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

Jan 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2006-01-20

Reporting Person: CORBUSIER DRUE (Director, Executive Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-20	Common Class A	M	150000	$24.01	Acquired	366392	Direct
2006-01-20	Common Class A	F	140905	$25.95	Disposed	225487	Direct
2006-01-20	Common Class A	M	19542	$24.73	Acquired	245029	Direct
2006-01-20	Common Class A	F	18866	$25.95	Disposed	226163	Direct
2006-01-20	Common Class A	M	16143	$24.05	Acquired	242306	Direct
2006-01-20	Common Class A	F	15273	$25.95	Disposed	227033	Direct
2006-01-20	Common Class A	M	24637	$24.05	Acquired	251670	Direct
2006-01-20	Common Class A	F	23310	$25.95	Disposed	228360	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-20	Employee Stock Option	$24.01	M	150000	Disposed	2009-05-14	Common Class A (150000)	Direct
2006-01-20	Employee Stock Option	$25.95	F	140905	Acquired	2009-05-14	Common Class A (140905)	Direct
2006-01-20	Employee Stock Option	$24.73	M	19542	Disposed	2011-05-24	Common Class A (19542)	Direct
2006-01-20	Employee Stock Option	$25.95	F	18866	Acquired	2011-05-24	Common Class A (18866)	Direct
2006-01-20	Employee Stock Option	$24.05	M	16413	Disposed	2011-05-24	Common Class A (16413)	Direct
2006-01-20	Employee Stock Option	$25.95	F	15273	Acquired	2011-05-24	Common Class A (15273)	Direct
2006-01-20	Employee Stock Option	$24.05	M	24637	Disposed	2006-12-10	Common Class A (24637)	Direct
2006-01-20	Employee Stock Option	$24.73	F	23310	Acquired	2006-12-10	Common Class A (23310)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A - Retirement Plan	23976	Direct
Common Class A	4100	Direct

Footnotes

F1: 4,100 Trustee Uniform Gift Minor

F2: Col 5 - Total includes 5,323 shares of Class A acquired under 401(K) Plan Exempt Under Rule 16b-3(c).