Bakers Footwear Group, Inc. reported net sales for the five-week period ended Jan. 2, 2010 increased to $30.0 million compared to $27.4 million in the same period last year. Comparable store sales (sales for stores open at least one year or more) for Dec. 2009 increased 9.9%, compared to an increase of 3.4% for Dec. 2008, the five-week period ended Jan. 3, 2009.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group commented, “We are pleased to report a 9.9% comparable store sale increase for Dec., up from a 3.4% comparable store sales increase in Dec. last year. Our strong performance was driven by regular price selling across our boot styles with consumers responding favorably to new trends and great fashion in this category. As a result of our quarter-to-date performance, we currently expect to report fourth quarter net income in the range of $6.0 million to $7.0 million, dramatically ahead of fourth quarter 2008 net income of $0.5 million.”
Based on the company’s business plan, the company believes it has adequate liquidity to fund anticipated working capital requirements and expects to be in compliance with its financial covenants throughout the remainder of 2009. The company’s most recent Quarterly Report on Form 10-Q and the company’s Annual Report on Form 10-K disclose additional information regarding its business plan and debt agreements and provide additional disclosure regarding the risks of the Company’s current liquidity situation and its ability to comply with its financial covenants.
