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Bakers shows significant progress in Q4 2007

May '08
Bakers Footwear Group Inc, a leading specialty retailer of moderately priced fashion footwear for young women, with 249 stores, announced results for the thirteen and fifty-two weeks ended February 2, 2008.

For the Fourth Quarter, the thirteen weeks ended February 2, 2008:
• Net sales were $54.7 million for the thirteen week period, compared to $61.2 million in the fourteen-week fourth quarter period in fiscal 2006. Comparable store sales for the fourth quarter of fiscal 2007, which compares the thirteen-week period ended February 2, 2008 to the thirteen-week period ended February 3, 2007 decreased 6.8%;
• Gross Profit was $19.4 million, or 35.4% of net sales, compared to $20.3 million, or 33.1% of net sales for the fourth quarter of fiscal 2006;
• Net income was $7.3 million, or $1.03 per diluted share including a gain of $4.8 million, or $0.67 per diluted share from the early termination of an operating lease;
• Income before income taxes was $7.3 million in the fourth quarter of fiscal year 2007. Excluding the lease gain, income before income taxes was $2.6 million, an 11.8% increase from income before income taxes of $2.3 million in the fourth quarter of fiscal 2006; and
• Inventory at February 2, 2008 was $18.1 million, a decline of 25.1% from $24.1 million in the fourth quarter of fiscal 2006.

First Quarter-to-date sales for fiscal year 2008 declined 11.5% reflecting a 16.1% comparable store sales decrease in February and March offset by a strong rebound in April. Spring deliveries and seasonal weather combined to significantly improve April month-to-date comparable store sales which are flat compared to the same period last year.

“Our fourth quarter results showed significant progress in our turnaround efforts,” stated Peter Edison, Chairman, Chief Executive Officer and President of Bakers Footwear Group. “We successfully reduced costs and inventory compared to the prior year period while transitioning our assortments to better align with our customers' desires.

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