Bakers Footwear Reports July 2008 and Second Quarter Fiscal 2008 Sales
August 07 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, today reported net sales for the July 2008 and
second quarter fiscal 2008 periods. For the four-week period ended
August 2, 2008, net sales increased $1.4 million or 12.8% to $11.9
million, compared to $10.6 million in the four-week period ended
August 4, 2007. Comparable store sales for the four-week fiscal
July 2008 period increased 16.7%, compared to a decrease of 20.1%
in the same period last year. For the thirteen-week period ended
August 2, 2008, the Company�s second fiscal quarter, net sales
increased $1.6 million or 3.8% to $43.6 million, compared to $42.0
million in the thirteen-week period ended August 4, 2007.
Comparable store sales for the second quarter increased 6.4%,
compared to a decrease of 18.3% in the prior-year period. Peter
Edison, Chairman and Chief Executive Officer of Bakers Footwear
Group commented, �We are pleased to report a 16.7% increase in July
comparable store sales, marking a fabulous end to the spring season
and our second consecutive month of double-digit comparable store
sales gains. The Company made great progress in the quarter. We
recorded strong regular price sales across all categories of
footwear and significantly reduced markdowns while ending the
quarter with inventory down from a year ago. As we begin the second
half of the year, we expect our performance to continue to improve,
given good early sell through rates on fall styles.� For the
twenty-six week year-to-date period ended August 2, 2008, net sales
decreased $4.1 million or 4.5% to $87.1 million, compared to $91.2
million in the twenty-six week period ended August 4, 2007.
Comparable store sales for the first half of fiscal 2008 decreased
3.1%, compared to a decrease of 13.6% in the first half of last
year. Mr. Edison concluded: �We are managing our business with
reduced inventory levels and operating costs compared to a year
ago. We believe this in combination with our recent positive sales
trend has us poised to achieve improved operating results in the
second quarter and throughout the remainder of fiscal 2008. 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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