• Q3 net loss widened to $10.2m from $8.9m
  • Net sales fell 1% to $40.2m from $40.6m
  • Comparable store sales increased 1.0% 

Retailer Bakers Footwear Group Inc has posted "disappointing" third quarter results after losses widened as sales of dress boots sales slumped.

The company, which operates 234 stores, is now launching a "$10m margin improvement and cost reduction programme" in a bid to improve its cash flow and liquidity.

"Our third quarter results were disappointing reflecting a challenging dress boot season, which led to increased markdowns and operating losses compared to the prior year," said chairman and CEO Peter Edison. "On a positive note, our multi-channel sales remained strong, rising 37.4% in the quarter."

He also said exclusive products like the Bakers, H by Halston and Wild Pair brands are attracting new customers to the stores.

That said, "difficult" boot sales have led to a 5.5% drop in same-store sales for the first six weeks of the fourth quarter. "We expect comparable sales to be down for the entire fourth quarter," Edison noted.