Bakers Footwear Announces Preliminary Comparable Store Sales for the Holiday Period

  
    
  
  
    
      Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading specialty 
      retailer of moderately priced fashion footwear for young women, today 
      announced for the two-month Holiday Sales Period ended December 30, 2006 
      net sales decreased 7.9% to $45.7 million as compared to $49.6 million 
      for the nine week period ended December 31, 2005. Comparable store sales 
      for the same two-month period decreased 16.1% compared to a 27.2% 
      increase in the comparable period last year.
    
    
      Commenting on the announcement, Peter Edison, Chairman and Chief 
      Executive Officer of Bakers Footwear Group, said: “Our 
      holiday sales results were disappointing, as we continued to face 
      difficult comparisons in our boot and bootie category, a significant 
      business for us during this time of year. We were pleased with the 
      performance of our non-boot categories and we believe we are taking the 
      additional markdowns necessary to clear out our boot and bootie 
      inventory and end the fourth quarter well positioned for the spring 
      season. Looking ahead, we expect January sales to benefit from the move 
      of New Year’s Eve to this month versus 
      December last year. We are also encouraged about the spring season given 
      the initial positive reaction to our new assortments, which were 
      delivered to warm weather stores in December.”
    
    
      The Company also indicated that it will be presenting at the Cowen & 
      Company and ICR XChange investor conferences during January 2007. The 
      Cowen & Company 5th Annual Consumer 
      Conference presentation is scheduled for Tuesday, January 9, 2007 at 
      2:00 pm Eastern Time at The Westin New York at Times Square. The 9th 
      Annual ICR XChange Conference presentation is scheduled for 
      Thursday, January 11, 2007 at 2:25 pm Eastern Time at the St. Regis 
      Monarch Beach Resort & Spa in Dana Point, California. Peter Edison, 
      Chairman and Chief Executive Officer, will host the presentations.
    
    
      About Bakers Footwear Group, Inc.
    
    
      Bakers Footwear Group is a national, mall-based, specialty retailer of 
      distinctive footwear and accessories for young women. The Company’s 
      merchandise includes private label and national brand dress, casual and 
      sport shoes, boots, sandals and accessories. The Company currently 
      operates more than 260 stores nationwide under its Bakers and Wild Pair 
      formats. Bakers stores focus on women between the ages of 16 and 35. 
      Wild Pair stores offer fashion-forward footwear to both women and men 
      between the ages of 17 and 29.
    
    
      THIS PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN THE 
      MEANING OF SECTION 27(A) OF THE SECURITIES ACT OF 1933 AND SECTION 21(E) 
      OF THE SECURITIES EXCHANGE ACT OF 1934). BAKERS FOOTWEAR HAS NO DUTY TO 
      UPDATE SUCH STATEMENTS. ACTUAL FUTURE EVENTS AND CIRCUMSTANCES COULD 
      DIFFER MATERIALLY FROM THOSE SET FORTH IN THIS STATEMENT DUE TO VARIOUS 
      FACTORS. FACTORS THAT COULD CAUSE THESE CONDITIONS NOT TO BE SATISFIED 
      INCLUDE MATERIAL CHANGES IN CAPITAL MARKET CONDITIONS OR IN BAKERS 
      FOOTWEAR’S BUSINESS, PROSPECTS, RESULTS OF 
      OPERATIONS OR FINANCIAL CONDITION AND OTHER RISKS AND UNCERTAINTIES, 
      INCLUDING THOSE DETAILED IN BAKERS FOOTWEAR’S 
      FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.