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

May 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2011-05-16

Reporting Person: DILLARD ALEX (Director, President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-16	Common Class A	M	127207	$26.46	Acquired	860225	Direct
2011-05-16	Common Class A	F	89529	$55.55	Disposed	770696	Direct
2011-05-10	Common Class A	G	1500	—	Disposed	769196	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-16	Common Class A	$26.46	M	127207	Disposed	2011-05-24	Common Class A (127207)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A - Retirement Plan	74083	Direct
Common Class A	41496	Indirect
Common Class A	36000	Indirect
Common Class A	26215	Indirect
Common Class B	3985776	Indirect
Common Class A	295014	Indirect

Footnotes

F1: These shares are held by W.D. Company. The reporting person owns 27.93% of W.D. Company and is one of its directors.

F2: Co-Trustee and co-beneficiary of WTD Exemption Trust.

F3: Owned by Spouse

F4: Co-Trustee of WTD Exemption Trust