CALERES INC — Director's Dealing 2006

Dec 4, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2006-11-28

Reporting Person: FROMM RONALD A (Director, Chairman of the Board & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-28	Common Stock	G	2193	—	Disposed	255358	Direct
2006-12-01	Common Stock	M	10000	$11.2292	Acquired	265358	Direct
2006-12-01	Common Stock	S	2000	$45.1	Disposed	263358	Direct
2006-12-01	Common Stock	S	2000	$45.15	Disposed	261358	Direct
2006-12-01	Common Stock	S	2000	$45.5	Disposed	259358	Direct
2006-12-01	Common Stock	S	2000	$45.8	Disposed	257358	Direct
2006-12-01	Common Stock	S	1100	$46	Disposed	256258	Direct
2006-12-01	Common Stock	S	500	$46.01	Disposed	255758	Direct
2006-12-01	Common Stock	S	400	$46.6	Disposed	255358	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-12-01	Employee Stock Option (Right to Buy)	$11.2292	M	10000	Disposed	2006-01-11	Common Stock (10000)	Direct

Footnotes

F1: Includes 7876 shares held indirectly by 401(k) Plan.

F2: The option vested in four equal installments on January 11, 2000, 2001, 2002 and 2003.