Famous Footwear January Comps Decrease 5.4%

Brown Shoe Company, Inc. reported that retail sales for Famous Footwear were $55.5 million for the four-week January period ended January 31, 2004, compared to $57.7 million for the comparable period ended February 1, 2003. Same-store sales for the period decreased 5.4%.

Fourth-quarter sales for Famous Footwear for the 13-week period reached $242.0 million, compared to $242.3 million last year, and were down 2.3% for the quarter on a same-store basis. Sales for the 52-week fiscal year were
$1.073 billion, compared to $1.075 billion for fiscal 2002. Same-store sales for the year were down 2.4%.

“January is a clearance month for our retail chains, as we focus on preparing to receive new spring goods,” noted Brown Shoe Chairman and CEO Ron Fromm. “At Famous Footwear, we ended the month with inventory levels in good
shape, down about 5% versus last year. Boot sales were strong across women's, men's and kid's, while sales of athletics and casual footwear were below last year.”

    MONTH, QUARTER AND YEAR-TO-DATE SALES (millions)
                                                                Stores Open
                                                         Same-   01/31/04
                               FY 2003   FY 2002    %    Store %    vs.
                              (1/31/04) (2/01/03) Change Change  02/01/03

    Jan. -Famous Footwear     $   55.5  $   57.7   (3.8)  (5.4)  893  918
    4th Q -Famous Footwear       242.0     242.3   (0.1)  (2.3)
    Y-T-D -Famous Footwear     1,073.6   1,075.2   (0.1)  (2.4)

    Jan. -Naturalizer         $    6.1  $    6.8  (10.3)  (0.6)  208  217
    4th Q -Naturalizer            29.0      30.8   (5.8)   0.4
    Y-T-D -Naturalizer           121.0     134.4  (10.0)   1.1