Dillard's is a regional U.S. department store chain selling fashion apparel, cosmetics, accessories, and home furnishings. Dillard's operates 271 stores concentrated in the southwest, southeast, and midwest, plus an e-commerce site. Dillard's targets middle-to-upper-middle-income consumers, with stores located primarily in shopping malls and open-air centers. The product mix is diversified across ladies' apparel (~20% of net sales), men's apparel and accessories (~19%), cosmetics (~16%), ladies' accessories and lingerie (~14%), shoes (~14%), juniors' and children's apparel (~9%), and home and furniture (~4%). Dillard's earns the margin between what it pays suppliers and what it charges customers, with store traffic, conversion, and average transaction size as the key revenue drivers. A notable feature of Dillard's model is its private label and exclusive brands (Antonio Melani, Gianni Bini, Daniel Cremieux), which Dillard's argues allow it to offer fashionable products at lower prices than comparable national brands while maintaining higher margins. Dillard's also earns compensation from a private label credit card program managed by Citi, which owns the credit accounts and bears credit risk while paying Dillard's based on the portfolio's earnings. The business is highly seasonal, with the fourth fiscal quarter (the holiday season) accounting for roughly one-third of annual sales. Dillard's also operates CDI Contractors, a general contracting business that builds and remodels Dillard's stores and does some third-party work.