Bakers Footwear Group, specialty retailer of moderately priced fashion footwear for young women, has reported first quarter net sales figures. For the 13 weeks ended April 30, 2005 net sales increased 16.2% to $44.9 million up from $38.7 million in the 13 weeks ended May 1, 2004. Comparable store sales in the quarter increased 7.8% compared to a 10.2% increase in the same period last year.

Bakers previously disclosed that it had changed its fiscal year to the standard retail calendar. This created a four week transition period ended January 29, 2005. Net sales for the transition period were $9.2 million, an increase of 4.5% from net sales of $8.8 million for the comparable four weeks ended January 31, 2004. Comparable store sales in the January 2005 transition period decreased 0.8% compared to an 8.7% increase in January 2004.

During the transition period and the first quarter, Bakers Footwear opened 7 new stores and remodelled 6 existing stores into its new store format. The company now has 86 stores operating in its new format. Comparable store sales for the Company’s 63 new format locations open for more than a year increased by 12.3% in the first quarter.

Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group, said “Our new store format continues to exceed expectations, as evidenced by the 12.3% comparable store sales increase for our new store concept in the quarter. In fiscal 2005, we plan to open between 35 to 40 new stores and remodel approximately 25 existing locations. We believe our current momentum, strong operating model and expansion plans will lead to continued sales growth with increased profitability, and more importantly, create enhanced value for our shareholders.”

 

Share this story: