Dillard's
DDS
#1973
Rank
โ‚ฌ9.13 B
Marketcap
585,12ย โ‚ฌ
Share price
-0.08%
Change (1 day)
10.95%
Change (1 year)
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<TITLE>SECURITIES AND EXCHANGE COMMISSION</TITLE>
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<B><FONT SIZE=4><P ALIGN="CENTER">UNITED STATES</P>
<P ALIGN="CENTER">SECURITIES AND EXCHANGE COMMISSION</P>
<P ALIGN="CENTER">WASHINGTON, D.C. 20549</P>
<P ALIGN="CENTER">FORM 10-K</P>
</B></FONT><FONT SIZE=1><P ALIGN="JUSTIFY">(Mark One)</P><DIR>
<DIR>

</FONT><FONT SIZE=3><P ALIGN="JUSTIFY">[x] &#9;ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY">For the fiscal year ended <B>January 29, 2000</P>
</B></FONT><FONT SIZE=3><P ALIGN="CENTER">OR</P>
<P ALIGN="JUSTIFY">[ ] &#9;TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITES EXCHANGE ACT OF 1934</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY">For the transition period from __________ to __________.</P>
<P ALIGN="JUSTIFY">Commission file number 1-6140</P>
</FONT><B><FONT SIZE=4><P ALIGN="CENTER">DILLARD'S, INC.</P>
</B></FONT><FONT SIZE=1><P ALIGN="CENTER">(Exact name of registrant as specified in its charter)</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=2><P ALIGN="JUSTIFY">&#9;&#9;DELAWARE&#9;&#9;&#9;&#9;&#9;&#9;71-0388071</P>
<P ALIGN="JUSTIFY">&#9;&#9;</FONT><FONT SIZE=1>(State or other jurisdiction&#9;&#9;&#9;&#9;&#9;(IRS Employer</P>
<P ALIGN="JUSTIFY">&#9;&#9;of incorporation or organization)&#9;&#9;&#9;&#9;&#9;Identification Number)</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">1600 CANTRELL ROAD, LITTLE ROCK, ARKANSAS 72201</P>
</FONT><FONT SIZE=1><P ALIGN="CENTER">(Address of principal executive office)</P>
<P ALIGN="CENTER">(Zip Code)</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">(501) 376-5200</P>
</FONT><FONT SIZE=1><P ALIGN="CENTER">(Registrant's telephone number, including area code)</P>
<P ALIGN="CENTER">&nbsp;</P>
</FONT><FONT SIZE=3><P ALIGN="JUSTIFY">Securities registered pursuant to Section 12(b) of the Act:</P>
<P ALIGN="JUSTIFY">Title of each Class&#9;&#9;&#9;Name of each exchange on which registered</P>
<P ALIGN="JUSTIFY">Class A Common Stock&#9;&#9;&#9;&#9;New York Stock Exchange</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">Securities registered pursuant to Section 12(g) of the Act:</P>
<P ALIGN="JUSTIFY">&#9;&#9;&#9;None</P></DIR>
</DIR>

<P ALIGN="JUSTIFY">Indicate by checkmark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes <U>x</U> No_</P>
<P ALIGN="JUSTIFY">Indicate by checkmark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of the Form 10-K or any amendment to this Form 10-K. [ X ]</P>
<P ALIGN="JUSTIFY">State the aggregate market value of the voting stock held by non-affiliates of the Registrant as of March 31, 2000: $1,436,584,621.</P>
<P ALIGN="JUSTIFY">Indicate the number of shares outstanding of each of the Registrant's classes of common stock as of March 31, 2000:</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">CLASS A COMMON STOCK, $.01 par value&#9;89,584,720</P>
<P ALIGN="JUSTIFY">&#9;&#9;CLASS B COMMON STOCK, $.01 par value 4,010,929</P>
</FONT><FONT SIZE=2><P ALIGN="CENTER">&nbsp;</P></DIR>
</DIR>

