Stride Rite Increases Quarterly Dividend 17 Percent; Announces Annual Meeting of Stockholders Date

  
    
  
  
    
      The Board of Directors of The Stride Rite Corporation (NYSE: SRR) has 
      declared a quarterly cash dividend of seven-cents ($0.07) per share on 
      the Company’s outstanding common stock. The 
      seven-cent dividend, which is payable March 15, 2007 to stockholders of 
      record at the close of business February 27, 2007 is a 17 percent 
      increase over the previous quarterly rate of $0.06 per share. This 
      dividend marks the 185th consecutive quarterly cash dividend paid to 
      stockholders since the Company’s initial 
      listing on the New York Stock Exchange in 1961.
    
    
      David M. Chamberlain, Stride Rite’s Chairman 
      and Chief Executive Officer, said, “We are 
      very pleased to announce this increase to our dividend. This action by 
      our Board is a reflection of our confidence in Stride Rite’s 
      ability to generate increased earnings and solid cash flows.”
    
    
      The Company also announced today that its 2007 annual meeting of 
      shareholders will be held at the Company’s 
      headquarters on April 12, 2007 at 10:00 a.m., local time. At the annual 
      meeting, shareholders will elect three directors for a three year term, 
      ratify the selection of its auditor and consider such other matters as 
      may properly be brought before the meeting. The record date for 
      determining the shareholders of common stock of the Company having right 
      to notice and vote at the annual meeting of shareholders is the close of 
      business on February 20, 2007.
    
    
      The Stride Rite Corporation markets the leading brand of high quality 
      children’s shoes in the United States. Other 
      footwear products for children and adults are marketed by the Company 
      under well-known brand names, including Keds, PRO-Keds, Sperry 
      Top-Sider, Robeez, Tommy Hilfiger, Saucony, Grasshoppers, Munchkin and 
      Spot-bilt. Apparel products are marketed by the Company under the 
      Saucony and Hind brand names. Information about the Company is available 
      on our website – www.strideritecorp.com. 
      Information about the Company’s brands and 
      product lines is available at www.striderite.com, 
      www.keds.com, www.sperrytopsider.com, 
      www.robeez.com, www.grasshoppers.com, 
      www.saucony.com, and www.hind.com.
    
    
      SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM 
      ACT OF 1995:
    
    
      This press release includes forward-looking statements within the 
      meaning of Section 27A of the Securities Act of 1933, as amended and 
      Section 21E of the Securities Exchange Act of 1934, as amended, which 
      are intended to be covered by the safe harbors created thereby. These 
      forward-looking statements, including, but not limited to, statements 
      regarding upcoming product lines, division sales expectations, growth 
      expectations, and sales growth for the Company, reflect our current 
      views with respect to the future events or financial performance 
      discussed in the release, based on management's beliefs and assumptions 
      and information currently available. When used, the words “believe”, 
      "anticipate", "estimate", "project", "should", "expect", ”appear” 
      and similar expressions, which do not relate solely to historical 
      matters identify forward-looking statements. Investors are cautioned 
      that forward-looking statements are subject to risks, uncertainties and 
      assumptions and are not guarantees of future events or performance, 
      which may be affected by known and unknown risks, trends and 
      uncertainties, and should not place undue reliance on these statements. 
      Should one or more of these risks or uncertainties materialize, or 
      should our assumptions prove incorrect, actual results may vary 
      materially from those anticipated, projected or implied. Factors that 
      may cause or contribute to such differences include, among others: 
      international, national and local general economic, political and market 
      conditions; our reliance on independent manufacturers in China and 
      potential disruptions in such manufacturing caused by difficulties 
      associated with political instability in China, the occurrence of a 
      natural disaster or outbreak of a pandemic disease in China, labor 
      shortages or work stoppages, and changes in duty structures; the impact 
      of changes in the value of foreign currencies, including the Chinese 
      Yuan; the possible failure to retain the Tommy Hilfiger footwear license 
      or other current license agreements; the possible failure to 
      successfully integrate the Robeez brand into the Company operations; 
      increased leverage from the financing of our recent acquisitions; 
      intense competition among sellers of footwear; delay in opening new 
      stores; a decline in the volume of anticipated sales; revenues from new 
      product lines may fall below expectations; a delay in the launch of new 
      product lines; an inability to achieve expected results for new retail 
      concepts; general retail sales trends may be below expectations; 
      consumer fashion trends may shift to footwear styles not currently 
      included in our product lines; our retail customers, including large 
      department stores, may continue to consolidate or restructure operations 
      resulting in unexpected store closings; and additional factors discussed 
      from time to time in our filings with the Securities and Exchange 
      Commission (the “SEC”), 
      all of which are available at the SEC’s 
      website at www.sec.gov. We expressly 
      disclaim any responsibility to update forward-looking statements.