Bakers Footwear Group lost $10.2 million in the third quarter, compared with a loss of $8.9 million in the third quarter last year. Sales of $40.2 million for the quarter ended Oct. 29 represented a dip of 1 percent from $40.6 million for the thirteen-week period ended Oct. 30, 2010.
“Our third quarter results were disappointing, reflecting a challenging dress boot season, which led to increased markdowns and operating losses compared to the prior year,” Chairman and Chief Executive Peter Edison said in the earnings release. “As we begin the fourth quarter, the boot category has remained difficult, which has led to a 5.5 percent decrease in comparable store sales for the first six weeks of the quarter through Dec. 10.”
As a result, Bakers has launched a $10 million margin improvement and cost reduction program focused on improving cash flow and liquidity, Edison said.
On a positive note, he said, the company's exclusive shoes through its Bakers, H. by Halston and Wild Pair brands are attracting new customers to its stores.
Bakers operates 233 stores nationwide.
