May 25, 2004

Dillard's, Inc. Declares Cash Dividend

Little Rock, Arkansas, May 25, 2004 - Dillard's, Inc. (DDS-NYSE) (the "Company") announced today that the Board of Directors declared a cash dividend of 4 cents per share on the Class A and Class B Common Stock of the Company payable August 2, 2004 to shareholders of record as of June 30, 2004.


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