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<SEC-DOCUMENT>0000014707-09-000017.txt : 20090206
<SEC-HEADER>0000014707-09-000017.hdr.sgml : 20090206
<ACCEPTANCE-DATETIME>20090206151524
ACCESSION NUMBER:		0000014707-09-000017
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090206
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20090206
DATE AS OF CHANGE:		20090206

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:		09576902

	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>
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<TYPE>8-K
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<FILENAME>bws8k020609.htm
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communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)</font></div>
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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
240.14d-2(b))</font></div>
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communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))</font></div><br>
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1</font></div>
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2.02<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Results of Operations
and Financial Condition</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
February 5, 2009, Brown Shoe Company, Inc. (the "Company") issued a press
release (the "Press Release") announcing, among other things, i) preliminary
consolidated net sales, ii) preliminary net sales and same-store sales
information for its Famous Footwear segment, and iii) information about
preliminary net sales at its Wholesale Operations segment for the quarter ended
January 31, 2009. A copy of the Press Release 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; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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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>
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7.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Regulation FD
Disclosure.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
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February 5, 2009, Brown Shoe Company, Inc. (the "Company") issued a press
release (the "Press Release") announcing an update on its expense and capital
containment initiatives that were announced on January 21, 2009.</font></div>
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information in this Current Report on Form 8-K and the exhibit attached hereto
shall not be deemed to be &#8220;filed&#8221; for the purposes of Section&#160;18 of the
Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), or otherwise subject to
the liabilities of such section, nor shall such information or exhibit be deemed
incorporated by reference in any filing under the Securities Act of 1933 or the
Exchange Act, except as shall be expressly set forth by specific reference in
such a filing.</font></div>
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9.01<font id="TAB2" style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font>&#160;Financial Statements
and Exhibits</font></div>
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            <td valign="top" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="11%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
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            </td>
          </tr>
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            <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
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            <td valign="top" width="11%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="59%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SIGNATURES</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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; TEXT-INDENT: 0pt"><br></div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">BROWN
      SHOE COMPANY, INC.</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">(Registrant)</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="53%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="53%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
          </tr>
          <tr>
            <td valign="top" width="35%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Date:&#160;&#160;February
      6, 2009</font></div>
            </td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="53%" style="BORDER-BOTTOM: black 2px solid">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">/s/
      Michael I. Oberlander</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Michael
      I. Oberlander</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="35%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td valign="top" width="12%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            <td align="left" valign="top" width="53%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Senior
      Vice President, General Counsel</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;and
      Corporate Secretary</font></div>
            </td>
          </tr>
      </table>
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    <div id="PGBRK" style="MARGIN-LEFT: 0pt; WIDTH: 100%; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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      </div>
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3</font></div>
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      </div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">INDEX
TO EXHIBITS</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div>
      <div align="center">
        <table cellpadding="0" cellspacing="0" width="100%">
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                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Exhibit Number</font></font></div>
              </td>
              <td valign="top" width="5%" style="BORDER-BOTTOM: black 2px solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="62%" style="BORDER-BOTTOM: black 2px solid">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="DISPLAY: inline">Description</font></font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="14%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">99.1</font></div>
              </td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td align="left" valign="top" width="62%">
                <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">Press
      Release dated February 5, 2009</font></div>
              </td>
            </tr>
            <tr>
              <td valign="top" width="14%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="5%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
              <td valign="top" width="62%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;
      </font></td>
            </tr>
        </table>
      </div>
    </div>
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<DOCUMENT>
<TYPE>EX-99.1
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<DESCRIPTION>PRESS RELEASE
<TEXT>
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    <div>&#160;</div>
    <div style="TEXT-ALIGN: right"><font style="FONT-WEIGHT: bold">EXHIBIT
99.1<br></font></div>

