DILLARD'S, INC. — Director's Dealing 2006

Nov 17, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2006-11-15

Reporting Person: DILLARD MIKE (Director, Executive Vice President, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-15	Common Class A	M	54644	$26.57	Acquired	459859	Direct
2006-11-15	Common Class A	F	46565	$35.975	Disposed	413294	Direct
2006-11-15	Common Class A	M	27382	$26.57	Acquired	440676	Direct
2006-11-15	Common Class A	F	22617	$35.975	Disposed	418059	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-15	Employee Stock Option	$26.57	M	54644	Disposed	2006-12-10	Common Class A (54644)	Direct
2006-11-15	Employee Stock Option	$26.57	M	27382	Disposed	2006-12-10	Common Class A (27382)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Commom Class A - Retirement Plan	23727	Direct
Dillard's Capital Trust 1 7.5% Capital	3885	Direct
Common Class A	41496	Direct
Common Class B	3985776	Direct
Common Class A	26215	Direct
Common Class A	295014	Direct

Footnotes

F1: Stock Bonus Award

F2: 3,985,776 Class B Shares By W.D. Company. Reporting person owns 26.27%. This is W.D. Co.'s entire interest.

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

F4: Co-Trustee of WTD Exemption Trust.