Bakers Footwear Group, Inc. comparable store sales increased 10.4% for the five-week period ended July 5. That compares with a decrease of 20.2% for the five-week period ended July 7, 2007. Net sales for June 2008 increased 7.3% to $16.6 million.
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.“
