Bakers Footwear Group Inc, a leading specialty retailer of moderately priced fashion footwear for young women, has announced results for the thirteen weeks ended April 29th 2006.
For the first quarter, the thirteen weeks ended April 29th 2006:
-- Net sales increased 10.8 percent, to $49.8 million from $44.9 million for the thirteen weeks ended April 30th 2005. Comparable store sales decreased 0.8 percent compared to a 7.8 percent increase in the first quarter last year;
-- Operating income was $ 1.2 million, or 2.4 percent of net sales, as compared to $3.1 million, or 6.9 percent of net sales in the same period a year ago;
-- Net income was $0.7 million, or 1.3 percent of net sales, versus $1.9 million, or 4.1 percent of net sales in the first quarter of 2005;
-- Diluted earnings per share were $0.10, compared to diluted earnings per share of $0.33 in the first quarter of 2005; and
-- As a result of adopting FAS 123R, we recognized $0.02 per share related to stock based compensation expense in the first quarter of 2006. We recognized no stock-based compensation expense in the first quarter of 2005.
Peter Edison, Chairman and CEO of Bakers Footwear Group said, "We are disappointed with our first quarter performance, which reflected softness in the sandal category of our business and resulted in lower margins, as we incurred higher markdowns versus the first quarter last year. Our comparable first quarter sales trend continues into the second quarter."
marketing@alchempro.com
