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

Sep 11, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2003-09-10

Reporting Person: UNFRIED CHARLES O (VP, CEO Dillards Nat'l Bank)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-09-10	Common Class A	A	8750	$10.4375	Acquired	10715	Direct
2003-09-10	Common Class A	S	8750	$15.1021	Disposed	1965	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-09-10	Common Class A	$10.4375	M	8750	Acquired	2005-12-15	Common Class A (8750)	Direct

Footnotes

F1: 2,676 shares Class A Retirement Plan

F2: Col 5 includes 487 shares of Class A acquired under Rule 16(b)-3(c).