    <div style="DISPLAY: block; TEXT-INDENT: 0pt; TEXT-ALIGN: right"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt; TEXT-ALIGN: right" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">BROWN
SHOE PROVIDES COSTS FOR EXPENSE REDUCTION INITIATIVES; ANNOUNCES PRELIMINARY
FOURTH QUARTER REVENUE</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">ST.
LOUIS, MISSOURI, February 5, 2009 -- Brown Shoe Company, Inc. (NYSE: BWS) today
provided an update on its expense and capital containment initiatives that were
announced January 21, 2009.&#160;&#160;These initiatives, which include changes
in compensation structure, rationalization of operating expenses, and workforce
reduction, are now expected to yield annual savings in the range of $28 million
to $31 million.&#160;&#160;Costs related to its expense initiatives are
currently anticipated in the range of $27 million to $30 million ($5 million to
$6 million will be non-cash), the majority of which will be incurred in the
Company&#8217;s fourth quarter of fiscal 2008.&#160;&#160;The Company has also reduced
its planned capital expenditures for the 2008 to 2011 period by an additional
$35 million, bringing total planned capital expenditure reductions to $107
million for this period.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
workforce reduction program is expected to affect 12 to 14 percent of its
domestic workforce in business areas across the enterprise, excluding stores and
distribution centers.&#160;&#160;Associate separations are beginning in
February, with final dates of employment determined on an individual basis and
driven by business need.&#160;&#160;Additionally, the Company has made
commensurate reductions in workforce and payroll in its Far East sourcing
operations, stores, and distribution centers.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8220;These
are essential actions that we are taking to proactively address the uncertainty
that remains in the marketplace and we remain focused on identifying additional
opportunities to reduce expenses without impacting investments in key strategic
growth opportunities.&#160;&#160;Reducing our workforce is a necessary measure
to appropriately realign our cost structure to sales expectations.&#160;&#160;It
is the right thing to do for our business and we are committed to implementing
it in the right way for our business and our people, who have made tremendous
contributions to our company&#8217;s culture and successes,&#8221; Brown Shoe Chairman and
CEO Ron Fromm said.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; 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 also announced that preliminary consolidated net sales for the
thirteen-week period ended January 31 were $521 million.&#160;&#160;Preliminary
net sales for the period for its Famous Footwear division were $312 million and
same-store sales declined 3.6 percent.&#160;&#160;Preliminary net sales at its
Wholesale division in the quarter declined by 25 percent versus the same period
last year, slightly below expectations primarily due to a shift of shipments
into the first quarter, as a result of the extreme winter weather in the last
week of January.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Fromm
continued, &#8220;Brown Shoe continues to work hard in this difficult economic
environment to deliver unique consumer offerings and generate sales in our
retail and wholesale brands, while effectively managing our liquidity, capital,
and expenses.&#160;&#160;We are focused on maintaining our financial health
while appropriately investing in strategic and market share opportunities,
including scheduled brand launches in 2009.&#160;&#160;While we are in the
process of closing our books for the quarter and the year, we are comfortable
with our previous communication that we expect our adjusted earnings per diluted
share to fall within the low-end of our guidance range.&#8221;</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; 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 also announced that it will hold a conference call to discuss its fourth
quarter and full-year 2008 financial results on Thursday, March 5, 2009 at 8:00
a.m. Central time/9:00 a.m. Eastern time. The question-and-answer session of the
call will be limited to institutional analysts and investors, but retail
brokers, individual investors, and other interested parties are invited to
attend via a live webcast at <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.brownshoe.com/investor</font>
or <font style="DISPLAY: inline; TEXT-DECORATION: underline">http://www.earnings.com</font>
website (type in the BWS ticker symbol to locate the broadcast). The Company
plans to issue its quarterly results press release before the market opens that
day.</font></div>
    <div style="DISPLAY: block; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Safe
Harbor Statement Under the Private Securities Litigation Reform Act of
1995:</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; 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&#8217;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 Company&#8217;s
expense reduction initiatives, which are subject to change as the Company makes
decisions and refines these estimates over time; (ii) potential disruption to
the Company&#8217;s business and operations as it implements its workforce reduction
initiatives; and (iii) the timing and uncertainty of activities and costs
related to expense reduction initiatives, software implementation, and business
transformation. 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 on Form 10-K for the year ended February 2, 2008, which
information is incorporated by reference herein and updated by the Company&#8217;s
Quarterly Reports on Form 10-Q. 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; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">About
Brown Shoe Company, Inc.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Brown
Shoe is a $2.3 billion footwear company with global operations.&#160;&#160;Brown
Shoe&#8217;s Retail division operates Famous Footwear, the over 1,100-store chain that
sells brand name shoes for the family, over 300 specialty retail stores in the
U.S., Canada, and China under the Naturalizer, Brown Shoe Closet, FX LaSalle,
Franco Sarto and Via Spiga 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, Sam
Edelman, Nickels Soft, Connie and Buster Brown; it also markets licensed brands
including Franco Sarto, Dr. Scholl's, Etienne Aigner, Carlos by Carlos Santana,
Fergie branded footwear, and Vera Wang Lavender Label Collection as well as
Barbie, Fisher-Price 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; TEXT-INDENT: 0pt"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="justify">
    </div>
    <div>&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">
          <tr>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Contacts:</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
          </tr>
          <tr>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;For
      investors:</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;For
      media:</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
          </tr>
          <tr>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Ken
      Golden</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;Erin
      Conroy</font></td>
            <td width="33%"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
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