As everyone else says, it can. I'm not sure of the mechanism, but I do know I have a bunch of really cute shoes I bought pre-HRT and only wore a few times each, and none of them fit anymore. They were all a size 10.5-11, and now they're too loose to wear. (Really annoying!) Also one pair of combat boots that had fit perfectly for years... and are now about a size too big.
All the shoes I bought too early are heels, too. 🙂 Figures.