CALERES INC — Director's Dealing 2007

Jan 5, 2007

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2007-01-03

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2007-01-03	Common Stock	M	10000	$11.2292	Acquired	265186	Direct
2007-01-03	Common Stock	S	2000	$48.59	Disposed	263186	Direct
2007-01-03	Common Stock	S	2000	$48.6	Disposed	261186	Direct
2007-01-03	Common Stock	S	1900	$48.63	Disposed	259286	Direct
2007-01-03	Common Stock	S	2000	$48.78	Disposed	257286	Direct
2007-01-03	Common Stock	S	1000	$48.8	Disposed	256286	Direct
2007-01-03	Common Stock	S	900	$48.85	Disposed	255386	Direct
2007-01-03	Common Stock	S	200	$49	Disposed	255186	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2007-01-03	Employee Stock Option (Right to Buy)	$11.2292	M	10000	Disposed	2009-01-11	Common Stock (10000)	Direct

Footnotes

F1: Includes 7,704 shares held by 401(k) Plan.

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