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

Jan 13, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2005-01-11

Reporting Person: DILLARD ALEX (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-12-24	Common Class A	G	2400	$26.097	Disposed	388612	Direct
2005-01-11	Common Class A	M	200000	$18.125	Acquired	588612	Direct
2005-01-11	Common Class A	F	164387	$26.455	Disposed	424225	Direct
2005-01-11	Common Class A	M	160000	$10.4375	Acquired	584225	Direct
2005-01-11	Common Class A	F	101591	$26.455	Disposed	482634	Direct
2005-01-11	Common Class A	M	165000	$15.74	Acquired	647634	Direct
2005-01-11	Common Class A	F	127207	$26.455	Disposed	520427	Direct
2005-01-11	Common Class A	G	10000	$26.455	Acquired	530427	Direct
2005-01-13	Common Class A	A	393	$26.38	Acquired	530820	Direct
2005-01-11	Common Class A	G	10000	$26.455	Disposed	26011	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-11	Employee Stock Option	$18.125	M	200000	Disposed	2006-12-10	Common Class a (200000)	Direct
2005-01-11	Employee Stock Option	$26.455	A	164387	Acquired	2006-12-10	Common Class A (164387)	Direct
2005-01-11	Employee Stock Option	$10.4375	M	160000	Disposed	2007-12-15	Common Class A (160000)	Direct
2005-01-11	Employee Stock Option	$26.455	A	101591	Acquired	2007-12-15	Common Class A (101591)	Direct
2005-01-11	Employee Stock Option	$15.74	M	165000	Disposed	2011-05-24	Common Class A (165000)	Direct
2005-01-11	Employee Stock Option	$26.455	A	127207	Acquired	2011-05-24	Common Class A (127207)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Dillard's Capital Trust 1 7.5% Capital Securities	18000	Direct
Common Class A	58072	Direct
Common Class A	41496	Direct
Common Class B	3985776	Direct