Home / Knowledge / News / Bakers Footwear's comparable store sales up
Bakers Footwear's comparable store sales up
15
Sep '10
Bakers Footwear Group, Inc., a leading specialty retailer of moderately priced fashion footwear for young women, with 237 stores, announced results for the thirteen and twenty six-weeks ended July 31, 2010.

For the second quarter, the thirteen weeks ended July 31, 2010:

• Net sales were $43.3 million, a decrease of 1.0% from $43.7 million for the thirteen-week period ended August 1, 2009;
• Comparable store sales for the second quarter of fiscal 2010 increased 0.2% following an increase of 0.7% in the prior-year period;
• Gross profit was $11.9 million, or 27.5% of net sales, compared to $12.9 million, or 29.6% of net sales, in the second quarter last year;
• Operating loss was $1.6 million, compared to an operating loss of $1.2 million in the second quarter last year; and
• Net loss was $2.1 million or $0.28 per share, compared to a net loss of $1.7 million, or $0.24 per share in the second quarter last year.

Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group commented, “Our second quarter performance was disappointing driven by a lackluster response to our sandal offerings, which led to increased promotional activity during the quarter. That said, we ended the quarter in a solid inventory position with improving sales trends during the latter part of the quarter. We were also pleased to increase our financial flexibility following quarter end with a $5 million investment by Steve Madden, which we believe represents a strong vote of confidence in Bakers by one of our largest suppliers.”

“As we look ahead, we remain optimistic about our opportunities for the fall and holiday seasons,” Mr. Edison continued. “Our strong early selling in key categories, including boots and dress shoes, coupled with the introduction of new brands reflect the favorable reaction to our fall product that is expected to drive positive comparable store sales in the second half of the year at increasing margins. We will also maintain control of expenses and inventory. As a result, we expect to report improved operating performance for the remainder of fiscal 2010.”

For the first half of fiscal 2010, the twenty-six weeks ended July 31, 2010:

• Net sales were $86.8 million, a decrease of 2.1% compared to $88.7 million for the twenty-six weeks ended August 1, 2009;
• Comparable store sales decreased 0.7%, compared to an increase of 2.8% in the first half of 2009;
• Gross profit was $22.7 million, or 26.1% of net sales, compared to $25.6 million, or 28.9% of net sales in the first half of 2009;
• Operating loss was $4.5 million, compared to $3.1 million in the first half of 2009; and
• Net loss was $5.5 million or $0.75 per share, compared to a net loss of $4.5 million, or $0.62 per share in the first half of 2009.

Based on the Company's business plan, the Company believes it has adequate liquidity to fund anticipated working capital requirements and expects to be in compliance with its financial covenants through the next twelve months. The Company's Quarterly Report on Form 10-Q, issued today, and the Company's most recent Annual Report on Form 10-K disclose in detail the risks of the Company's current liquidity situation and its ability to comply with its financial covenants.

Bakers Footwear Group Inc


Must ReadView All

Indian govt approves special package for leather, footwear

Textiles | On 16th Dec 2017

Indian govt approves special package for leather, footwear

The Union Cabinet chaired by PM Narendra Modi has approved a special...

EU parliament resolution calls for Cambodia sanctions

Apparel/Garments | On 16th Dec 2017

EU parliament resolution calls for Cambodia sanctions

Following the ongoing crackdown in Cambodia on the opposition and...

Affordable prices to be hit if US pulls out of NAFTA: NRF

Apparel/Garments | On 16th Dec 2017

Affordable prices to be hit if US pulls out of NAFTA: NRF

US retailers’ ability to offer consumers quality products at...

Interviews View All

Karan Toshniwal
Orange O Tec

Contemporary industry is paying more and more attention to the...

Cindy McNaull
Cordura

We have broad range of options in durable fabrics

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search