DILLARD'S, INC. — Director's Dealing 2011

May 24, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2011-05-21

Reporting Person: STEPHENS WARREN A (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-21	Common Class A	A	1500	$52.89	Acquired	4202	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A	121536	Indirect

Footnotes

F1: Shares were granted pursuant to the Dillard's, Inc. Non-Employee Director Stock Plan.

F2: Reflects transfer to Stephens Investments Holdings LLC of 21,536 shares previously reported as indirectly owned by trust.