US: Bakers Footwear posts wider Q3 loss
- Q3 net loss was $10.2m
- Fewer expenses
- Net sales down 4.9%
Women's footwear retailer Bakers Footwear Group has reported a widened Q3 net loss, as sales declined due to weak demand for our transitional fall product.
The company announced that for the thirteen weeks ended 31 October its net loss was $10.2m, compared to $8.3m in the third quarter last year.
Net sales were $39.0m, a decrease of 4.9% from $41.1m in the thirteen-week period ended 1 November 2008. Same-store sales decreased 5.1%, compared to an increase of 4.5% in the prior-year period.
Selling, general and administrative expenses were $13.5m, or 34.6% of net sales, compared to $13.9m, or 34.0% of net sales, in the prior-year period.
Peter Edison, chairman and chief executive officer of Bakers Footwear Group said: "In a period that typically represents a seasonal loss for our company, and despite tougher sales comparisons from last year, we continued to successfully manage our inventory levels, control our operating expenses and maintain compliance with our debt covenants.
"Our quarter end balance sheet included a 14% decline in inventory. Although comparable store sales declined for the quarter and were below our expectations, consumer response to our boot offerings across key categories was strong. This led to a strengthening in sales as the quarter progressed with positive comp sales recorded in October."
For the first nine months of fiscal 2009, net sales were $127.7m, a slight decrease from $128.2m for the thirty-nine week period last year. Net loss was $14.7m, compared to $15.5m in the first nine months of 2008.
Increased sales at Bakers Footwear Group have helped it reduce its net losses for the year and a strong fourth quarter, the company said, placed it well for a year of "solid improvement" in 2010....
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