CALERES INC — Director's Dealing 2011

May 3, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: BROWN SHOE CO INC (BWS)
CIK: 0000014707
Period of Report: 2011-04-29

Reporting Person: ESREY JULIE C (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-04-29	Common Stock	M	9000	$8.0555	Acquired	17936	Direct
2011-04-29	Common Stock	S	9000	$12.91	Disposed	8936	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-04-29	Employee Stock Option (Right to Buy)	$8.0555	M	9000	Disposed	2011-05-24	Common Stock (9000)	Direct

Footnotes

F1: The option vested in four equal installments on May 24, 2002, 2003, 2004 and 2005