J. Baker, Inc (NASDAQ: JBAK) today reported financial results for the third quarter and nine months ended October 28, 2000. Previously, the company announced it had signed an agreement to sell its licensed footwear business to Footstar Corporation, a subsidiary of Footstar, Inc (NYSE: FTS). Due to this announcement, the company will report the results of its apparel business segment as its only continuing operations.

Net sales from the company's continuing apparel operations for the third quarter ended October 28, 2000 increased 5.0 per cent to $104.4m, compared to $99.5m for the third quarter last year. Comparable apparel store sales for the third quarter increased 1.9 per cent. Net income from continuing operations for the third quarter was $1.1m, or $0.08 per diluted share, versus $1.0m, or $.07 per diluted share in the third quarter of last year. The company recorded a net loss of $26.2m or $1.85 per diluted share related to the disposal of its footwear business. As a result, the company's net loss for the third quarter was $25.1m, or $1.77 per diluted share, versus last year's third quarter net income of $1.4m, or $0.10 per diluted share.

Net sales from continuing operations for the nine months ended October 28, 2000 increased 17.3 per cent to $318.3m, compared to $271.4m in the same period last year. Comparable apparel store sales increased 4.4 per cent. Net income from continuing operations for the nine months increased to $5.1m, or $0.36 per diluted share, compared to $4.1m, or $0.28 per diluted share for the comparable period last year. The company recorded a net loss of $25.2m, or $1.76 per diluted share from its discontinued footwear business in the first nine months of this year, versus net income from discontinued operations of $1.7m, or $0.12 per diluted share in the comparable period last year. The company recorded a net loss for the nine months of $20.1m, or $1.40 per diluted share, versus last year's nine months net income of $5.8m, or $0.40 per diluted share.

About J. Baker
J. Baker operates retail businesses in large, under-served niche markets. The company operates 600 retail stores, three catalog titles and two commerce-enabled websites selling apparel and accessories for big and tall men under the Casual Male Big & Tall, Repp Ltd. Big & Tall and B&T Factory Stores trade names. The company offers rugged workwear and healthcare apparel through its 70 Work 'n Gear stores, plus direct marketing offerings and e-commerce initiatives.