CALERES INC — Director's Dealing 2006

Dec 1, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2006-11-30

Reporting Person: OBERLANDER MICHAEL I (SVP, Gen Counsel & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-30	Common Stock	M	11500	$7.125	Acquired	28405	Direct
2006-11-30	Common Stock	F	226	$47.155	Disposed	28179	Direct
2006-11-30	Common Stock	S	300	$47.6	Disposed	27879	Direct
2006-11-30	Common Stock	S	2000	$47.56	Disposed	25879	Direct
2006-11-30	Common Stock	S	2000	$47.63	Disposed	23879	Direct
2006-11-30	Common Stock	S	1700	$47.75	Disposed	22179	Direct
2006-11-30	Common Stock	S	2000	$47.7	Disposed	20179	Direct
2006-11-30	Common Stock	S	2000	$47.54	Disposed	18179	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-30	Employee Stock Option (Right to Buy)	$7.125	M	11500	Disposed	2010-09-14	Common Stock (11500)	Direct

Footnotes

F1: Includes 1,980 shares held indirectly by 401(k) Plan.

F2: The options vested in four equal installments on September 14, 2001, 2002, 2003 and 2004.