Lower sandal sales hit Bakers Footwear
06/06/2006
Specialty retailer of fashion footwear for young women Bakers Footwear Group, Inc. has posted higher sales for the thirteen weeks ended April 29.
Net sales increased 10.8% to $49.8 million from $44.9 million for the thirteen weeks ended April 30, 2005 . However, comparable store sales decreased 0.8% compared with a 7.8% increase in the first quarter last year.
Net income was $0.7 million, or 1.3% of net sales, versus $1.9 million, or 4.1% of net sales in the first quarter of 2005.
Peter Edison, chairman and chief executive officer, said, "We are disappointed with our first quarter performance, which reflected softness in the sandal category of our business and resulted in lower margins, as we incurred higher markdowns versus the first quarter last year. Our comparable first quarter sales trend continues into the second quarter."
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