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
OMB APPROVAL
OMB Number: 3235-0287
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
DILLARD MIKE
  2. Issuer Name and Ticker or Trading Symbol
DILLARDS INC [DDS]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
__X__ Director __X__ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Executive Vice President
(Last)
(First)
(Middle)
1600 CANTRELL ROAD
3. Date of Earliest Transaction (Month/Day/Year)
01/13/2005
(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)
Code V Amount (A) or (D) Price
Common Class A 01/13/2005   A   599 A $ 26.38 320,254 D  
Common Class A 01/13/2005   M   80,000 A $ 10.4375 400,254 D  
Common Class A 01/13/2005   F   48,929 D $ 26.57 351,325 D  
Common Class A 01/13/2005   M   100,000 A $ 18.125 451,325 D  
Common Class A 01/13/2005   F   82,026 D $ 26.57 369,299 D  
Common Class A 01/13/2005   M   80,000 A $ 15.74 449,299 D  
Common Class A 01/13/2005   F   61,559 D $ 26.57 387,740 D  
Common Class A               21,874 D  
Dillard's Capital Trust 1 7.5% Capital Securities               3,885 D  
Common Class A               41,496 D  
Common Class B               3,985,776 D  
Common Class A               335 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 V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option $ 10.4375 01/13/2005   M     80,000 12/15/2000 12/15/2007 Common Class A 80,000 $ 10.4375 0 D  
Employee Stock Option $ 26.57 01/13/2005   F   48,929   01/13/2005 12/15/2007 Common Class A 48,929 $ 26.57 48,929 D  
Employee Stock Option $ 18.125 01/13/2005   M     100,000 12/10/1999 12/10/2006 Common Class A 100,000 $ 18.125 0 D  
Employee Stock Option $ 26.57 01/13/2005   F   82,026   01/13/2005 12/10/2006 Common Class A 82,026 $ 26.57 82,026 D  
Employee Stock Option $ 15.74 01/13/2005   M     80,000 04/24/2001 05/24/2011 Common Class A 80,000 $ 15.74 0 D  
Employee Stock option $ 26.57 01/13/2005   F   61,559   01/13/2005 05/24/2011 Common Class A 61,559 $ 26.57 61,559 D  

Reporting Owners

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

Signatures

 Mike Dillard   01/14/2005
**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 21,874 Shares in Dillard's 401K Plan                                                                                                                                                                                             
Common Class A    41,496 Shares   By W.D Company.   Reporting person owns 26.27%  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 26.27%   interest  in W.D. Co..   This is W.D. Co.'s entire interest.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.