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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-01-13	Common Class A	M	83482	$25.16	Acquired	260347	Direct
2006-01-13	Common Class A	F	81204	$26.195	Disposed	179143	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-01-13	Employee Stock Option	$25.16	M	83482	Disposed	2006-12-10	Common Class A (83482)	Direct
2006-01-13	Common Class A	$26.195	F	81204	Acquired	2006-12-10	Common Class A (81204)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Dillard's Capital Trust 1 7.5% Capital Securities	22850	Direct
Common Class A - Retirement Plan	8978	Direct

Footnotes

F1: Total of 179,143 includes 4,771 shares of Class A acquired under 401(k) plan Exempt Under Rule 16b-3(c).