US: Bakers sales boost helps narrow Q1 loss
US shoe chain Bakers Footwear Group has reported first quarter net loss of US$2.8m, compared to $4.9m in the same quarter last year, with open-toe footwear leading positive sales growth.
The company said net sales were $45.0m, an increase of 3.3% from $43.5m in the same period last year.
Same-store sales increased 4.8%, compared to a decrease of 11.1% in the prior-year period, Bakers reported.
Peter Edison, chairman and chief executive officer of Bakers Footwear Group, said: "We began the year solidly, reporting a 4.8% increase in first quarter comparable store sales, a 240 basis point increase in gross profit margin, positive adjusted EBITDA and a significant reduction of our loss, compared to the first quarter last year.
"Our performance, in an ongoing difficult economy reflects the desirability of our footwear offerings, which is driving increased regular price sales, as well as the ongoing success of our expense, inventory and capital management discipline."
"As we begin the second quarter, we are pleased with our positioning," Edison added. "Sales trends have remained positive with May's comparable store sales increase of 3.1%, marking our twelfth consecutive month of positive comp results.
"Open-toe footwear continues to lead our performance, which bodes well given that it increases as a percentage of our mix throughout the second quarter. We believe the strength in our offerings coupled with fiscal discipline has us poised to generate improved operating results and adjusted EBITDA during the remainder of fiscal 2009."
This week's third quarter figures suggest that US fashion retailers appear to have steadied the ship - at least on the bottom line....
Sales at US fashion chains were given a late boost by Thanksgiving and Black Friday discount events at the end of November. Here's a snapshot of how retail bosses see their stores entering the crunch ...
Footwear retail group Collective Brands has reported a 22% fall in third quarter net earnings, despite improving sales during the period....
Plus-size women's wear retailer Charming Shoppes reported a narrowed net loss for the third quarter, as it set out to reduce inventories....
Teen apparel retailer Delia's Inc today (24 November) tempered its outlook for the rest of the year and said it intends to scale back its expansion plans for 2010 after weak sales pushed it to a third...
Branded footwear retailer DSW Inc has lifted its outlook for the year after more than doubling its third quarter profit....
Retailer Citi Trends returned to profit in its third quarter, thanks to a 21.4% boost in sales, the company said....
US footwear retailer Genesco has reported improved third quarter earnings after cutting down expenses....
- TPP: now the real fight starts
- Why TPP implementation is far from a done deal
- Private label sourcing faces range of pressures
- Cambodia leads US apparel import growth in August
- Can Gap maintain its momentum minus Larsson?
- Update: Negotiators agree landmark TPP trade deal
- Nike debuts new fabric for adaptive breathability
- New Bangladesh labour rules draw union criticism
- H&M falling behind on Bangladesh factory safety?
- Vietnam releases new textile dye regulations
- Wearable technology: The future market potential for smart garments and e-textiles
- Global Database of the Top 1000 Apparel Producers - Company Names, Financial Performance, and Contact Details
- Myanmar's Garment Sector in 2015 - now with updated members' directory
- Outdoor performance apparel: peaks, valleys, and green fields
- Global market review of lingerie - forecasts to 2020