Famous Footwear October Comps Decline 4.9%

Brown Shoe Company, Inc. announced that October sales at Famous Footwear were $70,200,000 for the four-week period ended November 1, 2003 compared to $72,200,000 for the same
period last year (ended November 2, 2002). Same-store sales declined 4.9%.

Third quarter sales for Famous Footwear were $301,600,000, a 2.4 percent increase compared to $294,500,000 for the same 13-week period last year, with
same-store sales up 0.7 percent. Year-to-date sales for Famous Footwear were
$831,600,000 compared to $832,900,000; a 2.5 percent decrease on a same-store
basis.

“Warm weather in October negatively affected sales of seasonal footwear at
Famous Footwear, causing same-store declines,” said Brown Shoe Chairman and
CEO Ron Fromm. “While purchase conversion ratios continue to run ahead of
last year, lackluster sales in boots and cold- weather casuals affected our
average ticket price. On a positive note, athletics outperformed the chain,
and our women's dress category continued its very strong performance.

The Company remains comfortable with its previously announced third
quarter and full year earnings guidance. Brown Shoe's earnings guidance for
the third quarter is $1.00 to $1.10 per share; earnings guidance for the full
year is $2.75 per share.

               MONTH, QUARTER AND YEAR-TO-DATE SALES (millions)

                   FY 2003    FY 2002     %    Same-Store     Stores Open
                  (11/01/03) (11/02/02) Change  % Change  11/1/03 vs. 11/02/02
    Oct.Famous
     Footwear       $70.2      $72.2     (2.8)    (4.9)     908         922
    3rd Qtr-Famous
     Footwear       301.6      294.5      2.4      0.7
    Y-T-DFamous
     Footwear       831.6      832.9     (0.2)    (2.5)
    Oct.
     Naturalizer     11.1       11.7     (5.1)     1.8      210         232
    3rd Qtr-
     Naturalizer     33.0       34.6     (4.6)     1.9
    Y-T-D
     Naturalizer     92.0      103.5    (11.1)     1.3

Store Openings for the Month:

Famous Footwear opened new stores in the following markets:

Moorpark, CA; Ventura, CA; Parker, CO; Clearwater, FL; Algonquin, IL;
Kansas City, MO; Carson City, NV; Niskayuna, NY; Strongsville, OH; Quakertown,
PA; Washington, PA; Tucson, AZ; Denton, TX; Lakewood, WA