Home / Knowledge / News / Bakers Footwear reports first quarter 2010 results
Bakers Footwear reports first quarter 2010 results
16
Jun '10
Bakers Footwear Group, Inc., a leading specialty retailer of moderately priced fashion footwear for young women, with 239 stores, announced results for the thirteen weeks ended May 1, 2010.

For the first quarter, the thirteen weeks ended May 1, 2010:

• Net sales were $43.5 million, a decrease of 3.2% from $45.0 million for the thirteen-week period ended May 2, 2009;
• Comparable store sales decreased 1.6%, compared to a comparable store sales increase of 4.8% for the first quarter of fiscal 2009;
• Gross profit was $10.7 million, or 24.7% of net sales, compared to $12.7 million, or 28.2% of net sales in the first quarter last year;
• Operating loss was $2.9 million, or 6.7% of net sales, compared to an operating loss of $1.9 million, or 4.2% of net sales in the first quarter last year; and
• Net loss was $3.5 million or $0.47 per diluted share, compared to a net loss of $2.8 million, or $0.39 per diluted share in the first quarter last year.

Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group, commented, “While we began the year with a positive performance, an unfavorable response to our sandal category in the latter part of the first quarter led to lower sales and margins, as compared to the prior year. During the quarter we continued to control operating expenses and inventory levels. We also successfully amended our term loan and extended our credit facility through May 2013.”

“While we remain cautious with regard to our near term performance given a tough sandal season, reflected by year-to-date comparable store sales through June 12, 2010 down 2.3%, we are very encouraged as we look further into fall,” Mr. Edison continued. “For the fall season, we will introduce a number of new brands and are already beginning to see promising initial reads in the boot category. We continue to believe our strategies will result in improved financial performance and increased value for our shareholders.”

Peter Edison commented, “While disappointed that we are unable to maintain our NASDAQ listing, we do not believe that our trading on the OTC Bulletin Board will affect the operations of our business in any significant way. It is important to reiterate that our re-establishment of positive annual adjusted EBITDA while a very strong long-term positive for our company does not happen to be one of the three standards that NASDAQ looks to for continued listing eligibility.”

Bakers Footwear Group, Inc. 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. The Company currently operates approximately 239 stores nationwide. Bakers' stores focus on women between the ages of 16 and 35. Wild Pair stores offer fashion-forward footwear to both women and men between the ages of 17 and 29.

Bakers Footwear Group Inc


Must ReadView All

May 31 deadline for registration of chemicals under REACH

Textiles | On 23rd May 2018

May 31 deadline for registration of chemicals under REACH

May 31 is the final deadline for companies to register all chemicals...

US cotton production projected to decline in 2018: USDA

Textiles | On 23rd May 2018

US cotton production projected to decline in 2018: USDA

US cotton production is forecast at 19.5 million bales, nearly 7 per...

Pakistan's textile exports up 8.13% in July-April FY18

Textiles | On 23rd May 2018

Pakistan's textile exports up 8.13% in July-April FY18

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


May 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search