CALERES INC — Director's Dealing 2006

May 30, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2006-05-25

Reporting Person: UPBIN HAL J (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2006-05-25	Restricted Stock Units	$	A	1100	Acquired		Common Stock (1100)	Direct

Footnotes

F1: Each restricted stock unit represents a contingent right to receive the fair market value of a share of common stock of the Company.

F2: Vesting of each restricted stock unit is contingent upon the Director's continued service as a director of the Company for a period of one year after the date of grant. The restricted stock units will be settled in cash on the date the Director's service as a director terminates or such other date as the Director may elect.

F3: On April 3, 2006 the common stock of BWS split 3-for-2 resulting in the reporting person's acquisition of an additional 1,168.9185 restricted stock units.