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. ...
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