Bakers Footwear net sales up 16.2% to $44.9mn for Q1 ended April 30
08 Jun '05
4 min read
Additionally, during the first quarter, the Company:
- Opened seven new stores and at quarter-end operated 221 stores in 36 states;
- Remodeled six stores and at quarter-end operated 86 stores in the new store format; and
- Completed a private placement of one million shares of common stock and warrants to purchase 375,000 shares of common stock generating net proceeds of approximately $7.5 million.
Gross profit in the first quarter was $15.4 million, or 34.3% of net sales, compared to $12.4 million, or 32.2% of net sales, in the first quarter of fiscal 2004. Operating expenses were $12.3 million, or 27.4% of net sales compared to $11.0 million, or 28.3% of net sales in the first quarter of fiscal 2004.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group, stated, "The first quarter marked a productive period for us. Our net income more than doubled from a year ago which we attribute to higher sales and improved markdown experience as consumers broadly adopted our footwear offerings. In addition, our expansion and remodeling program continued to generate excitement with comparable store sales for stores operating in our new format increasing 12.3% during the quarter. We were also pleased to increase our financial flexibility through the completion of a private placement this quarter."
Mr. Edison continued: "As we look to the second quarter and balance of the year we remain excited about our growth pility through the completion of a private placement this quarter."
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