Bakers Footwear Reports Second Quarter Sales
August 03 2006 - 7:00AM
Business Wire
Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading specialty
retailer of moderately priced fashion footwear for young women,
with 247 stores, today reported second quarter fiscal 2006 net
sales. For the thirteen weeks ended July 29, 2006 net sales
increased 4.2% to$47.2 million, as compared to $45.3 million in the
thirteen weeks ended July 30, 2005. Comparable store sales in the
second quarter decreased 6.4%, as compared to a 12.7% increase in
the comparable period last year. Our web store net sales, which are
a component of comparable store sales, increased 134.9%. For the
twenty-six week year to date period ended July 29, 2006 net sales
increased 7.5% to $97.0 million up from $90.2 million in the
twenty-six weeks ended July 30, 2005. Year to date comparable store
sales decreased 3.6% compared to a 10.1% increase in the same
period last year. During the second quarter of fiscal 2006, Bakers
Footwear opened 4 stores in our new Bakers format. The Company now
has 143 stores operating in its new Bakers format. Peter Edison,
Chairman and Chief Executive Officer of Bakers Footwear Group,
stated: "Continued weakness in the sandal category, which dominates
our business during the second quarter overshadowed strong selling
in closed footwear and contributed to our disappointing sales
results for the period. As we begin the third quarter, we are
encouraged by the initial reaction to our fall assortments, which
will be delivered to all stores by mid-August. We have taken the
additional markdowns which we believe are necessary to clear
seasonal merchandise and begin the fall season in a good inventory
position. Our new store openings continue to perform above our
expectations and we believe new fashion trends bode well for
strengthened sales of dress shoes and boots this fall." About
Bakers Footwear Group 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 under two formats, Bakers and Wild Pair.
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 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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