DILLARD'S, INC. — Director's Dealing 2004

Aug 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2004-08-20

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-08-20	Common Class A	M	8750	$10.4375	Acquired	11086	Direct
2004-08-20	Common Class A	S	8750	$20.5871	Disposed	2336	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-08-20	Employee Stock Option (right to buy)	$10.4375	M	8750	Acquired	2005-12-15	Common Stock Class A (8750)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A	3510	Direct