Bakers Footwear Group Inc a leading specialty retailer of moderately priced fashion footwear for young women, with 258 stores, announced results for the thirteen weeks ended May 5, 2007.
For the first quarter, the thirteen weeks ended May 5, 2007:
• Net sales were $49.3 million, compared to $49.8 million for the thirteen-week period ended April 29, 2006. Comparable store sales for the first quarter of fiscal 2007 decreased 9.3%, compared to a decrease of 0.8% in the prior-year period;
• Gross profit in the first quarter was $15.3 million, or 31.0% of net sales, compared to $16.3 million, or 32.7% of net sales in the first quarter last year;
• Operating loss was $1.2 million, compared to operating income of $1.2 million in the first quarter last year; and
• Net loss was $1.0 million or $0.15 per share, compared to net income of $0.7 million, or $0.10 per diluted share in the first quarter last year.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group said, “Our first quarter performance reflected a lack of enthusiasm for our fashion footwear by our core customers and an unfavorable response to our spring assortments across our key fashion categories."
"On a positive note, we did achieve our inventory goals. At quarter end, inventory declined 1.4% from last year despite adding 13 net new stores since the first quarter of fiscal 2006.”
During the first quarter of fiscal 2007, the Company opened six new stores in the new Bakers format and remodeled four Bakers locations, ending the quarter with 258 total stores.
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