Bakers Footwear Group (BKRS.OB) Posts Solid Q4, FY2010 Results

Mar. 29, 2011 11:21 AM ETBKRS
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Bakers Footwear Group Inc., a leading specialty retailer of moderately priced fashion footwear for young women, yesterday announced its financial results for the fourth quarter and full year ended January 29, 2011.

Fourth-quarter revenue was $58.2 million, up 1 percent from $57.6 million reported for the fourth quarter of 2010. Full year 2010 revenues were $185.6 million, up from $185.4 million reported for the comparable 12 month-period ended January 29, 2010.

Gross profit was $20.6 million, or 35.3 percent of net sales, compared to $21.0 million, or 36.4 percent of net sales, in the fourth quarter last year. Full-year gross profit was $49.6 million, or 26.7 percent of net sales, compared to $53.4 million, or 28.8 percent of net sales in fiscal 2009.

Selling, general and administrative expenses were $15.1 million, or 25.9 percent of net sales, compared to $14.8 million, or 25.8 percent of net sales, in the comparable quarter of 2009. Full-year selling, general and administrative expenses were $55.6 million, or 30.0 percent of net sales, compared to $56.8 million, or 30.6 percent of net sales, in fiscal 2009.

Operating income for the quarter was $5.5 million, compared to $6.1 million in the fourth quarter last year. For the full year 2010, operating loss was $7.5 million, compared to an operating loss of $6.5 million in fiscal 2009.

Net income was $5.2 million or $0.54 per diluted share, compared to $5.6 million, or $0.72 per diluted share in the fourth quarter last year. Net loss for full-year 2010 was $9.3 million or $1.14 per share, compared to a net loss of $9.1 million, or $1.24 per share in fiscal 2009.

Peter Edison, chairman and CEO of Bakers Footwear Group, said profitability in the fourth quarter is attributable to strong comparable store sales and a nearly 10 percent increase in its multi-channel sales.

“The year included progress toward our key initiatives to increase sales and position our company for improved long term operating performance. To this end, we continued our fashion leadership in footwear, which is demonstrated by the achievement of our third consecutive year of positive comparable store sales in 2010,” Edison stated in the press release. “We introduced exclusive brands in our Bakers stores to provide further differentiation in our offerings, which is expected to increase customer loyalty and broaden our consumer reach. We also capitalized on the significant runway that we see ahead to increase our multi-channel sales. At the same time, we continued to tightly manage expenses. Our increased inventory levels at year end reflected the early receipt of spring goods with aging improved from 2009. We also are happy to note that we completed the repayment of our subordinated secured term loan during the fourth quarter.”

For more information visit bakersshoes.com

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