Same-store sales for fiscal year 2005 year increased 16.7 percent, compared to a same-store sales increase of 1.4 percent last year. Gross profit increased 45.9 percent to $65.3 million, or 33.5 percent of net sales, compared to $44.8 million, or 29.7 percent of net sales, last year.
The company's net income increased $7.3 million to $6.6 million from a net loss of $695,000 in the comparable period. Fiscal year 2005 diluted earnings per share increased to $1.04 compared to a loss per share of $0.14 in the comparable period last year.
During the fourth quarter of fiscal 2005, the company opened six new stores in its new Bakers format. The company ended the year with 118 stores in its new Bakers format. It operated a total of 235 Bakers and Wild Pair stores at the end of the fiscal year.
Michele Bergerac, President of Bakers Footwear Group, said, "Leading our performance during the fourth quarter was strong regular price selling of boots, dress shoes and closed casual footwear. Going forward, we are intently focused on furthering our leadership position in young women's fashion footwear and we believe that our latest assortments along with the vitality of our Bakers Stores have us well positioned to achieve this goal."
"For 2006, our priorities are to continue to expand our store base while appealing to our consumers with differentiated and stylish footwear and with creative marketing," Mr. Edison continued.
Bakers Footwear Group Inc is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women.
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