CALERES INC — Director's Dealing 2004

May 26, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2004-05-25

Reporting Person: ROSEN ANDREW M (Sr.VP, CFO & Treasurer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-05-25	Common Stock	M	3000	$37.8125	Acquired	46881	Direct
2004-05-25	Common Stock	F	2771	$40.93	Disposed	44110	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-05-25	Employee Stock Option (right to buy)	$37.8125	M	3000	Disposed	2004-05-26	Common Stock (3000)	Direct

Footnotes

F1: Includes 5,321 shares held indirectly by 401(k) Plan.

F2: Includes 5,321 shares held indirectly by 401(k) Plan.

F3: The option vested in four annual installments of 750 shares each on May 26, 1995, 1996, 1997, 1998.