Net loss narrows at Bakers Footwear
Bakers Footwear Group has posted lower revenues for the thirteen weeks ended April 28.
Net sales fell $44.3 million, a decrease of 5.7% from $47 million during the first quarter of 2011.
However, gross profit rose slightly to $12.6 million, or 28.4% of net sales compared with $12.3 million, or 26.1% of net sales, during the first quarter last year. Net loss was $1.1 million compared with $2.5 million.
Chairman and CEO, Peter Edison, said: "Our first quarter performance reflects our strategy to reduce inventories while delivering a steady flow of fashion right assortments.
"This, combined with our cost containment initiatives, drove a significant narrowing in our operating loss in the quarter from the first quarter last year."
"As we look ahead, we continue to expect our strategies
to result in improved gross margin and operating performance in 2012 as we
prudently manage inventory and focus on turns."
