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Bakers Footwear net sales up 16.2% to $44.9mn for Q1 ended April 30

08 Jun '05

4 min read

Leading fashion footwear retailer Bakers Footwear Group Inc announced results for the thirteen weeks ended April 30, 2005 and the transition period consisting of the four weeks ended January 29, 2005.

For the first quarter, ended April 30, 2005:
- Net sales increased 16.2%, to $44.9 million from $38.7 million for the thirteen weeks ended May 1, 2004. Comparable store sales increased 7.8% compared to a 10.2% increase last year;
- Operating income rose to $3.1 million, or 6.9% of net sales, as compared to $1.5 million, or 3.9% of net sales in the same period a year ago;
- Net income more than doubled to $1.9 million, or 4.1% of net sales, as compared to $0.7 million, or 1.9% of net sales in the first quarter of 2004.
- Diluted earnings per share increased 120.0% to $0.33 compared to $0.15 in the first quarter of 2004.

Bakers previously disclosed that it changed its fiscal year end to the standard retail calendar, which ends on the Saturday closest to the end of January. This resulted in a four week transition period ended January 29, 2005. Net sales the four weeks ended January 29, 2005, were $9.2 million, up from $8.8 million for the four weeks ended January 31, 2004, while comparable store sales decreased by 0.8%. Bakers had a net loss of $1.9 million, or $0.37 per diluted share, for the transition period, compared to net income of $0.3 million, or $0.10 per diluted share, for the same period last year.

Results for January 2004include the one time gain of $1.2 million from the recognition of deferred tax assets resulting from the company's conversion to a C corporation from a sub-chapter S corporation in that month.

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