Bakers Footwear Group, Inc. reported December sales
increased to $30.1 million from $30.0 million in the same period last
year. Comparable store sales for increased 1.3%, compared
to an increase of 9.9% for December 2009, the five-week period ended
Jan. 2, 2010.
For Holiday 2010, the nine-week period from Oct. 31, 2010 to Jan. 1, 2011, net sales increased to $46.8 million from $45.8 million in the same period last year. Comparable store sales for Holiday 2010 increased 3.6%, compared to an increase of 4.7% for Holiday 2009, the nine-week period from November 1, 2009 to Jan. 2, 2010.
Peter Edison, chairman and chief executive officer of Bakers Footwear Group, commented, “We continued our positive sales comparisons through the holiday season, driven by the ongoing strength in boots and dress shoes. We are especially pleased to maintain our positive trend as we anniversaried a 9.9% increase in December comparable store sales last year. As a result, Bakers delivered a 4.5% comparable store sales increase for the first five months of the fall season. We remain confident that our strategic growth initiatives will lead to sustainable improvements in our sales performance.”
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 through the next twelve months. The company's most recent Quarterly Report on Form 10-Q, and the company's most recent Annual Report on Form 10-K disclose in detail the risks of the company's current liquidity situation and its ability to comply with its financial covenants.
Bakers Footwear currently operates 233 stores nationwide.
