DILLARD'S, INC. — Director's Dealing 2003

Dec 24, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2003-12-24

Reporting Person: SCHROEDER PAUL J JR (VP, General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-12-24	Common Stock Class A	M	8750	$10.4375	Acquired	39523	Direct
2003-12-24	Common Stock Class A	F	6725	$16.00	Disposed	33609	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-12-24	Employee Stock Option	$10.4375	M	8750	Disposed	2005-12-15	Common Class A (8750)	Direct
2003-12-24	Employee Stock Option	$16.00	F	6725	Acquired	2005-12-15	Common Class A (6725)	Direct

Footnotes

F1: 3,395 Shares - Retirement Plan

F2: Col 5 includes 811 shares of Class A acquired under Rule 16(b)-3(c).