US: Bakers Footwear Q3 loss widens to $10.2m
- 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.
Bakers Footwear Group returned to profitability during its fourth-quarter, despite booking a wider full-year loss. ...
Footwear chain Payless ShoeSource has appointed Michele Bergerac as senior vice president and general merchandise manager of its women's and accessories collections....
- When will Gap get back on track?
- Software solutions enhance speed and visibility
- Bangladesh factory safety progressing slowly
- Jason Denham raises the bar on denim innovation
- Portugal footwear makers underpin industry growth
- Q1 results in brief: Pacific Sunwear, Express
- China to reduce apparel import taxes
- Indonesian textile sector sees 6,000 lay-offs
- Cambodia garment factory strikes up 74%
- Vietnam garment staff return after faintings