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

Apr 27, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2011-04-25

Reporting Person: DILLARD MIKE (Director, Executive Vice President, 10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-25	Commom Class A	A	2611	$45.82	Acquired	468385	Direct
2011-04-26	Common Class A	M	61559	$26.57	Acquired	529944	Direct
2011-04-26	Common Class A	F	46659	$46.45	Disposed	483285	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-26	Common Class A	$26.57	M	61559	Disposed	2011-05-24	Common Class A (61559)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A - Retirement Plan	32445	Direct
Common Class A	41496	Indirect
Common Class A	295014	Indirect
Common Class B	3985776	Indirect
Common Class A	26215	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Class A	$25.74	2016-01-24	Common Class A (300000)	300000	Direct

Footnotes

F1: These shares are held by W.D. Company. The reporting person owns 26.27% of W.D. Company and is one of its directors and officers.

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

F3: Co-Trustee of WTD Exemption Trust.