Bakers Footwear declares Q3 & first nine months fiscal 2006 results
08 Dec '06
3 min read
Bakers Footwear Group Inc announced results for the thirteen and thirty-nine weeks ended October 28, 2006.
For the third quarter, the thirteen weeks ended October 28, 2006: --Net sales increased 7.7%, to $46.6 million from $43.2 million for the thirteen weeks ended October 29, 2005. Comparable store sales decreased 4.2% compared to a 21.0% increase last year. --Gross profit in the third quarter was $12.1 million, or 26.0% of net sales, compared to $11.8 million, or 27.4% of net sales, in the third quarter of fiscal 2005. --Operating loss was $4.0 million, as compared to an operating loss of $1.7 million in the same period a year ago. --Net loss was $2.6 million, or $0.40 per share, as compared to a net loss of $1.1 million, or $0.17 per share in the third quarter of 2005. --Included in third quarter fiscal 2006 net loss per share was $0.04 per share related to expenses incurred in considering potential equity financing earlier in the year, and --As a result of adopting FAS 123R, the Company recognized $0.02 per share related to stock- based compensation expense in the third quarter of 2006. The Company recognized no stock-based compensation expense in the third quarter of 2005.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group, stated: “We were disappointed with our third quarter operating results, which reflected the difficult comparison to last year. We also experienced sales and margin pressure due toour efforts to clear seasonal sandal inventory"
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