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<SEC-DOCUMENT>0000014707-07-000026.txt : 20070308
<SEC-HEADER>0000014707-07-000026.hdr.sgml : 20070308
<ACCEPTANCE-DATETIME>20070308080529
ACCESSION NUMBER:		0000014707-07-000026
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070307
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20070308
DATE AS OF CHANGE:		20070308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BROWN SHOE CO INC
		CENTRAL INDEX KEY:			0000014707
		STANDARD INDUSTRIAL CLASSIFICATION:	FOOTWEAR, (NO RUBBER) [3140]
		IRS NUMBER:				430197190
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0131

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-02191
		FILM NUMBER:		07679343

	BUSINESS ADDRESS:	
		STREET 1:		8300 MARYLAND AVE
		STREET 2:		P O BOX 29
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63105
		BUSINESS PHONE:		3148544000

	MAIL ADDRESS:	
		STREET 1:		P O BOX 29
		CITY:			ST LOUIS
		STATE:			MO
		ZIP:			63166

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN SHOE CO INC/
		DATE OF NAME CHANGE:	19990528

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN GROUP INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BROWN SHOE CO INC
		DATE OF NAME CHANGE:	19720327
</SEC-HEADER>
<DOCUMENT>
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      BWS Form 8-K
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      STATES</strong></font></div>
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      to Section 13 or 15(d) of the Securities Exchange Act of 1934</font></div>
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      8, 2007</strong></font></div>
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                854-4000</strong></font></div>
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      communications pursuant to Rule 425 under the Securities Act (17 CFR
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      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
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      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
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      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Item
      2.02&#160;&#160;&#160;Results of Operations and Financial
      Condition</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      8, 2007, Brown Shoe Company, Inc. (the "Company") issued a press release (the
      "Press Release") announcing, among other things, its </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">results</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>&#160;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">of
      operations for the quarter and year ended February 3, 2007. A copy of the
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
      Release</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      is being
      furnished as exhibit 99.1 hereto, and the statements contained therein are
      incorporated by reference herein. </font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
      accordance with General Instruction B.2. of Form 8-K, the information contained
      in Item 2.02 and the Exhibits attached hereto shall not be deemed "filed" for
      purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
      &#8220;Exchange Act&#8221;), or otherwise subject to the liabilities of that section, nor
      shall they be deemed incorporated by reference in any filing under the
      Securities Act of 1933, as amended, or the Exchange Act, except as shall be
      expressly set forth by specific reference in such a filing.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
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      8.01&#160;&#160;&#160;Other Events</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      March
      7 2007, the Board of Directors authorized a 3-for-2 split of the Company's
      Common Stock, to be effected in the form of a stock dividend of one share of
      the
      Company's Common Stock for every two shares outstanding. The record date for
      the
      stock split is March 19, 2007 and the payment date is April 2, 2007.
</font></div>
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      Board
      of Directors also approved anti-dilutive adjustments to the shares reserved
      for
      issuance under the Company&#8217;s (i) Stock Option and Restricted Stock Plan of 1994,
      as amended, (ii) Stock Option and Restricted Stock Plan of 1998, (iii) Incentive
      and Stock Compensation Plan of 1999, as amended, and (iv) Incentive and Stock
      Compensation Plan 2002, as amended; and made anti-dilutive and other equitable
      adjustments to the terms of outstanding options, performance share awards and
      restricted stock unit awards. </font></div>
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      9.01&#160;&#160;&#160;Financial Statements and Exhibits</strong></font></div>
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                Release issued March 8, 2007</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SIGNATURES</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to the requirements of the Securities Act of 1934, the Registrant has duly
      caused this report to be signed on its behalf by the undersigned hereunto duly
      authorized.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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            <td valign="top" width="2%">&#160;</td>
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                SHOE COMPANY, INC.</strong></font></div>
            </td>
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          <tr>
            <td align="justify" valign="top" width="27%">&#160;</td>
            <td align="justify" valign="top" width="2%">&#160;</td>
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            <td align="justify" valign="top" width="2%">&#160;</td>
            <td align="justify" valign="top" width="49%">&#160;</td>
          </tr>
          <tr>
            <td align="justify" valign="top" width="27%">&#160;</td>
            <td align="justify" valign="top" width="2%">&#160;</td>
            <td align="justify" valign="top" width="49%">&#160;</td>
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                8, 2007</font></div>
            </td>
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                Michael I. Oberlander</font></div>
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            <td valign="top" width="2%">&#160;</td>
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                I. Oberlander</font></div>
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            <td valign="top" width="2%">&#160;</td>
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                President, General Counsel and Corporate
                Secretary</font></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-SIZE: 8pt; FONT-FAMILY: Times New Roman">Page
          3</font></div>
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      TO EXHIBITS </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
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                Number </font></div>
            </td>
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                </font></div>
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            <td valign="top" width="14%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">99.1</font></div>
            </td>
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            <td align="left" valign="top" width="62%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Press
                Release dated March 8, 2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 9pt; TEXT-INDENT: -9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>bws8k030807ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE
<TEXT>
<html>
  <head>
    <title>
      Exhibit 99.1 Press Release
</title>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right">
      <div>
        <hr style="COLOR: black" align="left" noshade size="4" width="100%">
      </div><br>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BROWN
        SHOE REPORTS FISCAL 2006 AND FOURTH QUARTER RESULTS; </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>DECLARES
        3-FOR-2 STOCK SPLIT; INCREASES DIVIDEND BY 31 PERCENT;</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong><em>&#160;</em></strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ESTABLISHES
        2007 EPS GUIDANCE</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Highlights:</strong></font></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Record
                net sales and operating earnings for the Company&#8217;s 999-store Famous
                Footwear chain;</font></div>
            </td>
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      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
                significant improvement in the Company&#8217;s Naturalizer brand, at both retail
                and wholesale; </font></div>
            </td>
          </tr>

