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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


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