CALERES INC — Director's Dealing 2008

May 27, 2008

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2008-05-22

Reporting Person: BAEZA MARIO (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2008-05-22	Restricted Stock Units	$	A	2500	Acquired		Common Stock (2500)	Direct

Footnotes

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

F2: Vesting of each restricted stock unit is contingent upon the Director's continued service as a director of the Company for a period of one year after the date of grant. The restricted stock unites will be settled in cash on the date the Director's service as a director terminates or such other date as the Director may elect.