Bakers Footwear Group, Inc. reported sales were $43.5 million, a decrease of 3.2% from $45.0 million a year ago. Comparable store sales decreased 1.6%, compared to a comparable store
sales increase of 4.8% for the first quarter of fiscal 2009.
Gross profit was $10.7 million, or 24.7% of net sales, compared to $12.7 million, or 28.2% of net sales in the first quarter last year;
Operating loss was $2.9 million, or 6.7% of net sales, compared to an operating loss of $1.9 million, or 4.2% of net sales in the first quarter last year; and
Net loss was $3.5 million or $0.47 per diluted share, compared to a net loss of $2.8 million, or $0.39 per diluted share in the first quarter last year.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group, commented, “While we began the year with a positive performance, an unfavorable response to our sandal category in the latter part of the first quarter led to lower sales and margins, as compared to the prior year. During the quarter we continued to control operating expenses and inventory levels. We also successfully amended our term loan and extended our credit facility through May 2013.”
“While we remain cautious with regard to our near term performance given a tough sandal season, reflected by year-to-date comparable store sales through June 12, 2010 down 2.3%, we are very encouraged as we look further into fall,” Mr. Edison continued. “For the fall season, we will introduce a number of new brands and are already beginning to see promising initial reads in the boot category. We continue to believe our strategies will result in improved financial performance and increased value for our shareholders.”
Bakers Footwear Group, Inc. Thirteen Thirteen
Income Statement Data Weeks Ended Weeks Ended
May 1, 2010 May 2, 2009
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(in thousands, except per share data) Unaudited Unaudited
Net sales $ 43,524 $ 44,977
Cost of merchandise sold, occupancy, and buying expenses 3 3
2,788 2,280
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Gross profit 10,736 12,696
Operating expenses
Selling 9,804 9,976
General and administrative 3,791 4,340
Loss on disposal of property and equipment 51 284
------ ------
Operating loss (2,910 ) (1,904 )
Interest expense (555 ) (887 )
Other income, net 14 22
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Loss before income taxes (3,451 ) (2,769 )
Income tax benefit -- --
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Net loss $ (3,451 ) $ (2,769 )
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Net loss per common share $ (0.47 ) $ (0.39 )
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Weighted average shares outstanding 7,383 7,164
Cash Flow Data
Cash used in operating activities $ (1,644 ) $ (1,504 )
Cash used in investing activities (420 ) (155 )
Cash provided by financing activities 2,058 1,665
Net increase (decrease) in cash (5 ) 6
Supplemental Data
Comparable store sales increase (decrease) (1.6 )% 4.8 %
Gross profit percentage 24.7 % 28.2 %
Number of stores at end of period 239