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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                initiation of the Company&#8217;s earnings enhancement plan with the goal of
                generating $17 - $20 million in ongoing after-tax savings by
                2008;</font></div>
            </td>
          </tr>

      </table>
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      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company&#8217;s Board of Directors authorized a 3-for-2 stock split, to be
                effected in the form of a stock dividend, and a 31 percent increase
                in the
                quarterly dividend to $0.07 per diluted share on a post-split
                basis;</font></div>
            </td>
          </tr>

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      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                Company establishes 2007 earnings per diluted share guidance of $2.28
                to
                $2.33, including after-tax implementation costs of the Company&#8217;s earnings
                enhancement plan of approximately $14 million, or $0.47 per diluted
                share,
                or adjusted EPS targets of $2.75 to
                $2.80.</font></div>
            </td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ST.
        LOUIS, MISSOURI, March 8, 2007 - Brown Shoe Company, Inc. (NYSE:BWS) reported
        results for the fourth quarter and fiscal year ended February 3, 2007.
</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Ron
        Fromm, Brown Shoe&#8217;s Chairman and CEO, stated, &#8220;Fiscal 2006 was a year of many
        accomplishments for Brown Shoe Company. Our growth was balanced across our
        wholesale and retail platforms with a record performance at Famous Footwear
        and
        significant strides made with our Naturalizer and Dr. Scholl&#8217;s brands during the
        year. Our ability to satisfy consumers&#8217; desires for compelling brands and
        fashion at all channels of distribution remains a core strength. Adherence
        to
        our sell-through model and inventory discipline also contributed to our
        double-digit increase in earnings for the year. During the year, we continued
        to
        evaluate our portfolio to ensure that we are focused on opportunities that
        maximize our long-term sales and profit growth. To this end, we made decisions
        to exit our Bass license and reposition our Brown New York brands to the
        consumer-driven model that has been successful in our core brands. Lastly,
        we
        began to implement an earnings enhancement plan that has already begun to
        positively impact our business, as we benefit from increased talent, a more
        efficient operation, and a reduction in costs.&#8221; </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fromm
        continued, &#8220;As a result of our strong performance in 2006 and confidence in our
        2007 outlook, our Board of Directors authorized a 3-for-2 stock split, to
        be
        effected in the form of a stock dividend, and an increase in the quarterly
        dividend. This is the second such stock split and dividend increase in the
        past
        12 months.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Note:
        All per share data in this release is presented on a pre-split
        basis</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fourth
        Quarter Highlights: </strong></font></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                sales increased 6.6 percent to $639.3 million, as compared to $599.6
                million in the fourth quarter of fiscal 2006. Fiscal 2006 includes
                53
                weeks and compares to a 52-week period in fiscal 2005, with the additional
                week occurring in the fourth quarter of fiscal 2006. The 53<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>rd</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                week increased net sales by $22.5 million and was not material to
                net
                earnings in the fourth quarter of
                2006.</font></font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol">&#183;
              &#160;</font></td>
            <td>&#160;<font size="2">Net earnings were $13.6 million, or $0.46 per
              diluted share, inclusive of (i) $0.09 per diluted share in earnings
              enhancement plan costs; (ii) $0.12 per diluted share in charges related
              to
              environmental remediation activities at its Denver, Colorado property;
              and
              (iii) $0.03 per diluted share in costs related to the exit of its Bass
              license. This compares to net earnings of $13.4 million, or $0.47 per
              diluted share, in the fourth quarter of fiscal 2005 inclusive of (i)
              $0.09
              per diluted share in tax provisions due to the repatriation of foreign
              earnings; and (ii) $0.15 per diluted share in charges related to the
              closure of underperforming Naturalizer stores</font></td>
          </tr>

      </table>
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          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjusted
                net earnings, excluding the above items, were $20.6 million, or $0.70
                per
                diluted share, inclusive of $0.04 per diluted share for stock option
                expense, as compared to fourth quarter fiscal 2005 adjusted net earnings
                of $20.0 million, or $0.71 per diluted share (an increase of 4.5
                percent,
                inclusive of footnote option expense in 2005). See Schedule 4 attached
                for
                a reconciliation to GAAP net earnings and the discussion of &#8220;Non-GAAP
                Financial Measures&#8221;. </font></div>
            </td>
          </tr>

      </table>
      <div>&#160;</div>
      <div>&#160;</div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
          Year Highlights</strong></font></div>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                  sales increased 7.8 percent to $2.47 billion compared with $2.29
                  billion
                  in the prior fiscal year. </font></div>
              </td>
            </tr>