</FONT><B><P ALIGN="CENTER">DOCUMENTS INCORPORATED BY REFERENCE</P>
</B><FONT SIZE=3><P ALIGN="JUSTIFY">Portions of the Annual Stockholders Report for the fiscal year ended January 29, 2000 (the "Report") are incorporated by reference into Parts I and II.</P>
<P ALIGN="JUSTIFY">Portions of the Proxy Statement for the Annual Meeting of Stockholders to be held May 20, 2000 (the "Proxy Statement") are incorporated by reference into part III.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">The Company cautions that any forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995) contained in this report or made by management of the Company involve risks and uncertainties and
are subject to change based on various important factors. The following factors, among others, could affect the Company's financial performance and could cause actual results for 2000 and beyond to differ materially from those expressed or implied in any
such forward-looking statements: economic and weather conditions in the regions in which the Company's stores are located and their effect on the buying patterns of the Company's customers, changes in consumer spending patterns and debt levels, trends in
personal bankruptcies and the impact of competitive market forces.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><U><P ALIGN="CENTER">PART I</P>
</U><P ALIGN="JUSTIFY">ITEM 1. BUSINESS</B>.</P>
<FONT SIZE=3><P ALIGN="JUSTIFY">&#9;<U>General</P><DIR>
<DIR>

</U><P ALIGN="JUSTIFY">Dillard's, Inc. (the "Company" or "Registrant") is an outgrowth of a department store originally founded in 1938 by William Dillard. The Company was incorporated in Delaware in 1964. The Company operates retail department stores
located primarily in the southwest, southeast and midwest.</P>
<P ALIGN="JUSTIFY">The department store business is highly competitive. The Company has several competitors at the national and regional levels as well as numerous competitors at the local level. Many factors enter into competition for the consumer's
patronage, including price, quality, style, service, product mix, convenience and credit availability. The Company's earnings depend to a significant extent on the results of operations for the last quarter of its fiscal year. Due to holiday buying
patterns, sales for that period average approximately one-third of annual sales.</P>
<P ALIGN="JUSTIFY">For additional information with respect to the Registrant's business, reference is made to information contained on pages 12 and 13 of the Report under the headings "Net Sales", "Net Income", "Total Assets" and "Number of
Employees-Average", which information is incorporated herein by reference.</P>
<U><P ALIGN="JUSTIFY">Executive Officers of the Registrant</P>
</U><P ALIGN="JUSTIFY">The following table lists the names and ages of all Executive Officers of the registrant, the nature of any family relationship between them, and all positions and offices with the Registrant presently held by each person named.
All of the Executive Officers listed below have been in managerial positions with the registrant for more than five years, except for Robin Sanderford, Paul J. Schroeder, Jr. and Charles Unfried. </P>
<P ALIGN="JUSTIFY">Mr. Sanderford has been employed by the Registrant as Vice President since August 1998. Prior to August 1998 he was employed as President of the Southeast Division of Mercantile Stores Company, Inc. ("Mercantile") (1995-1998) and as
Vice President and Director of Real Estate and Long Range Planning for Mercantile (1993-1995). Mr. Schroeder has been employed by the Registrant as Vice President since January 1998. Prior to 1998 he was a partner with the St. Louis based, international
law firm of Bryan Cave, LLP, specializing in labor and employment law. Mr. Unfried has been employed by the Registrant since August 1998. Prior to August 1998 he was President of Mercantile Credit Services and Mercantile Stores National Bank, both
subsidiaries of Mercantile.</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">The following is a listing of executive officers of the Company, their age, position and office, and family relationship, if any.</P></DIR>
</DIR>
</FONT>
<P ALIGN="CENTER"><CENTER><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=644>
<TR><TD WIDTH="21%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Name</B></U></FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Age</B></U></FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Position &amp; Office</B></U></FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Family Relationship</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">William Dillard, II</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">55</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Director; Chief Executive Officer</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Son of William Dillard</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Alex Dillard</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">50</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Director; President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Son of William Dillard</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Mike Dillard</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">48</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Director; Executive Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Son of William Dillard</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">H. Gene Baker</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">61</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Joseph P. Brennan</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">55</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">G. Kent Burnett</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">55</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Drue Corbusier</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">53</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Director; Executive Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Daughter of William Dillard</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">David M. Doub</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">53</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">James I. Freeman</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">50</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Director; Senior Vice President; Chief Financial Officer</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Randal L. Hankins</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">49</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Gaston Lemoine</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">56</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Robin Sanderford</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">53</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Paul J. Schroeder</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">51</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Burt Squires </FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">50</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
<TR><TD WIDTH="21%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Charles Unfried</FONT></TD>
<TD WIDTH="7%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">53</FONT></TD>
<TD WIDTH="38%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Vice President</FONT></TD>
<TD WIDTH="35%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">None</FONT></TD>
</TR>
</TABLE>
</CENTER></P>

<FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><P ALIGN="JUSTIFY">ITEM 2. PROPERTIES.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">All of the Registrant's stores are owned or leased from a wholly owned subsidiary or from third parties. The Registrant's third-party store leases typically provide for rental payments based on a percentage of net
sales with a guaranteed minimum annual rent, while lease terms between the Registrant and its wholly-owned subsidiary vary. In general, the Company pays the cost of insurance, maintenance and any increase in real estate taxes related to the leases . At
January 29, 2000 there were 342 stores in operation with gross square footage approximating 57 million feet. The Company owns or leases, from a wholly owned subsidiary, a total of 249 stores with 42 million square feet. The Company leased 93 stores from
third parties, which totaled 15 million square feet. Additional information is contained in Notes 2, 13 and 14, "Notes to Consolidated Financial Statements," on pages 25, and 30 of the Report, which information is incorporated herein by reference.</P>
<B><P ALIGN="JUSTIFY">&nbsp;</P></DIR>
</DIR>

</FONT><P ALIGN="JUSTIFY">ITEM 3. LEGAL PROCEEDINGS</B>.</P>
<FONT SIZE=3><P ALIGN="JUSTIFY">The Company does not have any material legal proceedings pending.</P>
</FONT><B><P ALIGN="JUSTIFY">ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.</P>
</B><FONT SIZE=3><P ALIGN="JUSTIFY">&#9;None</P>
</FONT><B><U><P ALIGN="CENTER">PART II</P>
</U><P ALIGN="JUSTIFY">ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">With respect to the market for the Company's common stock, market prices, and dividends, reference is made to information contained on page 33 of the Report, which information is incorporated herein by reference. As of
March 31, 2000, there were 5,113 record holders of the Company's Class A Common Stock and 9 record holders of the Company's Class B Common Stock.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 6. SELECTED FINANCIAL DATA.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">Reference is made to information under the heading "Table of Selected Financial Data" on pages 12 and 13 of the Report, which information is incorporated herein by reference.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">Reference is made to information under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" on pages 14 through 17 of the Report, which information is incorporated herein
by reference.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">Reference is made to information under the heading "Quantitative and Qualitative Disclosures About Market Risk" on page 17 of the Report which information is incorporated herein by reference.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">Reference is made to the consolidated financial statements and notes thereto included on pages 18 through 31 of the Report, which are incorporated herein by reference.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 9 CHANGES IN AND DISGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</P>
<FONT SIZE=3><P ALIGN="JUSTIFY">&#9;</B>None.</P>
</FONT><B><U><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">PART III</P>
</U><P ALIGN="JUSTIFY">ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISRTANT.</P>
<OL TYPE="A">

<OL TYPE="A">

</B><FONT SIZE=3><P ALIGN="JUSTIFY"><LI>Directors of the Registrant</LI></P>
<P ALIGN="JUSTIFY">Information regarding directors of the Registrant is incorporated herein by reference to the information on pages 5 through 8 under the heading "Nominees for Election as Directors" and page 14 under the heading "Section 16(a) Beneficial
Ownership Reporting Compliance" in the Proxy Statement.</P>
<P ALIGN="JUSTIFY"><LI>Executive Officers of the Registrant</LI></P></OL>
</OL>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">Information regarding executive officers of the Registrant is incorporated herein by reference to Item 1 of this report under the heading "Executive Officers of the Registrant". Reference additionally is made to the information under
the heading "Section 16(a) Beneficial Ownership Reporting Compliance" on page 14 in the Proxy Statement, which information is incorporated herein by reference. </P></DIR>
</DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 11. EXECUTIVE COMPENSATION</B>.</P><DIR>
<DIR>

<FONT SIZE=3><P ALIGN="JUSTIFY">Information regarding executive compensation and compensation of directors is incorporated herein by reference to the information beginning on page 8 under the heading "Compensation of Directors and Executive Officers" and
concluding on page 12 under the heading "Compensation Committee Interlocks and Insider Participation" in the Proxy Statement.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT.</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">Information regarding security ownership of certain beneficial owners and management is incorporated herein by reference to the information on page 4 under the heading "Principal Holders of Voting Securities" and page 5
under the heading "Nominees for Election as Directors" and continuing through footnote 13 on page 7 in the Proxy Statement.</P></DIR>
</DIR>

