CALERES INC — Director's Dealing 2007

Mar 12, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2007-03-08

Reporting Person: OBERLANDER MICHAEL I (SVP,General Counsel & Corp Sec)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-03-08	Common Stock	F	608	$52.875	Disposed	17598	Direct
2007-03-08	Common Stock	A	1000	$52.875	Acquired	18598	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-03-08	Employee Stock Option (Right to Buy)	$52.875	A	2000	Acquired	2017-03-08	Common Stock (2000)	Direct

Footnotes

F1: Includes 2,007 shares held indirectly by 401(k) Plan.

F2: Restricted Stock vests 100% after 4 years.

F3: The options become exercisable in four equal installments beginning March 8, 2008.