Bakers Footwear Reports First Quarter 2005 Net Sales
May 05 2005 - 7:00AM
Business Wire
Bakers Footwear Group (Nasdaq: BKRS), the leading specialty
retailer of moderately priced fashion footwear for young women,
with 221 stores, today reported first quarter net sales figures.
For the thirteen weeks ended April 30, 2005 (the Company's first
fiscal quarter) net sales increased 16.2% to $44.9 million up from
$38.7 million in the thirteen weeks ended May 1, 2004. Comparable
store sales in the quarter increased 7.8% compared to a 10.2%
increase in the same period last year. Bakers previously disclosed
that it had changed its fiscal year to the standard retail
calendar. This created a four week transition period ended January
29, 2005. Net sales for the transition period were $9.2 million, an
increase of 4.5% from net sales of $8.8 million for the comparable
four weeks ended January 31, 2004. Comparable store sales in the
January 2005 transition period decreased 0.8% compared to an 8.7%
increase in January 2004. During the transition period and the
first quarter, Bakers Footwear opened 7 new stores and remodeled 6
existing stores into its new store format. The company now has 86
stores operating in its new format. Comparable store sales for the
Company's 63 new format locations open for more than a year
increased by 12.3% in the first quarter. Peter Edison, Chairman and
Chief Executive Officer of Bakers Footwear Group, said, "First
quarter net sales reflected continued strong sales in all
categories of footwear driven by customers' desire for feminine and
embellished footwear. "This, coupled with the increased
productivity of our store base, has us well positioned for the
balance of the year. Our new store format continues to exceed
expectations, as evidenced by the 12.3% comparable store sales
increase for our new store concept in the quarter. This is a strong
testament to the successful execution of our store expansion
strategy. By the end of fiscal 2005, we plan to have more than half
of all Bakers stores operating in this new store format." Edison
concluded, "In fiscal 2005, we plan to open between 35 to 40 new
stores and remodel approximately 25 existing locations. We believe
our current momentum, strong operating model and expansion plans
will lead to continued sales growth with increased profitability,
and more importantly, create enhanced value for our shareholders."
About Bakers Footwear Group Bakers Footwear Group 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
200 stores nationwide under two formats, Bakers and Wild Pair.
Bakers stores focus on women between the ages of 15 and 29. Wild
Pair stores offer fashion-forward footwear to both women and men
between the ages of 17 and 24. 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 MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR
IN BAKERS FOOTWEAR'S BUSINESS, PROSPECTS, RESULTS OF OPERATIONS OR
FINANCIAL CONDITION AND OTHER RISKS AND UNCERTAINTIES, INCLUDING
THOSE DETAILED IN BAKERS FOOTWEAR'S FILINGS WITH THE SECURITIES AND
EXCHANGE COMMISSION.
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