</FONT><B><P ALIGN="JUSTIFY">ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</P><DIR>
<DIR>

</B><FONT SIZE=3><P ALIGN="JUSTIFY">Information regarding certain relationships and related transactions is incorporated herein by reference to the information on page 14 under the heading "Certain Relationships and Transactions" in the Proxy Statement
and to information regarding Mr. Davis on page 12 under the heading "Compensation Committee Interlocks and Insider Participation" in the Proxy Statement.</P>
</FONT><B><U><P ALIGN="CENTER">PART IV</P></DIR>
</DIR>

</U><P ALIGN="JUSTIFY">ITEM 14. EXHIBITS, FINANCIAL STATEMENT SCHEDULES, AND REPORTS ON FORM 8-K.</P>
<P ALIGN="JUSTIFY">&#9;</B><FONT SIZE=3>(a)(1) <U>Financial Statements</P><DIR>
<DIR>

</U><P ALIGN="JUSTIFY">The following consolidated financial statements of the Registrant and its consolidated subsidiaries included in the Report are incorporated herein by reference in Item 8 of this report.</P>
<P ALIGN="JUSTIFY">Independent Auditors' Report</P></DIR>
</DIR>

<P ALIGN="JUSTIFY">&#9;Consolidated Balance Sheets - January 29, 2000 and January 30, 1999.</P><DIR>
<DIR>

<P ALIGN="JUSTIFY">Consolidated Statements of Income - Fiscal years ended January 29, 2000, January 30, 1999 and January 31, 1998.</P>
<P ALIGN="JUSTIFY">Consolidated Statements of Stockholders' Equity - Fiscal years ended January 29, 2000, January 30, 1999 and January 31, 1998.</P>
<P ALIGN="JUSTIFY">Consolidated Statements of Cash Flows - Fiscal years ended January 29, 2000, January 30, 1999 and January 31, 1998.</P>
<P ALIGN="JUSTIFY">Notes to Consolidated Financial Statements - Fiscal years ended January 29, 2000, January 30, 1999 and January 31, 1998.</P>
<P ALIGN="JUSTIFY">(a)(2) <U>Financial Statement Schedules</P>
</U><P ALIGN="JUSTIFY">The following consolidated financial statement schedule of the Registrant and its consolidated subsidiaries is filed pursuant to Item 14(d) (this schedule appears immediately following the signature page):</P>
<P ALIGN="JUSTIFY">&#9;Schedule II - Valuation and Qualifying Accounts</P>
<P ALIGN="JUSTIFY">All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not required under the related instructions or are inapplicable, and therefore have been omitted.</P>
<P ALIGN="JUSTIFY">(a)(3) <U>Exhibits and Management Compensatory Plans</P>
</U><B><P ALIGN="JUSTIFY">Exhibits</P>
</B><P ALIGN="JUSTIFY">The following exhibits are filed pursuant to Item 14(c):</P></DIR>
</DIR>
</FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=644>
<TR><TD WIDTH="11%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Numbe</U>r</B></FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Description</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*3(a)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Restated Certificate of Incorporation(Exhibit 3 to Form 10-Q for the quarter ended August 1, 1992 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*3(b)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">By-Laws as currently in effect (Exhibit 3(b) to Form 10-K for the fiscal year ended January 30, 1993 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(a)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between the Registrant and Chemical Bank, Trustee, dated as of October 1, 1985 (Exhibit (4) in 2-85556).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(b)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between the Registrant and Chemical Bank, Trustee, dated as of October 1, 1986 (Exhibit (4) in 33-8859).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(c)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between Registrant and Chemical bank, dated as of April 15, 1987 (Exhibit 4.3 in 33-13534).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(d)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between Registrant and Chemical bank, Trustee, dated as of May 15, 1988, as supplemented (Exhibit 4 in 33-21671, Exhibit 4.2 in 33-25114 and Exhibit 4(c) to Current Report on Form 8-K dated September 26, 1990 in
1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(e)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between Dillard Investment Co., Inc. and Chemical Bank, Trustee, dated as of April 15, 1987, as supplemented (Exhibit 4.1 in 33-13535 and Exhibit 4.2 in 33-25113).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(a)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Retirement Contract of William Dillard dated March 8, 1997 (Exhibit 10(a) to Form 10-K for the fiscal year ended February 1, 1997 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(b)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">1998 Incentive and Nonqualified Stock Option Plan (Exhibit 10 (b) to Form 10-K for the fiscal year ended January 30, 1999 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=35>
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(c )</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP" HEIGHT=35>
<FONT SIZE=3><P ALIGN="JUSTIFY">Corporate Officers Non-Qualified Pension Plan (Exhibit 10(c) to Form 10-K for the fiscal year ended January 29, 1994 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(d)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Senior Management Cash Bonus Plan (Exhibit 10(d) to Form 10-K for the fiscal year ended January 28, 1995 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">12</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Statement Re: Computation of Ratio of Earnings to Fixed Charges</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Numbe</U>r</B></FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Description</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">13</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Incorporated portions of the Annual Stockholders Report for the fiscal year ended January 29, 2000.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">21</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Subsidiaries of Registrant</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">23</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Consent of Independent Auditors</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="89%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=3><P ALIGN="JUSTIFY">*Incorporated by reference as indicated.</P>
<B><P ALIGN="JUSTIFY">Management Compensatory Plans</P>
</B><P ALIGN="JUSTIFY">Listed below are management contracts and compensatory plans which are required to be filed as exhibits pursuant to Item 14 (c):</P>
<P ALIGN="JUSTIFY">&#9;Retirement Contract of William Dillard dated March 8, 1997.</P>
<P ALIGN="JUSTIFY">&#9;1998 Incentive and Nonqualified Stock Option Plan.</P>
<P ALIGN="JUSTIFY">&#9;Corporate Officers Non-Qualified Pension Plan.</P>
<P ALIGN="JUSTIFY">&#9;Senior Management Cash Bonus Plan.</P>
<OL START=2 TYPE="a">

