January 8, 2004

Dillard's, Inc. Reports December Sales Results

Little Rock, Arkansas, January 8, 2004 - Dillard's, Inc. (DDS: NYSE) ("Dillard's" or the "Company") announced today that sales for the five weeks ended January 3, 2004 were $1,246,154,000 compared to sales for the five weeks ended January 4, 2003 of $1,305,292,000. Total sales decreased 5% for the five-week period. Sales in comparable stores decreased 4% for the five-week period.

Sales for the 48 weeks ended January 3, 2004 were $7,120,077,000 compared to sales for the 48 weeks ended January 4, 2003 of $7,441,971,000. Sales decreased 4% for the 48-week period on both a total and comparable store basis.

Dillard's, Inc. is one of the nation's largest fashion apparel and home furnishing retailers.

The Company's stores operate with one name, Dillard's, and span 29 states. Dillard's stores offer a broad selection of merchandise, including products sourced and marketed under Dillard's private brand names.

You may access a recorded message discussing December sales results by dialing 1-800-493-7952 after 9:00 a.m. Eastern today.


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