Edgar Filing: DILLARD ALEX

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

DILLARD ALEX

2. Issuer Name and Ticker or Trading Symbol
DILLARDS INC [DDS]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

__X__ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
President

(Last)

(First)

(Middle)

1600 CANTRELL ROAD

3. Date of Earliest Transaction (Month/Day/Year)
01/11/2005

(Street)

LITTLE ROCK, AR 72201

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Class A	12/24/2004		G		2,400	D	$ 26.097	388,612	D
Common Class A	01/11/2005		M		200,000	A	$ 18.125	588,612	D
Common Class A	01/11/2005		F		164,387	D	$ 26.455	424,225	D
Common Class A	01/11/2005		M		160,000	A	$ 10.4375	584,225	D
Common Class A	01/11/2005		F		101,591	D	$ 26.455	482,634	D
Common Class A	01/11/2005		M		165,000	A	$ 15.74	647,634	D
Common Class A	01/11/2005		F		127,207	D	$ 26.455	520,427	D
Common Class A	01/11/2005		G		10,000	A	$ 26.455	530,427	D
Common Class A	01/13/2005		A		393	A	$ 26.38	530,820	D
Dillard's Capital Trust 1 7.5% Capital Securities								18,000	D
Common Class A								58,072	D
Common Class A								41,496	D
Common Class B								3,985,776	D
Common Class A	01/11/2005		G		10,000	D	$ 26.455	26,011	I	Owned by Spouse

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
	Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.		SEC 1474 (9-02)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option

$ 18.125

01/11/2005

200,000

12/10/1999

12/10/2006

Common Class a

200,000

$ 18.125

Employee Stock Option

$ 26.455

01/11/2005

164,387

01/11/2005

12/10/2006

Common Class A

164,387

$ 26.455

164,387

Employee Stock Option

$ 10.4375

01/11/2005

160,000

12/15/2000

12/15/2007

Common Class A

160,000

$ 10.4375

Employee Stock Option

$ 26.455

01/11/2005

101,591

01/11/2005

12/15/2007

Common Class A

101,591

$ 26.455

101,591

Employee Stock Option

$ 15.74

01/11/2005

165,000

04/25/2001

05/24/2011

Common Class A

165,000

$ 15.74

Employee Stock Option

$ 26.455

01/11/2005

127,207

01/11/2005

05/24/2011

Common Class A

127,207

$ 26.455

127,207

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
DILLARD ALEX 1600 CANTRELL ROAD LITTLE ROCK, AR 72201	X		President

Signatures

Alex Dillard		01/13/2005
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Remarks: Common Class A 58,072 Shares in Dillard's 401K Plan Common Class A 41,496 Shares By W.D Company. Reporting person owns 27.93% interest in W.D. Co.. This is W.D. Co.'s entire interest. Common Class B 3,985,776 Shares By W.D. Company. Reporting person owns 27.93% interest in W.D. Co.. This is W.D. Co.'s entire interest.

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