US: Bakers Footwear narrows Q2 loss on higher sales
- Q2 net loss narrows to $1.6m from $2.1m
- Net sales were up 2.3% to $44.3m
- Comparable store sales increased 4.7%
Higher sales and margins have helped Bakers Footwear Group Inc narrow its second quarter loss, with the women's shoe retailer adding that same-store sales have continued to improve as the autumn season progresses.
"We are pleased to report improved second quarter results and continue our positive momentum from the first quarter," said chairman and CEO Peter Edison.
"The second quarter included a 4.7% increase in comparable store sales, a 180 basis point expansion in gross margin and a reduction of our operating loss as compared to the second quarter last year reflecting the progress of our merchandising, marketing and margin enhancement initiatives.
"During the quarter, our customers responded favourably to our dress and club assortments, which more than offset a challenging casual sandal season."
He added that the company, which operates 233 stores, also saw continued strength in its exclusive H By Halston and Wild Pair brands, and that e-commerce sales rose 16.2%.
"We are encouraged by our positioning as we begin the third quarter," Edison continued. "Our comparable store sales are improving as the fall season progresses reflecting continued positive trends in closed footwear in all categories. We also expect to continue the improvement in merchandise margin over last year."
Speciality retailer Bakers Footwear Group has sold its Wild Pair brand to footwear business Steve Madden for up to US$4m....
Retailer Bakers Footwear Group Inc has posted "disappointing" third quarter results after losses widened as sales of dress boots sales slumped....
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