CALERES INC — Director's Dealing 2006

Nov 30, 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: SCHUMACHER RICHARD C (SVP & Chief Accounting Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-11-28	Common Stock	M	10088	$7.1458	Acquired	43689	Direct
2006-11-28	Common Stock	F	1584	$45.49	Disposed	42105	Direct
2006-11-28	Common Stock	S	100	$45.56	Disposed	42005	Direct
2006-11-28	Common Stock	S	814	$45.46	Disposed	41191	Direct
2006-11-28	Common Stock	S	1000	$45.44	Disposed	40191	Direct
2006-11-28	Common Stock	S	2000	$45.43	Disposed	38191	Direct
2006-11-28	Common Stock	S	100	$45.36	Disposed	38091	Direct
2006-11-28	Common Stock	S	900	$45.35	Disposed	37191	Direct
2006-11-28	Common Stock	S	600	$45.34	Disposed	36591	Direct
2006-11-28	Common Stock	S	5308	$45.99	Disposed	3065	Indirect

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-11-28	Employee Stock Option (right to buy)	$7.1458	M	10088	Disposed	2010-03-02	Common Stock (10088)	Direct

Footnotes

F1: On April 3, 2006, the common stock of Brown Shoe Company, Inc. split 3-for-2, resulting in the reporting person's ownership of 11,200 additional shares of common stock.

F2: This option was previously reported as covering 6,725 shares at an exercise price of $10.7188 per share, but was adjusted to relfect the stock split that occurred on April 3, 2006. The option vested in four equal installments on March 2, 2001, 2002, 2003 and 2004.