        </table>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                  earnings were $65.7 million, or $2.26 per diluted share, inclusive
                  of (i)
                  $0.13 per diluted share in earnings enhancement plan costs; (ii)
                  $0.08 per
                  diluted share in costs related to the exit of the Bass license;
                  and (iii)
                  $0.03 per diluted share from the net gain related to Redfield-related
                  insurance recoveries and environmental remediation charges. This
                  compares
                  to net earnings of $41.0 million, or $1.45 per diluted share, in
                  the prior
                  fiscal year, inclusive of (i) $0.42 per diluted share related to
                  tax
                  provisions due to the repatriation of foreign earnings; (ii) $0.02
                  per
                  diluted share in costs related to the bridge loan fee associated
                  with the
                  acquisition of Bennett Footwear Group; (iii) $0.33 per diluted
                  share in
                  charges related to the closure of underperforming Naturalizer
                  stores.</font></div>
              </td>
            </tr>

        </table>
        <table cellpadding="0" cellspacing="0" id="list" width="100%">

            <tr valign="top" style="line-height: 1.25;">
              <td align="right" style="width: 36pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
              <td>
                <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Adjusted
                  net earnings, excluding the above items, were $71.0 million, or
                  $2.44 per
                  diluted share inclusive of $0.14 per diluted share for stock option
                  expense in fiscal 2006, as compared to adjusted net earnings of
                  $62.9
                  million, or $2.22 per diluted share in the prior fiscal year (an
                  increase
                  of 17.3 percent, inclusive of footnote option expense in 2005).
                  See
                  Schedule 4 attached for a reconciliation to GAAP net earnings and
                  the
                  discussion of &#8220;Non-GAAP Financial Measures&#8221;.
</font></div>
              </td>
            </tr>

        </table>
        <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Strategic
        Initiatives Update</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company continues to review and implement certain strategic initiatives as
        part
        of its earnings enhancement plan, with the goal to increase earnings and
        reallocate resources and investment to drive consumer preference. Key elements
        of the plan include: i) restructuring administrative and support areas; ii)
        redesigning logistics and distribution platforms; iii) reorganizing to eliminate
        operational redundancies; iv) realigning strategic priorities; and v) refining
        the supply chain process and enhancing inventory utilization.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          </div>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
        the fourth quarter, the Company made substantial progress in implementing
        a
        number of initiatives under this program, including:</font></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                announcement of the closing of its Bennett&#8217;s division&#8217;s (renamed Brown New
                York) Needham, MA office and its Dover, NH distribution center which
                was
                completed in February 2007;</font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                consolidation of the Company&#8217;s New York City operations to accommodate the
                offices of its Brown New York division personnel, as well as its
                product
                development team and its showrooms;</font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                announcement of the closing of its Italian sales office in the first
                quarter of fiscal 2007;</font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                outsourcing of its Canadian wholesale business to a third party operator;
                and</font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
                closing of all but one of its Via Spiga
                stores.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">These
        actions, along with severance costs from personnel reductions and consulting
        costs related to the earnings enhancement plan, resulted in after-tax costs
        of
        $2.7 million in the fourth quarter of 2006 and $3.9 million for the full
        year of
        2006.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 27pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">While
        much has been accomplished, certain of the initiatives are still in early
        stages
        of development, and the Company expects to update cost and savings estimates
        as
        they are further developed. Current estimates are as follows:</font></div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                2007, after-tax implementation costs are estimated to be approximately
                $14
                million, while the Company expects to realize after-tax benefits
                of $10 to
                $12 million; </font></div>
            </td>
          </tr>

      </table>
      <table cellpadding="0" cellspacing="0" id="list" width="100%">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 72pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif">&#183;&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
                2008, after-tax implementation costs are estimated to be approximately
                $5
                million and annual after-tax benefits are still estimated to be $17
                to $20
                million.</font></div>
            </td>
          </tr>