<OL TYPE="a">

<U><P ALIGN="JUSTIFY"><LI>Reports on Form 8-K filed during the fourth quarter:</LI></P>
</U><P ALIGN="JUSTIFY">None</P>
<P ALIGN="JUSTIFY">&#9;(c ) <U>Exhibits</P>
</U><P ALIGN="JUSTIFY">&#9; See the response to Item 14(a) (3).</P>
<U><P ALIGN="JUSTIFY"><LI>Financial Statement schedules</U>:</LI></P></OL>
</OL>
<DIR>
<DIR>
<DIR>

<P ALIGN="JUSTIFY">See the response to Item 14(a)(2).</P>
<P ALIGN="JUSTIFY">&nbsp;</P>
</FONT><B><U><P ALIGN="JUSTIFY">SIGNATURES</P>
</B></U><FONT SIZE=3><P ALIGN="JUSTIFY">Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P></DIR>

</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=528>
<TR><TD WIDTH="46%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="54%" VALIGN="TOP">
<FONT SIZE=3><P>Dillard's, Inc.<BR>
Registrant</FONT></TD>
</TR>
<TR><TD WIDTH="46%" VALIGN="TOP" HEIGHT=87>
<FONT SIZE=3><P><BR>
Date: ___<U>April 26,2000</U>________</FONT></TD>
<TD WIDTH="54%" VALIGN="TOP" HEIGHT=87>
<U><FONT SIZE=3><P><BR>
James I. Freeman</U><BR>
James I. Freeman, Senior Vice President and<BR>
Chief Financial Officer<BR>
(Principal Financial and Accounting Officer<BR>
</FONT></TD>
</TR>
</TABLE>
</P>
<DIR>
<DIR>
<DIR>

