St Louis based leading fashion footwear specialty retailer Bakers Footwear Group Inc announced results for the thirteen and twenty-six weeks ended July 30, 2005.
For the second quarter, thirteen weeks ended July 30, 2005:
-Net sales increased 27.8 percent, to $45.3 million from $35.4 million for the thirteen weeks ended July 31, 2004. Comparable store sales increased 12.7 percent compared to a 3.0 percent increase last year;
-Operating income was $2.0 million, or 4.4 percent of net sales, an increase of $2.7 million from the operating loss of $0.7 million, or 2.1 percent of net sales in the same period a year ago;
-Net income was $1.2 million, or 2.7 percent of net sales, an increase of $1.7 million from the net loss of $0.5 million, or 1.4 percent of net sales in the second quarter of 2004.
-Diluted earnings per share were $0.19 compared to a loss per share of $0.10 in the second quarter of 2004.
Additionally, during the second quarter, the Company:
-Opened six new stores and at quarter-end operated 225 stores in 36 states;
-Remodeled eight stores and at quarter-end operated 100 stores, or 50 percent of its Bakers stores in the new store format;
Gross profit in the second quarter improved to $15.0 million, or 33.1 percent of net sales, compared to $10.5 million, or 29.6 percent of net sales, in the second quarter of fiscal 2004. Operating expenses were $13.0 million, or 28.7 percent of net sales compared to $11.2 million, or 31.7 percent of net sales in the second quarter of fiscal 2004.