      </table>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br>&#160;</div>
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          </div>
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        </div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fourth
        Quarter </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Retail
        Division</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
        sales at Famous Footwear, the Company&#8217;s 999-store family footwear chain,
        increased 13.0 percent to $320.9 million for the 14 weeks ended February
        3,
        2007, versus $284.1 million for the 13-week period last year. Same-store
        sales
        for the 13 weeks ended January 27, 2007 increased 2.9 percent, as compared
        to
        the same period in the prior year. Strong sales growth together with a 110
        basis
        point improvement in gross margin rate contributed to record fourth quarter
        operating earnings. Operating earnings increased by 49.2 percent to $22.5
        million from $15.0 million for the year-ago period. All categories of footwear
        were positive for the quarter. Famous Footwear opened 28 stores in the quarter
        and closed eight stores, resulting in 999 stores open at year-end. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Specialty Retail segment, which primarily includes the Naturalizer Retail
        stores
        and the Shoes.com e-commerce business, reported sales of $73.9 million, an
        increase of 12.4 percent versus $65.7 million last year, driven by top-line
        growth at Shoes.com and improved productivity at Naturalizer Retail. The
        segment&#8217;s operating loss decreased to $0.4 million, inclusive of $0.9 million in
        pre-tax costs to close the Via Spiga stores, as compared to a loss of $6.7
        million in the year-ago period, which included pre-tax costs of $6.5 million
        to
        close underperforming Naturalizer stores and consolidate the Company&#8217;s Canadian
        operations. Comparable-store sales for the 290 U.S. and Canadian stores on
        a
        comparable 13-week basis increased 4.0 percent. The division opened one new
        store and closed nine stores during the quarter.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Wholesale
        Division</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wholesale
        sales declined 2.1 percent to $244.5 million, versus $249.8 million last
        year,
        as higher sales of the Company&#8217;s Naturalizer, Dr. Scholl&#8217;s, LifeStride, and
        Children&#8217;s offerings were offset by lower sales at the Company&#8217;s Brown New York
        brands, as the Company transitioned these brands to its consumer-driven model,
        deemphasized non-branded product distribution, and completed the exit from
        the
        Bass license. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Wholesale
        operating earnings of $17.8 million included $4.7 million in pre-tax costs
        associated with exiting the Bass license and implementation of initiatives
        associated with the Company&#8217;s earnings enhancement plan. This compares to
        operating earnings of $27.1 million in the fourth quarter last year.
</font></div>
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      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Redfield
        Environmental Remediation</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">During
        the fourth quarter of fiscal 2006, the Company submitted a long-term plan
        to the
        State of Colorado to continue its onsite remediation activities at its Denver,
        Colorado property and developed a revised plan for the offsite remediation
        activities. The additional discounted cost of the program and updated estimates
        for other remediation in the areas adjacent and near to this property resulted
        in an after-tax charge of $3.4 million, or $0.12 per diluted share. In the
        second quarter of fiscal 2006, the Company recognized income from insurance
        recoveries of $4.4 million, after-tax, related to this site and is continuing
        to
        pursue additional recoveries from other insurance companies and the Colorado
        Department of Transportation.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Balance
        Sheet Highlights</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventory
        at February 3, 2007 was $421 million, as compared to $414 million at January
        28,
        2006. Inventory growth at Famous Footwear and growth in Shoes.com were partially
        offset by reductions in the Company&#8217;s Wholesale and Specialty Retail segments.
        The Company&#8217;s debt-to-capital ratio at the end of the quarter was 22.4 percent,
        compared to 31.5 percent at the same time last year. </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Fiscal
        and First Quarter 2007 Guidance</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company is introducing net sales and net earnings guidance for fiscal and
        first
        quarter 2007.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        the
        full fiscal year, the Company is introducing net sales guidance in the range
        of
        $2.48 billion to $2.52 billion. This reflects expectations for same-store
        sales
        to increase in the range of 2.5 percent to 3.5 percent and an addition of
        approximately 110 new store openings and 45 closings at Famous Footwear.
        The
        Company also anticipates that its combined wholesale sales will be below
        2006
        full-year results, with growth of its branded business offset by the exit
        of the
        Bass license and a sales decline in its private label business. Diluted net
        earnings per share for the fiscal 2007 year are expected to be in the range
        of
        $2.28 to $2.33, which compares to diluted earnings per share of $2.26 in
        fiscal
        2006. On an adjusted earnings basis, after excluding earnings enhancement
        plan
        costs in 2007 and 2006, as well as Bass exit costs and net Redfield recoveries
        in 2006, the Company expects diluted earnings per share to be in the range
        of
        $2.75 to $2.80, an increase of 13 percent to 15 percent, compared to $2.44
        in
        2006 (see Schedule 5 for reconciliation to GAAP net earnings). In 2007, the
        Company also expects to increase its marketing media spend by approximately
        $4.0
        million pre-tax, as it evolves its brand marketing programs. Additionally,
        the
        Company expects the effective tax rate in 2007 to be approximately 31.7 percent,
        compared to 29.7 percent in 2006. The higher anticipated tax rate in 2007
        reflects a reduced mix of foreign earnings, which have lower tax rates. The
        rate
        difference equates to approximately $0.07 per diluted share.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">For
        the
        first quarter of fiscal 2007, the Company expects net sales in the range
        of $575
        million to $580 million, as compared to actual first quarter fiscal 2006
        net
        sales of $575.5 million. Included in the Company&#8217;s net sales guidance is an
        expectation for same store sales at Famous Footwear to increase in the range
        of
        2.5 percent to 3.5 percent. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company also anticipates that its combined wholesale sales will be below
        the
        first quarter results last year, with growth of its branded business offset
        by
        the exit of the Bass license and a sales decline in its private label business.
        </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
