DILLARD'S, INC. — Director's Dealing 2012

May 25, 2012

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: DILLARDS INC (DDS)
CIK: 0000028917
Period of Report: 2012-05-25

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2012-05-25	Common Class A	M	25000	$25.74	Acquired	35150	Direct
2012-05-25	Common Class A	S	25000	$70.00	Disposed	10150	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2012-05-25	Common Class A	$25.74	M	25000	Disposed	2016-01-24	Common Class A (25000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Class A - Retirement Plan	835	Direct