Bakers Footwear’s net income up by 148% in Q1
Bakers Footwear Group, Inc. has posted strong results for the thirteen weeks ended April 30, 2005 and the transition period consisting of the four weeks ended January 29, 2005 stemming from the change of fiscal year.
Net sales increased 16.2%, to $44.9 million from $38.7 million for the thirteen weeks ended May 1, 2004. Comparable store sales increased 7.8% compared to a 10.2% increase last year. Operating income rose to $3.1 million, or 6.9% of net sales, compared to $1.5 million a year ago. Net income more than doubled to $1.9 million compared to $0.7 million in the first quarter of 2004.
Net sales the four weeks ended January 29, 2005, were $9.2 million, up from $8.8 million for the four weeks ended January 31, 2004, while comparable store sales decreased by 0.8%. Bakers had a net loss of $1.9 million for the transition period, compared to net income of $0.3 million for the same period last year. Results for January 2004 include the one time gain of $1.2 million from the recognition of deferred tax assets resulting from the company's conversion to a C corporation from a sub-chapter S corporation.
Michele Bergerac, President of Bakers Footwear, said, "We began fiscal year 2005 strongly, a direct result of our merchandising and store initiatives. With assortments that consumers desire, our Bakers and Wild Pair stores have become true destinations for trend right footwear, which should benefit us as the year progresses."
During the first quarter, the company opened seven new stores and remodelled six.
