Additionally, during the first quarter, the company:
-- Opened 12 new stores in our new Bakers format and at quarter-end operated a total of 245 Bakers and Wild Pair stores in 38 states; and
-- Remodeled 5 stores and at quarter-end operated 135 stores, or 62 percent of its Bakers stores, in the new store format.
"We continue to be pleased with our store expansion program," Edison, stated. "We currently expect to open 30 to 35 new stores while remodeling approximately 20 locations this year."
Gross profit in the first quarter of 2006 was $16.3 million, or 32.7 percent of net sales, compared to $15.4 million, or 34.3 percent of net sales, in the first quarter of 2005. Gross profit rose due to the increase in new stores versus the first quarter last year; this was offset by higher markdowns and a modest decline in comparable store sales for the quarter.
Michele Bergerac, President of Bakers Footwear, said, "We are not satisfied with our first quarter performance, which followed several quarters of strong performance. We are excited by our fall assortment and expect to benefit as we capitalize on several emerging fashion trends."
Edison continued: "We believe our marketing and merchandising initiatives, combined with our new store format plan will pave the way for long term sales and earnings growth. We also continue to see significant long-term opportunities for new store expansion."
Bakers Footwear Group is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women. The company's merchandise includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. It currently operates more than 225 stores nationwide under two formats, Bakers and Wild Pair.
Bakers Footwear Group Inc
marketing@alchempro.com
