Bakers Footwear reports Q4 and FY2004 results
Bakers Footwear Group, specialty retailer of fashion footwear for young women, has announced results for the fourth quarter and fiscal year ended January 1, 2005.
Net sales in the fourth quarter were $45.7 million up from $43.7 million in the same period last year. Comparable store sales in the fourth quarter decreased 1% compared to the year-earlier period. Gross profit was $17.3 million, or 37.8% of sales, compared to $16.5 million, or 37.7% of sales, in the 2003 fourth quarter. The company's net profit in the fourth quarter was $3.1 million versus a net profit of $5.2 million in the same period a year ago.
For the fiscal year ended January 1, 2005, net sales increased to $150.5 million compared to $148.2 million in fiscal 2003. Comparable store sales increased 1.9%. Gross profit was $46.6 million, or 31.0% of sales, compared to $44.8 million, or 30.2% of sales, last year. The company's net profit was $1.4 million compared to a net profit of $1.6 million in the same period last year.
Peter Edison, chairman and ceo of Bakers Footwear Group, stated, "The strategies we implemented this fall proved successful in allowing us to report improved sales and margin trends beginning with the second half of our fourth quarter. We corrected our merchandise shortcomings from back-to-school and experienced strong demand in boots, particularly fur boots, closed casuals and branded footwear."
Bakers Footwear Group’s merchandise includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. During the fourth quarter, the company opened nine new stores bringing the total to 220 stores in the
