Bakers Footwear Group Inc.’s loss widened in the third quarter as sales continued to slide. The shoe retailer lost $10.2 million for the 13 weeks ended Nov. 1, compared with a loss of $8.3 million a year earlier.
Net sales totaled $39 million, a decrease of nearly 5% from $41.1 million a year ago, reflecting weak demand for the company’s transitional fall products.
Comparable store sales, which compare sales at stores open at least a year, fell 5.1% compared with an increase of 4.5% in the prior-year period.
This period typically represents a seasonal loss for the company, said Chairman and Chief Executive Peter Edison.
“Although comparable store sales declined for the quarter and were below our expectations, consumer response to our boot offerings across key categories was strong,” he said in a statement. “This led to a strengthening in sales as the quarter progressed with positive comp sales recorded in October.”
Edison said he expects sales growth and improved operating performance in the fourth quarter, thanks to a boost in holiday shopping, boot sales and a favorable response to early spring products delivered to warm-weather stores.
Comparable store sales from Black Friday – the day after Thanksgiving and traditionally the biggest shopping day of the year – through Dec. 6 increased 4%, Bakers said.
The company operates 240 stores nationwide.
