Lower sales and income at Bakers
Bakers Footwear Group has posted lower sales for the thirteen and thirty nine-weeks ended October 31.
For the third quarter, net sales were $39 million, a decrease of 4.9% from $41.1 million for the same period last year. Gross profit was $6.8 million, or 17.3% of net sales, compared to $9 million and 21.9% during the prior-year period. Net loss was $10.2 million compared with $8.3 million during the third quarter last year.
Net sales for the first nine months were $127.7 million, a slight decrease from $128.2 million for the same period ended November 1. Gross profit was $32.4 million, or 25.4% of net sales, compared with $33.1 million, or 25.8%, of net sales, in the first nine months of 2008. Net loss was $14.7 million compared with $15.5 million.
Peter Edison, chairman and chief executive officer, said: "Although comparable store sales declined for the quarter and were below our expectations, consumer response to our boot offerings across key categories was strong. This led to a strengthening in sales as the quarter progressed with positive comp sales recorded in October.
"As we look ahead, we are well positioned to deliver sales growth and improved operating performance in the fourth quarter.”
