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

Jan 18, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2006-01-13

Reporting Person: DILLARD ALEX (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-13	Common CLass A	G	2700	$24.26	Disposed	528120	Direct
2006-01-13	Common Class A	M	300000	$24.01	Acquired	828120	Direct
2006-01-13	Common Class A	F	283510	$26.195	Disposed	544610	Direct
2006-01-13	Common Class A	M	150000	$25.125	Acquired	694610	Direct
2006-01-13	Common Class A	F	145921	$26.195	Disposed	558240	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-13	Employee Stock Option	$24.01	M	300000	Disposed	2009-05-14	Common Class A (300000)	Direct
2006-01-13	Employee Stock Option	$26.195	F	283510	Acquired	2009-05-14	Common Class A (283510)	Direct
2006-01-13	Employee Stock Option	$25.125	M	150000	Disposed	2006-02-05	Common Class A (150000)	Direct
2006-01-13	Employee Stock Option	$26.195	F	145921	Acquired	2006-02-05	Common Class A (145921)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Dillard's Capital Trust 1 7.5% Capital Securities DDT	20000	Direct
Common Class A - Retirement Plan	59188	Direct
Common Class A	41496	Direct
Common Class B	3985776	Direct
Common Class A	26215	Direct
Common Class A	26011	Indirect

Footnotes

F1: 41,496 Shares By W.D. Company. Reporting person owns 27.93%. This is W.D. Co.'s entire interest.

F2: 3,985,776 Class B Shares By W.D. Company. Reporting person owns 27.93%. This is W.D. Co.'s entire interest.

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

F4: Total of 558,240 includes 9,551 shares of Class A acquired under 401(k) plan Expempt Under Rule 16b-3(c).