A footwear construction comprising a flexible and resilient outsole having a front portion with a plurality of depending moguls on the bottom surface thereof. A midsole is positioned over the outsole and has a front portion with a plurality of spaced holes therethrough which are substantially vertically aligned with some or all of the moguls to enable air flow through the midsole when the moguls are deformed by the weight and walking action of the wearer. A footbed is positioned over the midsole and comprises a soft flexible and resilient body member having a plurality of spaced, raised cushioning elements on the upper surface thereof. The footbed has a front portion with a plurality of spaced apertures therethrough which are substantially vertically aligned with some or all of the holes in the midsole to enable air flow through the body member. An upper extends over the footbed and midsole, and is secured to the outsole.