8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) April 4, 2006

(April 4, 2006)

BROWN SHOE COMPANY, INC. (Exact name of registrant as specified in its charter)
New York (State or other jurisdiction of incorporation or organization)
1-2191 (Commission File Number)	43-0197190 (IRS Employer Identification Number)
8300 Maryland Avenue St. Louis, Missouri (Address of principal executive offices)	63105 (Zip Code)
(314) 854-4000 (Registrant's telephone number, including area code)

oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Item 7.01 Regulation FD Disclosure.

Brown Shoe Company, Inc. announced today that members of its executive management team will be speaking with investors on April 4, 2006 at the Sidoti & Company, LLC Tenth Annual Emerging Growth Institutional Investor Forum. The slide presentation for use in conjunction with this presentation is furnished as Exhibit 99.1 hereto and incorporated herein by reference and is also available on the Company’s website, www.brownshoe.com/news/news_financial.asp, although the Company reserves the right to discontinue its availability at any time.

The information in this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), 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.

Item 9.01   Financial Statements and Exhibits

(c) Exhibit
Exhibit Number	Description of Exhibits
99.1	Slide Presentation for Sidoti & Company, LLC Tenth Annual Emerging Growth Institutional Investor Forum

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SIGNATURES

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.

	BROWN SHOE COMPANY, INC.
	(Registrant)
Date:  April 4, 2006	/s/ Michael I. Oberlander
	Michael I. Oberlander
	Senior Vice President, General Counsel and Corporate Secretary

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INDEX TO EXHIBITS

Exhibit Number	Description
99.1	Slide Presentation for Sidoti & Company, LLC Tenth Annual Emerging Growth Institutional Investor Forum

4

EX-99.1

1

Sidoti & Company

Emerging Growth

Institutional Investor Forum

Famous Footwear

Naturalizer

Franco Sarto

LifeStride

Via Spiga

Bass

Etienne Aigner

Dr. Scholl's Original

Carlos

by Carlos Santana

Nickels Soft

HotKiss

Buster Brown

Shoes.com

2

This presentation by Brown Shoe Company, Inc. contains certain forward-looking statements,

including without limitation, statements made concerning forward looking guidance on Sales,

Earnings, Operating Earnings and future growth segments of the business. Such statements are

subject to various risks and uncertainties that could cause actual results to differ materially.

These include (i) general economic conditions and the consumer’s preferences and purchasing

patterns, which may be influenced by consumers' disposable income; (ii) the uncertainties of

pending litigation; (iii) intense competition and continuing consolidation within the footwear

industry; and (iv) political and economic conditions or other threats to continued and

uninterrupted flow of inventory from China and Brazil, where the Company relies heavily on thirdparty

manufacturing facilities for a significant amount of its inventory. The Company's reports to

the Securities and Exchange Commission contain detailed information relating to such factors.

Some of the statements herein, as indicated, speak only as of the date they were initially made.

The Company does not undertake any obligation or plan to update these forward-looking

statements, even though its situation may change.

— April 4, 2006

NOTES:

All per share data reflects the Company's 3-for-2 stock split, effective April 3, 2006.

Guidance was issued on March 2, 2006 and has not been updated.

3

Agenda - NYSE: BWS

1) Reshaping our platform

2) Brown Shoe today

3) 2005 accomplishments

4) Strategies for long-term growth - 2006 Guidance*

* Note: Guidance was issued on March 2, 2006 and has not been updated.

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Reshaped our Platform - 2001 - 2005

5.8%

6.4%

7.6% 7.9%

12.2%

0.0%

2.5%

5.0%

7.5%

10.0%

12.5%

2001 2002 2003 2004 2005-

LTM

Department Store Market

Share Improvement at

Wholesale*

0

500

1,000

1,500

2,000

2001 2002 2003 2004 2005

0

20

40

60

80

Sales and Operating

Earnings Improvement

for BWS (millions $)

Operating

Earnings

0.7%

4.2%

4.8%

5.4% 5.6%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

2001 2002 2003 2004 2005

Operating Margin

Improvement at Famous

Footwear

§ Net sales increased

$1.76 à $2.29 billion

§ Operating earnings

$11 à $89 million

§ Operating margin

approaching 6% at

Famous Footwear

§ Wholesale market

share in dept. stores

more than doubled

* Reflects NPD Group Reported POS Dollar Volume. 12 Months ending January 2006.

Sales

5

Brown Shoe Today -- $2.5 Billion in Sales Projected for 2006

Unique wholesale-retail platform. Building our brands and retail concepts to gain market share while delivering style to the consumer.

