Tough going for Bakers: retailer blames warm autumn
18/12/2007
St. Louis-based retailer Bakers Footwear Group has reported a wider third-quarter loss than expected.
Sales fell to $40.3 million, in line with analysts’ expectations. In the same quarter last year, the company posted sales of $46.6 million. Same-store sales for the quarter fell by 16.6%.
The company attributed the fall in sales to the unseasonably warm weather, which, it said, led to lower levels of "store traffic" and had affected boot sales in particular.
The company also said its chief financial officer, Lawrence Spanley, would retire in February, with its present controller, Charles Daniel, being promoted to the position of vice president of finance and principal financial officer.
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