        earnings per share for the first quarter are expected to be in the range
        of
        $0.27 to $0.29, as compared to actual first quarter fiscal 2006 diluted net
        earnings per share of $0.35. The 2007 estimated earnings guidance includes
        after-tax costs related to the implementation of the earnings enhancement
        plan
        of approximately $3.0 million or $0.10 per diluted share. Excluding these
        costs
        results in adjusted diluted earnings per share guidance of $0.37 to $0.39,
        an
        increase of 6 percent to 11 percent compared to $0.35 per diluted share in
        the
        first quarter 2006 (see Schedule 5 for reconciliation to GAAP net earnings).
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Outlook
        for Fiscal 2007</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fromm
        concluded, &#8220;We are well positioned as we begin fiscal 2007. The majority of our
        brands and retail concepts are performing well, we have initiatives in place
        to
        improve our Brown New York brands, and we are well underway on our earnings
        enhancement plan. Our priorities are to deliver great product through innovation
        and differentiation and begin transforming our brand marketing, while
        capitalizing on the strength of our Famous Footwear chain. Our goals are
        focused
        on building preeminent footwear brands and we expect fiscal 2007 to be another
        year of significant accomplishments toward reaching this objective for Brown
        Shoe Company.&#8221;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Non-GAAP
        Financial Measures</strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">In
        this
        press release, the Company&#8217;s financial results are provided both in accordance
        with generally accepted accounting principles (GAAP) and using certain non-GAAP
        financial measures. In particular, the Company provides historic and estimated
        future net earnings and earnings per diluted share adjusted to exclude certain
        charges, recoveries, and information regarding components of its reportable
        operating segments, which are non-GAAP financial measures. These results
        are
        included as a complement to results provided in accordance with GAAP because
        management believes these non-GAAP financial measures help indicate underlying
        trends in the Company&#8217;s business and provide useful information to both
        management and investors by excluding certain items that may not be indicative
        of the Company&#8217;s core operating results. These measures should not be considered
        a substitute for or superior to GAAP results.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
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          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.7pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Conference
        Call </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: -2.7pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">A
        conference call to discuss fourth quarter and fiscal year 2006 results will
        be
        held this morning at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>9:00
        a.m. EST</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        While
        participation in the question-and-answer session of the call will be limited
        to
        institutional analysts and investors, retail brokers and individual investors
        are invited to attend via a live web-cast to be hosted at </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.brownshoe.com/investor</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        or
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>www.earnings.com</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
        (at the
        website, type in the BWS ticker symbol to locate the broadcast).</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Safe
        Harbor Statement Under the Private Securities Litigation Reform Act of
        1995</strong></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">:
        </font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">This
        press release contains certain forward-looking statements and expectations
        regarding the Company's future performance and the future performance of
        its
        brands. Such statements are subject to various risks and uncertainties that
        could cause actual results to differ materially. These include (i) the
        preliminary nature of estimates of the costs and benefits of the strategic
        earnings enhancement plan, which are subject to change as the Company refines
        these estimates over time; (ii) intense competition within the footwear
        industry; (iii) rapidly changing consumer demands and fashion trends and
        purchasing patterns, which may be influenced by consumers' disposable income,
        which in turn can be influenced by general economic conditions; (iv) customer
        concentration and increased consolidation in the retail industry; (v) the
        Company&#8217;s ability to successfully implement its strategic earnings enhancement
        plan; (vi) political and economic conditions or other threats to continued
        and
        uninterrupted flow of inventory from China and Brazil, where the Company
        relies
        heavily on third-party manufacturing facilities for a significant amount
        of its
        inventory; (vii) the Company's ability to attract and retain licensors and
        protect its intellectual property; (viii) the Company's ability to secure
        leases
        on favorable terms; (ix) the Company's ability to maintain relationships
        with
        current suppliers; and (x) the uncertainties of pending litigation. </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
        Company's reports to the Securities and Exchange Commission contain detailed
        information relating to such factors, including, without limitation, the
        information under the caption &#8220;Risk Factors&#8221; in Item 1A of the Company&#8217;s Annual
        Report for the year ended January 28, 2006 and the information under the
        caption
&#8220;Risk Factors&#8221; in Item 1A of the Company&#8217;s Form 10-Q for the quarterly period
        ended October 28, 2006, which information is incorporated by reference herein.
        The Company does not undertake any obligation or plan to update these forward-
        looking statements, even though its situation may change.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>About
        Brown Shoe Company </strong></font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brown
        Shoe is a $2.5 billion footwear company with global operations. Brown Shoe&#8217;s
        Retail division operates Famous Footwear, the 1,000-store chain that sells
        brand
        name shoes for the family, approximately 300 specialty retail stores in the
        U.S.
        and Canada under the Naturalizer, FX LaSalle, and Franco Sarto names, and
        Shoes.com, the Company's e-commerce subsidiary. Brown Shoe, through its
        Wholesale divisions, owns and markets leading footwear brands including
        Naturalizer, LifeStride, Via Spiga, Nickels Soft, Connie and Buster Brown;
        it
        also markets licensed brands including Franco Sarto, Dr. Scholl's, Etienne
        Aigner, and Carlos by Carlos Santana and Barbie, Disney and Nickelodeon
        character footwear for children. Brown Shoe press releases are available
        on the
        Company's website at http://www.brownshoe.com.</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br>&#160;</div>
      <div align="center">
        <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

