CALERES INC — Director's Dealing 2011

Dec 9, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2011-12-08

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-12-08	Common Stock	M	22500	$8.04	Acquired	92414	Direct
2011-12-08	Common Stock	S	22500	$8.76	Disposed	69914	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-12-08	Employee Stock Option (Right to Buy)	$8.04	M	22500	Disposed	2012-03-06	Common Stock (22500)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	7191	Indirect