CALERES INC — Director's Dealing 2007

May 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2007-05-01

Reporting Person: FROMM RONALD A (Director, Chairman of the Board & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-05-01	Common Stock	M	15000	$4.7639	Acquired	418648	Direct
2007-05-01	Common Stock	S	100	$26.63	Disposed	418548	Direct
2007-05-01	Common Stock	S	100	$26.64	Disposed	418448	Direct
2007-05-01	Common Stock	S	1700	$26.65	Disposed	416748	Direct
2007-05-01	Common Stock	S	1300	$26.66	Disposed	415448	Direct
2007-05-01	Common Stock	S	900	$26.67	Disposed	414548	Direct
2007-05-01	Common Stock	S	1800	$26.68	Disposed	412748	Direct
2007-05-01	Common Stock	S	3500	$26.69	Disposed	409248	Direct
2007-05-01	Common Stock	S	3300	$26.7	Disposed	405948	Direct
2007-05-01	Common Stock	S	1200	$26.71	Disposed	404748	Direct
2007-05-01	Common Stock	S	800	$26.72	Disposed	403948	Direct
2007-05-01	Common Stock	S	200	$26.73	Disposed	403748	Direct
2007-05-01	Common Stock	S	100	$26.74	Disposed	403648	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-05-01	Employee Stock Option (Right to Buy)	$4.7639	M	15000	Disposed	2010-03-02	Common Stock (15000)	Direct

Footnotes

F1: Includes 12,745 shares held indirectly by 401(k) Plan.

F2: The options vested in four equal installments on March 2, 2001, 2002, 2003 and 2004.