            <tr bgcolor="white">
              <td width="50%">&#160;Contacts:<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></td>
              <td width="50%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;</td>
              <td width="50%">&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;For investors:</td>
              <td width="50%">&#160;For media:</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;Ken Golden</td>
              <td width="50%">&#160;David Garino</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;Brown Shoe Company, Inc.</td>
              <td width="50%">&#160;Fleishman-Hillard</td>
            </tr>
            <tr bgcolor="white">
              <td width="50%">&#160;314-854-4134</td>
              <td width="50%">&#160;314-982-0551</td>
            </tr>

        </table>
      </div><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><br><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SCHEDULE
      1</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BROWN
      SHOE COMPANY, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONDENSED
      CONSOLIDATED BALANCE SHEETS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="48%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Thousands)</em></font></div>
            </td>
            <td align="right" colspan="2" valign="top" width="16%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                3, 2007</font></div>
            </td>
            <td valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="top" width="15%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
                28, 2006</font></div>
            </td>
          </tr>
          <tr>
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>ASSETS</strong></font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
            <td align="right" valign="top" width="3%">&#160;</td>
            <td align="left" valign="top" width="6%">&#160;</td>
            <td align="left" valign="top" width="9%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="48%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and Cash Equivalents</font></div>
            </td>
            <td align="right" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">53,661</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,288</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Receivables,
                Net</font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">132,224</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">158,103</font></div>
            </td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Inventories,
                Net</font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">420,520</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">414,295</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="48%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                Current Assets</font></div>
            </td>
            <td align="right" valign="top" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">31,955</font></div>
            </td>
            <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">18,985</font></div>
            </td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font id="TAB1" style="MARGIN-LEFT: 9pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Total
                Current Assets</font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
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            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
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            <td align="right" valign="top" width="6%">&#160;</td>
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            <td align="right" valign="top" width="9%">
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            <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
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            <td align="right" valign="top" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="top" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="top" width="9%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,027,293</font></div>
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            <td align="left" valign="top" width="48%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>LIABILITIES
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            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="48%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Borrowing
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            <td align="right" valign="top" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,000</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">50,000</font></div>
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          <tr bgcolor="white">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Trade
                Accounts Payable</font></div>
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            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">185,767</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">173,083</font></div>
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          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Accrued
                Expenses</font></div>
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            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">146,320</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">131,409</font></div>
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            <td align="left" valign="top" width="48%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Income
                Taxes</font></div>
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            <td align="right" valign="top" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,429</font></div>
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            <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,828</font></div>
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          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Total
                Current Liabilities</font></div>
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            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">334,516</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">358,320</font></div>
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          <tr bgcolor="white">
            <td align="left" valign="top" width="48%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Long-Term
                Debt </font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Deferred
                Rent</font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38,025</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">36,219</font></div>
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          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Other
                Liabilities</font></div>
            </td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">52,871</font></div>
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            <td align="left" valign="top" width="3%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="right" valign="top" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">48,544</font></div>
            </td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="48%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Shareholders&#8217;
                Equity</font></div>
            </td>
            <td align="right" valign="top" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">523,645</font></div>
            </td>
            <td align="left" valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">434,210</font></div>
            </td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="48%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="top" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="top" width="9%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,099,057</font></div>
            </td>
            <td align="left" valign="top" width="3%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="top" width="6%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="top" width="9%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,027,293</font></div>
            </td>
          </tr>

