CALERES INC — Director's Dealing 2007

May 30, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2007-05-25

Reporting Person: WOOD JOSEPH W (President, Brown Shoe Retail)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-25	Common Stock	M	8292	$6.7555	Acquired	69077	Direct
2007-05-25	Common Stock	M	58702	$11.3667	Acquired	127780	Direct
2007-05-25	Common Stock	M	12492	$14.9133	Acquired	140273	Direct
2007-05-25	Common Stock	S	7686	$29.5	Disposed	132585	Direct
2007-05-25	Common Stock	S	17800	$29.51	Disposed	114785	Direct
2007-05-25	Common Stock	S	3000	$29.52	Disposed	111785	Direct
2007-05-25	Common Stock	S	1900	$29.53	Disposed	109885	Direct
2007-05-25	Common Stock	S	3000	$29.54	Disposed	106885	Direct
2007-05-25	Common Stock	S	4000	$29.55	Disposed	102885	Direct
2007-05-25	Common Stock	S	1400	$29.56	Disposed	101485	Direct
2007-05-25	Common Stock	S	1300	$29.57	Disposed	100185	Direct
2007-05-25	Common Stock	S	1100	$29.58	Disposed	99085	Direct
2007-05-25	Common Stock	S	800	$29.59	Disposed	98285	Direct
2007-05-25	Common Stock	S	3400	$29.6	Disposed	94885	Direct
2007-05-25	Common Stock	S	2200	$29.61	Disposed	92685	Direct
2007-05-25	Common Stock	S	2300	$29.62	Disposed	90385	Direct
2007-05-25	Common Stock	S	1900	$29.63	Disposed	88485	Direct
2007-05-25	Common stock	S	400	$29.635	Disposed	88085	Direct
2007-05-25	Common Stock	S	1800	$29.64	Disposed	86285	Direct
2007-05-25	Common Stock	S	100	$29.645	Disposed	86185	Direct
2007-05-25	Common Stock	S	4100	$29.65	Disposed	82085	Direct
2007-05-25	Common Stock	S	3500	$29.66	Disposed	78585	Direct
2007-05-25	Common Stock	S	600	$29.67	Disposed	77985	Direct
2007-05-25	Common Stock	S	1500	$29.69	Disposed	76485	Direct
2007-05-25	Common Stock	S	2900	$29.7	Disposed	73585	Direct
2007-05-25	Common Stock	S	100	$29.71	Disposed	73485	Direct
2007-05-25	Common Stock	S	100	$29.72	Disposed	73385	Direct
2007-05-25	Common Stock	S	100	$29.75	Disposed	73285	Direct
2007-05-25	Common Stock	S	1700	$30	Disposed	71585	Direct
2007-05-25	Common Stock	S	300	$30.01	Disposed	71285	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-25	Employee Stock Option (right to buy)	$6.7555	M	8292	Acquired	2012-02-07	Common Stock (8292)	Direct
2007-05-25	Employee Stock Option (right to buy)	$11.3667	M	58702	Acquired	2013-03-06	Common Stock (58702)	Direct
2007-05-25	Employee Stock Option (right to buy)	$14.9133	M	12492	Acquired	2015-03-03	Common Stock (12492)	Direct

Footnotes

F1: Includes 2,160 shares held indirectly by the 401(k) plan.

F2: The options vested in four equal installments on February 7, 2003, 2004, 2005, and 2006.

F3: The options vested in four equal installments on March 6, 2004, 2005, 2006, and 2007.

F4: The options vest in four equal installments beginning March 3, 2006.