CALERES INC — Director's Dealing 2007

May 8, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

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

Reporting Person: NEIDORFF MICHAEL F (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-05	Phantom Stock	$	A	596.4789	Acquired		Common Stock (596.4789)	Direct

Footnotes

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

F2: The phantom stock will be settled in cash in annual installments over a five-year or ten-year period, or in a lump sum, at the Director's election when the Director's service as a director terminates.