<FONT SIZE=3><P ALIGN="JUSTIFY">Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacity and on the date indicated.</P></DIR>
</DIR>
</DIR>
</FONT>
<P ALIGN="RIGHT"><TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=570>
<TR><TD WIDTH="47%" VALIGN="TOP" HEIGHT=75>
<U><FONT SIZE=3><P><BR>
William Dillard </P>
</U><P>William Dillard<BR>
Chairman <BR>
</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=75>
<U><FONT SIZE=3><P><BR>
Drue Corbusier<BR>
</U>Drue Corbusier<BR>
Executive Vice President and Director</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP" HEIGHT=75>
<U><FONT SIZE=3><P><BR>
Calvin N. Clyde, Jr.<BR>
</U>Calvin N. Clyde, Jr.<BR>
Director<BR>
</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=75>
<U><FONT SIZE=3><P><BR>
Robert C. Connor<BR>
</U>Robert C. Connor<BR>
Director</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
Will D. Davis<BR>
</U>Will D. Davis<BR>
Director<BR>
</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
Alex Dillard<BR>
</U>Alex Dillard</P>
<P>President and Director</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
Mike Dillard<BR>
</U>Mike Dillard<BR>
Executive Vice President <BR>
and Director<BR>
</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
William Dillard II</P>
</U><P>William Dillard II<BR>
Chief Executive Officer and Director<BR>
(Principal Executive Officer)</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
James I. Freeman<BR>
</U>James I. Freeman<BR>
Senior Vice President and Chief<BR>
Financial Officer and Director<BR>
</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
William H. Sutton<BR>
</U>William H. Sutton<BR>
Director</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
William B. Harrison, Jr.<BR>
</U>William B. Harrison, Jr.<BR>
Director<BR>
</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
Jackson T. Stephens<BR>
</U>Jackson T. Stephens</P>
<P>Director<BR>
</FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
John Paul Hammerschmidt<BR>
</U>John Paul Hammerschmidt<BR>
Director</FONT></TD>
<TD WIDTH="53%" VALIGN="TOP">
<U><FONT SIZE=3><P><BR>
John H. Johnson<BR>
</U>John H. Johnson<BR>
Director<U> </U></FONT></TD>
</TR>
<TR><TD WIDTH="47%" VALIGN="TOP" HEIGHT=5>
<FONT SIZE=3><P><BR>
Date ___<U>April 26,2000________<BR>
</U></FONT></TD>
<TD WIDTH="53%" VALIGN="TOP" HEIGHT=5><P></P></TD>
</TR>
</TABLE>
</P>

<FONT SIZE=3><P ALIGN="JUSTIFY">To the Board of Directors and Stockholders of</P>
<P ALIGN="JUSTIFY">Dillard's, Inc.</P>
<P ALIGN="JUSTIFY">Little Rock, Arkansas</P>
<P ALIGN="JUSTIFY">We have audited the consolidated financial statements of Dillard's, Inc. and subsidiaries (the "Company") as of January 29, 2000 and January 30, 1999, and for each of the three years in the period ended January 29, 2000, and have issued
our report thereon dated March 7, 2000; which consolidated financial statements and report are included in your 1999 Annual Report to Stockholders and are incorporated herein by reference. Our audits also included the consolidated financial statement
schedule of Dillard's, Inc. and subsidiaries, listed in item 14. This consolidated financial statement schedule is the responsibility of the Company's management . Our responsibility is to express an opinion based on our audits. In our opinion, such
consolidated financial statement schedule, when considered in relation to the basic consolidated financial statements taken as a whole, presents fairly in all material respects the information set forth therein.</P>
<P ALIGN="JUSTIFY">DELOITTE &amp; TOUCHE LLP</P>
<P ALIGN="JUSTIFY">New York, New York</P>
<P>March 7, 2000</P>
<B><P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">&nbsp;</P>
<P ALIGN="CENTER">SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS</P>
<P ALIGN="CENTER">DILLARD'S, INC. AND SUBSIDIARIES</P>
<P ALIGN="CENTER">(DOLLAR AMOUNTS IN THOUSANDS)</P>
</B><P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE BORDER CELLSPACING=1 CELLPADDING=7 WIDTH=623>
<TR><TD WIDTH="29%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Column A</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Column B</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Column C</B></FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Column D</B></FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Column E</B></FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<B><FONT SIZE=2><P ALIGN="CENTER">Column F</B></FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="28%" VALIGN="TOP" COLSPAN=2>
<FONT SIZE=2><P ALIGN="CENTER">Additions</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Balance at</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Charged to</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Charged to</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Balance at</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Beginning of</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Costs and</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Other</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">End of</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Description</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Period</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Expenses</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Accounts (1) </FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Deductions (2)</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="CENTER">Period</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="56%" VALIGN="TOP" COLSPAN=3>
<FONT SIZE=2><P>Allowance for losses on accounts receivable: </FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Year Ended January 29, 2000</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$37,487</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$88,154</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$ -</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$93,108</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">$32,533</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Year Ended January 30, 1999</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">27,809</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">62,766</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">17,854</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">70,942</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">37,487</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="JUSTIFY">Year Ended January 31, 1998</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">24,169</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">55,816</FONT></TD>
<TD WIDTH="15%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">-</FONT></TD>
<TD WIDTH="16%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">52,176</FONT></TD>
<TD WIDTH="13%" VALIGN="TOP">
<FONT SIZE=2><P ALIGN="RIGHT">27,809</FONT></TD>
</TR>
<TR><TD WIDTH="29%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="15%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="16%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="13%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=3><P ALIGN="JUSTIFY">&nbsp;</P>
<OL>