      </table>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
      </div>
      <div id="HDR">
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        </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SCHEDULE
      2</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BROWN
      SHOE COMPANY, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONDENSED
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          <tr>
            <td align="left" valign="top" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Thousands,
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            <td align="right" colspan="2" valign="bottom" width="12%" style="border-bottom: black thin solid;">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
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            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="11%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
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            <td align="right" valign="bottom" width="2%">
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            <td align="right" valign="bottom" width="10%">
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            <td align="right" valign="bottom" width="2%">
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            <td align="right" valign="bottom" width="11%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cost
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">232,599</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">970,893</font></div>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">898,304</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;-
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            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">38.8%</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="left" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Selling
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            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">862,766</font></div>
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="11%">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;-
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
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            <td align="right" valign="bottom" width="11%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="4%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(5,490</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="10%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(27,719</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="11%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(30,147</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
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            <td align="left" valign="bottom" width="31%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">NET
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            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,579</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">13,366</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="10%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">65,708</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,000</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.48</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">0.49</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="10%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2.33</font></div>
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            <td align="right" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="11%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1.50</font></div>
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            <td align="left" valign="bottom" width="1%" style="border-bottom: black double;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="10%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="11%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
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          <tr bgcolor="#e2eef6">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="4%" style="border-bottom: black double;">
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">
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            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Basic
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            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="right" valign="bottom" width="1%">&#160;</td>
            <td colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="31%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
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            <td align="right" colspan="2" valign="bottom" width="12%">
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            <td align="right" colspan="2" valign="bottom" width="12%">
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            <td align="right" colspan="2" valign="bottom" width="13%">
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            <td align="left" valign="bottom" width="1%">&#160;</td>
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            <td align="left" valign="bottom" width="31%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="12%">&#160;</td>
            <td valign="bottom" width="1%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="13%">&#160;</td>
            <td align="left" valign="bottom" width="1%">&#160;</td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note
      1:&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Our
      accounting period is based upon a traditional retail calendar, which ends on
      the
      Saturday nearest January&#160;31. Periodically, this results in a fiscal year
      that includes 53 weeks. Our 2006 fiscal year includes 53 weeks, while 2005
      had
      only 52 weeks. The inclusion of the 53</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>rd</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      week
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      but had an immaterial impact on net earnings in 2006.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 45pt; TEXT-INDENT: -45pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Note
      2:&#160;&#160;&#160;&#160;&#160; </font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 45pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">At
      the
      beginning of fiscal 2006, we adopted Statement of Financial Accounting Standards
      No. 123 (Revised 2004), &#8220;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>Share-Based
      Payment</em></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8221;
(SFAS
      No. 123R), using the modified prospective method. SFAS No. 123R requires
      companies to recognize compensation expense in an amount equal to the fair
      value
      of all share-based payments granted to employees. In 2005 and prior, no
      compensation cost was recognized for stock options. During 2006, we recognized
      $4.7 million ($4.1 million on an after-tax basis), or $0.14 per diluted share,
      of share-based compensation expense related to stock options. </font></div><br>
    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
      <div id="FTR">
        <div id="GLFTR" style="WIDTH: 100%" align="left">
        </div>
      </div>
      <div id="PN" style="PAGE-BREAK-AFTER: always">
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
        </div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
          <hr style="COLOR: black" noshade size="2">
        </div>
      </div>
      <div id="HDR">
        <div id="GLHDR" style="WIDTH: 100%" align="right">
        </div>
      </div>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SCHEDULE
      3</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BROWN
      SHOE COMPANY, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>CONDENSED
      CONSOLIDATED STATEMENTS OF CASH FLOWS</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Thousands)</em></font></div>
            </td>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fifty-Three</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weeks
                Ended</font></div>
            </td>
            <td valign="bottom" width="4%">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fifty-Two</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Weeks
                Ended</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="51%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left">&#160;</div>
            </td>
            <td align="right" colspan="2" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">February
                3, 2007</font></div>
            </td>
            <td valign="bottom" width="4%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" colspan="2" valign="bottom" width="14%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">January
                28, 2006</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>OPERATING
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Net
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            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">65,708</font></div>
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,000</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Adjustments
                to reconcile net earnings to net cash provided</font></div>
            </td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;By
                operating activities:</font></div>
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;Depreciation
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">41,808</font></div>
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">40,334</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;Share-based
                compensation expense</font></div>
            </td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">9,721</font></div>
            </td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">3,301</font></div>
            </td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;Loss
                on disposal or impairment of facilities and equipment</font></div>
            </td>
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            <td align="right" valign="bottom" width="9%">
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            <td align="left" valign="bottom" width="2%">
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            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;&#160;&#160;&#160;Deferred
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            <td align="right" valign="bottom" width="9%">
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            <td align="right" valign="bottom" width="7%">&#160;</td>
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
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            <td align="left" valign="bottom" width="51%">
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            <td align="left" valign="bottom" width="51%">
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            <td align="left" valign="bottom" width="51%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">
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            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
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            <td align="left" valign="bottom" width="4%">
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            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
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            <td align="left" valign="bottom" width="2%">
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            <td align="left" valign="bottom" width="51%">
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">150,000</font></div>
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            <td align="left" valign="bottom" width="2%">&#160;</td>
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          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Debt
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(4,733</font></div>
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            <td align="left" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Proceeds
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2,585</font></div>
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            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Tax
                benefit related to share-based plans</font></div>
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">7,947</font></div>
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1,189</font></div>
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            <td align="left" valign="bottom" width="2%">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;&#160;&#160;Dividends
                paid</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(9,147</font></div>
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            <td align="left" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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            <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(7,353</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net
                cash (used) provided by financing activities</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(39,640</font></div>
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            <td align="left" valign="bottom" width="4%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
            </td>
            <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">49,688</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Effect
                of exchange rate changes on cash</font></div>
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">49</font></div>
            </td>
            <td align="left" valign="bottom" width="4%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">911</font></div>
            </td>
            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Increase
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            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">19,373</font></div>
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            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(45,160</font></div>
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            <td align="left" valign="bottom" width="2%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">)</font></div>
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          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and cash equivalents at beginning of period</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,288</font></div>
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            <td align="left" valign="bottom" width="4%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">79,448</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="bottom" width="51%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="left" valign="bottom" width="4%">&#160;</td>
            <td align="left" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="9%">&#160;</td>
            <td align="left" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="bottom" width="51%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Cash
                and cash equivalents at end of period</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">53,661</font></div>
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            <td align="left" valign="bottom" width="4%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$</font></div>
            </td>
            <td align="right" valign="bottom" width="9%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">34,288</font></div>
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            <td align="left" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
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      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SCHEDULE
      4</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BROWN
      SHOE COMPANY, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Reconciliation
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      (Non-GAAP)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following is a reconciliation of our fourth quarter and full-year earnings
      from
      GAAP-reported Net Earnings to Adjusted Net Earnings:</font></div>
    <div align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="bottom" width="17%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><em>(Thousands,
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            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="3" valign="bottom" width="15%" style="border-bottom: black thin solid;">
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                Quarter 2006</font></div>
            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="3" valign="bottom" width="16%" style="border-bottom: black thin solid;">
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                Quarter 2005</font></div>
            </td>
            <td valign="bottom" width="2%">&#160;</td>
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            </td>
            <td valign="bottom" width="2%">&#160;</td>
            <td colspan="3" valign="bottom" width="14%" style="border-bottom: black thin solid;">
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            </td>
            <td valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="17%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="8%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net</font></div>
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            </td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="6%" style="border-bottom: black thin solid;">
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            </td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net</font></div>
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            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPS</font></div>
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            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="7%" style="border-bottom: black thin solid;">
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            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPS</font></div>
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            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="7%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Net</font></div>
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            </td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="5%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPS</font></div>
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            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
          </tr>
          <tr>
            <td align="left" valign="top" width="17%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="8%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="6%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="7%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="7%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="7%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="left" valign="top" width="7%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="top" width="5%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="17%">
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="17%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
          </tr>
          <tr bgcolor="#e2eef6">
            <td align="left" valign="top" width="17%" style="border-bottom: #e2eef6;">
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            <td align="left" valign="top" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: #e2eef6;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: #e2eef6;">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td align="left" valign="top" width="17%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
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            <td align="left" valign="top" width="17%">
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            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="8%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="6%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">
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            <td align="right" valign="bottom" width="2%">&#160;</td>
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          <tr bgcolor="white">
            <td align="left" valign="top" width="17%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="8%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
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            <td align="right" valign="bottom" width="8%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="6%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="7%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="right" valign="bottom" width="6%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="7%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
            <td align="right" valign="bottom" width="5%">&#160;</td>
            <td align="right" valign="bottom" width="2%">&#160;</td>
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            <td align="left" valign="top" width="17%" style="border-bottom: black double;">
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            <td align="left" valign="top" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="8%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="7%" style="border-bottom: black double;">
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
            <td align="right" valign="bottom" width="5%" style="border-bottom: black double;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">$2.22</font></div>
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            <td align="right" valign="bottom" width="2%" style="border-bottom: black double;">&#160;</td>
          </tr>

