beauty enthusiasts. UB Media offers brands a suite of media and advertising capabilities that aim to personalize guest engagement and drive the acquisition of new guests. 10 Table of Contents