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: CONNOR ROBERT C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-20	Common Class A	M	3000	$25.125	Acquired	23268	Direct
2006-01-20	Common Class A	F	2927	$25.95	Disposed	20341	Direct
2006-01-20	Common Class A	M	1268	$18.125	Acquired	21609	Direct
2006-01-20	Common Class A	F	980	$25.95	Disposed	20629	Direct
2006-01-20	Common Class A	M	5000	$24.01	Acquired	25629	Direct
2006-01-20	Common Class A	F	4719	$25.95	Disposed	20910	Direct
2006-01-20	Common Class A	M	2936	$24.00	Acquired	23846	Direct
2006-01-20	Common Class A	F	2770	$25.95	Disposed	21076	Direct
2006-01-20	Common Class A	M	3064	$24.00	Acquired	24140	Direct
2006-01-20	Common Class A	F	2890	$25.95	Disposed	21250	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-20	Stock Option Exercise	$25.125	M	3000	Disposed	2006-02-05	Common Class A (3000)	Direct
2006-01-20	Common Class A	$25.95	F	2927	Acquired	2006-02-05	Common Class A (2927)	Direct
2006-01-20	Stock Option Exercise	$18.125	M	1268	Disposed	2006-12-10	Common Class A (1268)	Direct
2006-01-20	Stock Option Exercise	$25.95	F	980	Acquired	2006-12-10	Common Class A (980)	Direct
2006-01-20	Stock Option Exercise	$24.01	M	5000	Disposed	2009-05-14	Common Class A (5000)	Direct
2006-01-20	Stock Option Exercise	$25.95	F	4719	Acquired	2009-05-14	Common Class A (4719)	Direct
2006-01-20	Stock Option Exercise	$24.00	M	2936	Disposed	2007-12-15	Common Class A (2936)	Direct
2006-01-20	Stock Option Exercise	$25.95	F	2770	Acquired	2007-12-15	Common Class A (2770)	Direct
2006-01-20	Stock Option Exercise	$24.00	M	3064	Disposed	2006-12-10	Common Class A (3064)	Direct
2006-01-20	Stock Option Exercise	$25.95	F	2890	Acquired	2006-12-10	Common Class A (2890)	Direct