      </table>
    </div>
    <div align="left"><br></div>
    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">As
      reflected in the Schedule above, net earnings for fiscal 2006 include charges
      and recoveries of: </font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                loss of $2.3 million after-tax, or $0.08 per diluted share, related
                to the
                withdrawal from the Bass license;</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                charge of $3.9 million after-tax, or $0.13 per diluted share, for
                our
                earnings enhancement plan implementation costs;
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            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                net recovery of $1.0 million after-tax, or $0.03 per diluted share,
                related to environmental insurance recoveries and environmental charges
                related to our Redfield facility.</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Earnings
      for fiscal 2005 included the following charges: </font></div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(i)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                after-tax cost of $9.2 million or $0.33 per diluted share, to close
                underperforming Naturalizer stores and consolidate retail administration;
                </font></div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(ii)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">a
                $12.0 million tax provision, or $0.42 per share, related to the
                repatriation of $102.0 million of previously untaxed foreign earnings
                under the American Jobs Creation Act of 2004;
                and</font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="right">
      <table cellpadding="0" cellspacing="0" id="list" width="100%" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">

          <tr valign="top" style="line-height: 1.25;">
            <td align="right" style="width: 27pt;"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(iii)&#160;&#160;</font></td>
            <td>
              <div style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">an
                after-tax cost of $0.6 million, or $0.02 per diluted share, for a
                bridge
                loan fee associated with financing the acquisition of Bennett Footwear
                (completed April 22, 2005). </font></div>
            </td>
          </tr>

      </table><br>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
        <div id="FTR">
          <div id="GLFTR" style="WIDTH: 100%" align="left">
          </div>
        </div>
        <div id="PN" style="PAGE-BREAK-AFTER: always">
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
          </div>
          <div style="WIDTH: 100%; TEXT-ALIGN: center">
            <hr style="COLOR: black" noshade size="2">
          </div>
        </div>
        <div id="HDR">
          <div id="GLHDR" style="WIDTH: 100%" align="right">
          </div>
        </div>
      </div><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>SCHEDULE
      5</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="right"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>BROWN
      SHOE COMPANY, INC.</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Reconciliation
      of EPS Guidance (GAAP Basis) to </strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><strong>Adjusted
      Net Earnings Guidance (Non-GAAP)</strong></font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><br></div>
    <div align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      following is a reconciliation of our first quarter and full-year earnings per
      share guidance on a GAAP basis (reported and estimated) to Adjusted Net Earnings
      (Non-GAAP):</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: -18pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

          <tr>
            <td align="left" valign="top" width="19%">&#160;</td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td colspan="3" valign="top" width="19%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>st</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                Quarter 2007</font></div>
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            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">1</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><sup>st</sup></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
                Quarter </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">2006</font></div>
            </td>
            <td align="left" valign="top" width="3%">&#160;</td>
            <td colspan="3" valign="top" width="19%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fiscal
                2007</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Guidance</font></div>
            </td>
            <td align="left" valign="top" width="2%">&#160;</td>
            <td valign="top" width="10%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center">&#160;</div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fiscal
                2006</font></div>
            </td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" width="19%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted
                </font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPS
                (low)</font></div>
            </td>
            <td valign="top" width="2%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="9%" style="border-bottom: black thin solid;">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Diluted</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">EPS
                (high)</font></div>
            </td>
            <td valign="top" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td valign="top" width="9%" style="border-bottom: black thin solid;">
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            <td align="right" valign="bottom" width="9%">&#160;</td>
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            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="3%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">&#160;</td>
            <td align="left" valign="bottom" width="3%" style="border-bottom: black thin solid;">&#160;</td>
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            <td align="right" valign="bottom" width="9%" style="border-bottom: black thin solid;">&#160;</td>
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