Exhibit 99.1

Dillard's, Inc. Announces Definitive Agreement to Sell Assets of
Dillard National Bank

LITTLE ROCK, Ark. -- (BUSINESS WIRE) -- August 8, 2004 -- Dillard's Inc.
(NYSE: DDS) ("Dillard's" or the "Company") today announced it has entered into
a definitive agreement to sell substantially all the assets of Dillard
National Bank, the Company's private label credit card subsidiary, to GE
Consumer Finance for approximately $1.25 billion, which includes the
assumption of $400 million of securitization liabilities, the purchase of
owned accounts receivable and an undisclosed premium. As part of the
transaction, Dillard's and GE Consumer Finance will also enter into a
long-term marketing and servicing alliance with an initial term of 10 years.
The transaction has been approved by both companies and is expected to close
by the end of the current fiscal year, subject to customary regulatory review
and closing conditions.

Dillard's expects to use net proceeds to reduce debt outstanding, repurchase
its common stock and for general corporate purposes. Dillard's expects the
transaction to be accretive to fiscal 2005 earnings per share.

STRATEGIC ALLIANCE

As part of the long-term marketing and servicing alliance, the two companies
signed a 10-year agreement for GE Consumer Finance to provide a range of
services, including marketing support and customer care, to Dillard's
proprietary cardholders. Dillard's and GE Consumer Finance will share in the
income generated by the long-term marketing and servicing alliance. Depending
upon the performance of the alliance, Dillard's anticipates that income
generated could be comparable to the earnings currently generated by Dillard
National Bank.

Upon completion of the transaction, substantially all of the approximately 500
employees of Dillard National Bank will become employees of GE Consumer
Finance.

Dillard's Chief Executive Officer William Dillard, II, stated, "We are pleased
to announce this agreement with GE Consumer Finance today. Our new alliance
with GE Consumer Finance will provide Dillard's shoppers expanded financing
options supported by consistent, customer-friendly account servicing. Our
commitment to provide our customers with exciting fashion apparel and home
furnishing choices at Dillard's, complemented by excellence in customer
service, is further strengthened by this alliance. We are particularly excited
by the marketing expertise that GE Consumer Finance will make available to us.
We are proud to be associated with GE Consumer Finance, a solid, established
leader in consumer finance, and look forward to many years of mutually
beneficial operations."

"We're absolutely thrilled to be partnering with a retailer as well known and
respected as Dillard's," said Mark W. Begor, President and Chief Executive
Officer, GE Consumer Finance-Americas. "This new partnership opens up great
opportunities to offer more products, benefits and value to Dillard's
customers and to help drive Dillard's sales growth."

Morgan Stanley served as financial advisor to Dillard's on this transaction.
Dillard's legal advisors in the transaction were Simpson Thacher & Bartlett,
LLP and Sidley Austin Brown & Wood, LLP.




ABOUT DILLARD'S

Dillard's, Inc. is one of the nation's largest fashion apparel and home
furnishing retailers with annual revenues exceeding $7.8 billion. The
Company's 329 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 exclusive brand names.

ABOUT GE CONSUMER FINANCE

GE Consumer Finance, a unit of General Electric Company, with $117 billion in
assets, is a leading provider of credit services to consumers, retailers and
auto dealers in 40 countries. GE Consumer Finance, based in Stamford, Conn.,
offers a range of financial products, including private label credit cards,
personal loans, bank cards, auto loans and leases, mortgages, corporate travel
and purchasing cards, debt consolidation and home equity loans and credit
insurance. More information about GE Consumer Finance can be found at
www.geconsumerfinance.com.

FORWARD-LOOKING INFORMATION

The foregoing contains certain "forward-looking statements" within the
definition of federal securities laws. Statements made in this release
regarding the Company's definitive agreement and intention to sell
substantially all the assets of Dillard National Bank, to enter into a long
term marketing and servicing alliance, expectations regarding use of such sale
proceeds, expectations regarding the accretive nature of the transaction and
subsequent resulting income generation are forward-looking statements. The
Company cautions that forward-looking statements, as such term is defined in
the Private Securities Litigation Reform Act of 1995, contained in this report
are based on estimates, projections, beliefs and assumptions of management at
the time of such statements and are not guarantees of future performance. The
Company disclaims any obligation to update or revise any forward-looking
statements based on the occurrence of future events, the receipt of new
information, or otherwise. Forward-looking statements of the Company involve
risks and uncertainties and are subject to change based on various important
factors. Actual future performance, outcomes and results may differ materially
from those expressed in forward-looking statements made by the Company and its
management as a result of a number of risks, uncertainties and assumptions.
Representative examples of those factors (without limitation) include the
Company's success in gaining regulatory review and approval of the
transaction; general retail industry conditions and macro-economic conditions;
economic and weather conditions for regions in which the Company's stores are
located and the effect of these factors on the buying patterns of the
Company's customers; the impact of competitive pressures in the department
store industry and other retail channels including specialty, off-price,
discount, internet, and mail-order retailers; potential disruption from
terrorist activity; world conflict and the possible impact on consumer
spending patterns and other economic and demographic changes of similar or
dissimilar nature. Dillard's expects to use net proceeds to reduce debt
outstanding, repurchase its common stock and for general corporate purposes.
Dillard's expects the transaction to be accretive to fiscal 2005 earnings per
share.


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