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: FREEMAN JAME I (Director, Senior VP, CFO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-15	Common Class A	M	49384	$26.455	Acquired	243549	Direct
2006-11-15	Common Class A	F	41078	$35.975	Disposed	202471	Direct
2006-11-15	Common Class A	M	43659	$26.455	Acquired	246130	Direct
2006-11-15	Common Class A	F	36316	$35.975	Disposed	211566	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-15	Employee Stock Option	$26.455	M	49384	Disposed	2007-12-15	Common Class A (49384)	Direct
2006-11-15	Employee Stock option	$26.455	M	43659	Disposed	2007-12-15	Common Class A (43659)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Dillard's Capital Trust 1 7.5% Capital	22850	Direct
Common Class A - Retirement Plan	9645	Direct

Footnotes

F1: Total includes 1,752. shares of Class A acquired under 401(k) plan Exempt Under Rule 16b-3(c).