Department &

Specialty Stores

$650 million

Mass

Merchandisers

$300 million

Specialty

Retail

$250

million

950 retail stores

in the U.S.

$1.3 billion

39% Wholesale

§ 80 million pairs

§ 2000 retail

customers

61% Retail

§ 1300 stores

§ 120 million consumers

visit our stores/year

§ 9 e-commerce sites

§ 30+ million e-visitors/year

6

$0

$100

$200

$300

$400

$500

$600

Nine West Group

Brown Shoe

Clarks Companies

Steve Madden

VCS Group

Nike

Kenneth Cole Productions

Liz Claiborne

H H Brown

Overview of our Branded Wholesale Business:

* Reflects NPD Group Reported POS Dollar Volume. 12 Months ending January 2006.

Our Rank among Wholesalers

Women’s Fashion Footwear Sales in U.S.

Department Stores*

Ranked by Parent Company

($ in millions)

After Acquisition

Brown Wholesale

Bennett Footwear Group

7

Bridge

Better

Moderate

Zone

Our Portfolio of Brands

No. 8

No. 9

No. 2

No. 11

No. 3

No. 1

Mass Private Label

* Reflects NPD Group Reported POS Dollar Volume. 12 Months ending January 2006.

No. 3

men;

No. 15

women

No. 11

junior

8

0

1

2

3

4

5

6

7

8

Wal-Mart

Payless

Federated

Footlocker

Famous Footwear

Nordstrom

Kohl's

Finish Line

JC Penny

Target

DSW

Dillard's

Sears

Shoe Carnival

Kmart

% Share of Dollars

* Source: Competitive Shares reported by NPD Consumer Panel Survey, 12 Months ending January 2006.

Our Rank Among Top Footwear Retailers

Share of Footwear Sales by Retailer*

Overview of our Retail Businesses:

No. 1- Family Branded

No. 4- Women's Specialty

No. 3- Internet Footwear

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2005 Accomplishments

1) Gained traction at Famous Footwear:

§ Record 3Q/4Q; Traffic up; Same-store sales up 2.5% for year

2) Acquired Bennett: upscale brands; accretive by $0.11 per share

3) Achieved rebound in key areas of wholesale business: strengthened operating margins

4) Restructured Naturalizer store base: closings completed, same-store sales up 5.1% in Q4 for ongoing stores

5) Doubled e-commerce sales

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2005 Financial Accomplishments

1) Sales growth of 18% to $2.3 billion (half from Bennett)

2) EPS $1.45 - up 31% on an adjusted basis* to $2.22

 § Famous Footwear operating earnings rise 11%

 § Wholesale operating earnings increased 78%

  § Bennett delivering as expected

3) Strengthened Balance Sheet and Cash Flow

§ Inventories down, well managed

§ Debt-to-cap of 31.5%

§ Net cash from operating activities of $146.8 million

4) Announced 3-for-2 stock split; Raised dividend 20%

* This is a non-GAAP financial measure. See the Appendix for a Reconciliation of Net Earnings to Adjusted Net Earnings.

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Key Strategies for Long-Term Growth:

1) Create differentiation - for our stores, our footwear, our brands

2) Create consumer preference with compelling footwear design & styles

3) Lead in Speed-to-Market - to increase sell-throughs and reduce markdown risk.

4) Build our portfolio of brands

Balance Growth + Investment - delivering earnings performance while investing for the future

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2006 Guidance*

Annual

§ Sales up 8% to $2.48 billion

§ EPS up 50% (8% on adjusted basis**)

§ Famous Footwear comps of 2 to 3%

§ Shifting of earnings between Q1/Q2

First Quarter

§ Sales up 8% to $560-$570 million

§ EPS double LY (down 30% on adjusted basis*)

Second Quarter

§ Sales up 6% to $580-$590 million

§ EPS double LY (GAAP and adjusted)

2006 Growth drivers include:

§ Famous Footwear traction

§ Bennett acquisition

§ Wholesale "sell-through" business model

§ Specialty Retail initiative

§ E-commerce growth

* Guidance was issued on March 2, 2006 and has not been updated.

** This is a non-GAAP financial measure. See the Appendix for a Reconciliation of Net Earnings to Adjusted Net Earnings.

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Long-Term Goal - Targeting high single-digit revenue growth and 10-15% compound earnings growth rate.

Longer term growth drivers:

n Famous Footwear - creating differentiation with preference to provide the basis for significant door count expansion

n Wholesale - achieving margin and market share opportunities via strong, well-differentiated brands.

n Specialty Retail - building a multi-channel, cost-effective specialty store and e-commerce platform for growing our brands, while contributing gross margin dollars

n Platform Efficiency - continuing to reshape our platform to increase our earnings potential