Bakers Footwear Reports 10.4% Comparable Store Sales Increase in June 2008
July 10 2008 - 6:00AM
Business Wire
Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading specialty
retailer of moderately priced fashion footwear for young women,
with 243 stores open, reported June 2008 sales figures. This
monthly sales release is being made in advance of a series of
investor meetings this month. For the five-week period ended July
5, 2008, comparable store sales (sales for stores open at least one
year or more) increased 10.4%, compared to a decrease of 20.2% for
the five-week period ended July 7, 2007. Net sales for the
five-week June 2008 period increased $1.1 million or 7.3% to $16.6
million, compared to the same period last year. For the nine-week
period ended July 5, 2008, comparable store sales increased 3.0%,
compared to a decrease of 17.6% in the nine-week period ended July
7, 2007. Net sales for the nine-week fiscal 2008 period increased
$0.2 million or 0.7% to $31.7 million, compared to the nine-week
fiscal 2007 period. Peter Edison, Chairman and Chief Executive
Officer of Bakers Footwear Group commented, �We are delighted to
achieve double digit comparable store sales growth in June, which
reflected strength across our assortments with impressive growth in
our largest category of open-toe-footwear. Customers are responding
well to the great styles we are offering and we expect this
positive momentum to continue given the excitement in our current
and upcoming offerings.� �Importantly, we are delivering this
growth while maintaining solid margins and prudently controlling
inventory and expenses,� Mr. Edison continued. �To this point, we
remain on target to achieve $10 million of reductions in planned
costs for the year. As a result, we expect to achieve improved
operating results in the second quarter and throughout the
remainder of this fiscal year. As previously disclosed, we continue
to anticipate that we�will have adequate liquidity to fund our 2008
business plan and meet our debt covenants. Please see our recent
SEC filings for a�detailed discussion of these�matters.� About
Bakers Footwear Group, Inc. 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 over
240 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. THIS PRESS
RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN THE MEANING OF
SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND SECTION 21(E) OF
THE SECURITIES EXCHANGE ACT OF 1934). BAKERS FOOTWEAR HAS NO DUTY
TO UPDATE SUCH STATEMENTS. ACTUAL FUTURE EVENTS AND CIRCUMSTANCES
COULD DIFFER MATERIALLY FROM THOSE SET FORTH IN THIS STATEMENT DUE
TO VARIOUS FACTORS. FACTORS THAT COULD CAUSE THESE CONDITIONS NOT
TO BE SATISFIED INCLUDE INABILITY TO SATISFY DEBT COVENANTS,
MATERIAL DECLINES IN SALES TRENDS AND LIQUIDITY, MATERIAL CHANGES
IN CAPITAL MARKET CONDITIONS OR IN BAKERS FOOTWEAR�S BUSINESS,
PROSPECTS, RESULTS OF OPERATIONS OR FINANCIAL CONDITION, INABILITY
TO COMPLY WITH NASDAQ LISTING REQUIREMENTS AND OTHER RISKS AND
UNCERTAINTIES, INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR�S MOST
RECENT ANNUAL REPORT ON FORM 10-K AND OUR MOST RECENT QUARTERLY
REPORT ON FORM 10-Q, INCLUDING THOSE DISCUSSED IN �RISK FACTORS,�
IN �MANAGEMENT�S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND
RESULTS OF OPERATIONS� AND IN NOTE 2 TO THE FINANCIAL STATEMENTS IN
THESE REPORTS, AND IN BAKERS FOOTWEAR�S OTHER FILINGS WITH THE
SECURITIES AND EXCHANGE COMMISSION.
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