CALERES INC — Director's Dealing 2007

Feb 2, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2007-02-01

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-02-01	Common Stock	M	10000	$11.2292	Acquired	257708	Direct
2007-02-01	Common Stock	S	1700	$53.45	Disposed	256008	Direct
2007-02-01	Common Stock	S	300	$53.47	Disposed	255708	Direct
2007-02-01	Common Stock	S	1500	$53.55	Disposed	254208	Direct
2007-02-01	Common Stock	S	500	$53.56	Disposed	253708	Direct
2007-02-01	Common Stock	S	1000	$53.75	Disposed	252708	Direct
2007-02-01	Common Stock	S	2000	$53.88	Disposed	250708	Direct
2007-02-01	Common Stock	S	2000	$54	Disposed	248708	Direct
2007-02-01	Common Stock	S	1000	$54.1	Disposed	247708	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-02-01	Employee Stock Option (Right to Buy)	$11.2292	M	10000	Disposed	2009-01-11	Common Stock (10000)	Direct

Footnotes

F1: Includes 7,882 shares held indirectly by 401(k) Plan.

F2: The option vested in four equal installments on January 11 2000, 2001, 2002 and 2003.