<P ALIGN="JUSTIFY"><LI>Represents the allowance for losses on accounts acquired.</LI></P>
<P ALIGN="JUSTIFY"><LI>Accounts written off and charged to allowance for losses on accounts receivable (net of recoveries).</LI></P></OL>

<P ALIGN="JUSTIFY">&nbsp;</P>
<P ALIGN="JUSTIFY">&nbsp;</P></FONT>
<TABLE CELLSPACING=0 BORDER=0 CELLPADDING=7 WIDTH=644>
<TR><TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="89%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Exhibit Index</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="CENTER">&nbsp;</P>
<B><U><P ALIGN="CENTER">Numbe</U>r</B></FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<B><U><FONT SIZE=3><P ALIGN="CENTER">Description</B></U></FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*3(a)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Restated Certificate of Incorporation(Exhibit 3 to Form 10-Q for the quarter ended August 1, 1992 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*3(b)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">By-Laws as currently in effect (Exhibit 3(b) to Form 10-K for the fiscal year ended January 30, 1993 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(a)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between the Registrant and Chemical Bank, Trustee, dated as of October 1, 1985 (Exhibit (4) in 2-85556).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(b)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between the Registrant and Chemical Bank, Trustee, dated as of October 1, 1986 (Exhibit (4) in 33-8859).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(c)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between Registrant and Chemical bank, dated as of April 15, 1987 (Exhibit 4.3 in 33-13534).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(d)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between Registrant and Chemical bank, Trustee, dated as of May 15, 1988, as supplemented (Exhibit 4 in 33-21671, Exhibit 4.2 in 33-25114 and Exhibit 4(c) to Current Report on Form 8-K dated September 26, 1990 in
1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*4(e)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Indenture between Dillard Investment Co., Inc. and Chemical Bank, Trustee, dated as of April 15, 1987, as supplemented (Exhibit 4.1 in 33-13535 and Exhibit 4.2 in 33-25113).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(a)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Retirement Contract of William Dillard dated March 8, 1997 (Exhibit 10(a) to Form 10-K for the fiscal year ended February 1, 1997 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(b)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">1998 Incentive and Nonqualified Stock Option Plan (Exhibit 10 (b) to Form 10-K for the fiscal year ended January 30, 1999 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP" HEIGHT=35>
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(c )</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP" HEIGHT=35>
<FONT SIZE=3><P ALIGN="JUSTIFY">Corporate Officers Non-Qualified Pension Plan (Exhibit 10(c) to Form 10-K for the fiscal year ended January 29, 1994 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">*10(d)</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Senior Management Cash Bonus Plan (Exhibit 10(d) to Form 10-K for the fiscal year ended January 28, 1995 in 1-6140).</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">12</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Statement Re: Computation of Ratio of Earnings to Fixed Charges</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">13</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Incorporated portions of the Annual Stockholders Report for the fiscal year ended January 29, 2000.</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">21</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Subsidiaries of Registrant</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">23</FONT></TD>
<TD WIDTH="89%" VALIGN="TOP">
<FONT SIZE=3><P ALIGN="JUSTIFY">Consent of Independent Auditors</FONT></TD>
</TR>
<TR><TD WIDTH="11%" VALIGN="TOP">&nbsp;</TD>
<TD WIDTH="89%" VALIGN="TOP">&nbsp;</TD>
</TR>
</TABLE>

<FONT SIZE=3><P ALIGN="JUSTIFY">*Incorporated by reference as indicated.</P></FONT></BODY>
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