Brown Shoe Declares Regular Quarterly Dividend

ST. LOUIS, MISSOURI, December 8, 2006 -- The Board of Directors of Brown Shoe Company, Inc. (NYSE: BWS) yesterday declared a quarterly dividend of $0.08 cents per share, payable January 2, 2007 to shareholders of record on December 21, 2006.

This dividend will be the 336th consecutive quarterly dividend paid by the company.

Brown Shoe is a $2.3 billion footwear company with global operations. The Company operates the 975+ store Famous Footwear chain, which sells brand name shoes for the family. It also operates approximately 300 specialty retail stores in the U.S. and Canada under the Naturalizer, FX LaSalle, Via Spiga 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 for adults, and Barbie, Disney and Nickelodeon character footwear for children. Brown Shoe press releases are available on the Company's website at www.brownshoe.com.