Bakers Footwear narrows loss in first quarter
Written on June 10, 2009
Bakers Footwear Group Inc., the St. Louis-based shoe retailer, said first-quarter sales rose and the company’s loss narrowed.
The company posted a net loss of $2.8 million, or 39 cents per share, for the quarter ended May 2, compared with a loss of $4.9 million, or 70 cents per share, in the first quarter last year.
Net sales were $45 million, up 3.3 percent from $43.5 million in the same period a year ago.
In stores open at least a year, sales increased 4.8 percent. That is a closely watched metric for determining the health of a retailer such as Bakers, which has 239 stores selling moderately priced footwear for young women.
"We began the year solidly," Peter Edison, chairman and chief executive, said in a statement group health insurance. "Our performance, in an ongoing difficult economy reflects the desirability of our footwear offerings."
Edison said the sales trend remained positive in May, leading the company to expect that it will generate better results from operations the rest of the year.
The company also said it believes it has adequate liquidity to fund anticipated working capital requirements and expects to comply with its financial covenants throughout the remainder of the year.
Filed in: legal.