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

Jan 14, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2011-01-12

Reporting Person: SCHROEDER PAUL J JR (VP, General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-01-12	Common Class A - Retirement Plan	S	14137	$39.36	Disposed	0	Direct
2011-01-12	Common Class A	D	68013	$39.59	Disposed	1517	Direct
2011-01-12	Common Class A	M	16732	$25.74	Acquired	18249	Direct
2011-01-12	Common Class A	S	16732	$39.55	Disposed	1517	Direct
2010-01-13	Common Class A	M	33268	$25.74	Acquired	34785	Direct
2010-01-13	Common Class A	S	33268	$39.52	Disposed	1517	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-01-12	Employee Stock Option	$25.74	M	16732	Disposed	2016-01-24	Common Class A (16732)	Direct
2011-01-13	Employee Stock Option	$25.74	M	33268	Disposed	2016-01-24	Common Class A (33268)	Direct

Footnotes

F1: Includes 1,222 shares aquired under Dillard's 401K plan since the date of the reporting person's last ownership report.