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

Aug 20, 2003

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2003-08-19

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2003-08-19	Common Stock Class A	M	8750	$10.4375	Acquired	35897	Direct
2003-08-19	Common Stock Class A	F	6548	$16.78	Disposed	30773	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2003-08-19	Employee Stock Option	$10.4375	M	8750	Disposed	2005-12-05	Common Class A (8750)	Direct
2003-08-19	Employee Stock Option	$16.87	F	6548	Acquired	2005-12-05	Common Class A (6548)	Direct

Footnotes

F1: 3,395 Shares - Retirement Plan

F2: Col 5 includes 1424 shares of Class A acquired under Rule 16(b)-3(c).