DILLARD'S, INC. — Director's Dealing 2005

May 31, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2005-05-26

Reporting Person: DILLARD ALEX (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-26	Dillard's Capital Trust 1 7.5% Capital Securities DDT	P	2000	$23.95	Acquired	20000	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A	530820	Direct
Common Class A - Retirement Plan	59188	Direct
Common Class A	41496	Direct
Common Class B	3985776	Direct
Common Class A	26215	Direct
Common Class A	26011	Indirect

Footnotes

F1: 41,496 Shares By W.D. Company. Reporting person owns 27.93%. This is W.D. Co.'s entire interest.

F2: 3,985,776 Class B Shares By W.D. Company. Reporting person owns 27.93%. This is W.D. Co.'s entire interest.

F3: Co-Trustee and co-beneficiary of WTD Exemption Trust.