Bakers Footwear (NASDAQ:BKRS)
Historical Stock Chart
From Jul 2019 to Jul 2024
![Click Here for more Bakers Footwear Charts. Click Here for more Bakers Footwear Charts.](/p.php?pid=staticchart&s=N%5EBKRS&p=8&t=15)
Bakers Footwear Group, Inc. (Nasdaq: BKRS), the leading
specialty retailer of moderately priced fashion footwear for young
women, today announced results for the thirteen weeks ended April 30,
2005 and the transition period consisting of the four weeks ended
January 29, 2005.
For the first quarter, ended April 30, 2005:
-- Net sales increased 16.2%, to $44.9 million from $38.7 million
for the thirteen weeks ended May 1, 2004. Comparable store
sales increased 7.8% compared to a 10.2% increase last year;
-- Operating income rose to $3.1 million, or 6.9% of net sales,
as compared to $1.5 million, or 3.9% of net sales in the same
period a year ago;
-- Net income more than doubled to $1.9 million, or 4.1% of net
sales, as compared to $0.7 million, or 1.9% of net sales in
the first quarter of 2004.
-- Diluted earnings per share increased 120.0% to $0.33 compared
to $0.15 in the first quarter of 2004.
Bakers previously disclosed that it changed its fiscal year end to
the standard retail calendar, which ends on the Saturday closest to
the end of January. This resulted in a four week transition period
ended January 29, 2005. Net sales the four weeks ended January 29,
2005, were $9.2 million, up from $8.8 million for the four weeks ended
January 31, 2004, while comparable store sales decreased by 0.8%.
Bakers had a net loss of $1.9 million, or $0.37 per diluted share, for
the transition period, compared to net income of $0.3 million, or
$0.10 per diluted share, for the same period last year. Results for
January 2004 include the one time gain of $1.2 million from the
recognition of deferred tax assets resulting from the company's
conversion to a C corporation from a sub-chapter S corporation in that
month.
Additionally, during the first quarter, the Company:
-- Opened seven new stores and at quarter-end operated 221 stores
in 36 states;
-- Remodeled six stores and at quarter-end operated 86 stores in
the new store format; and
-- Completed a private placement of one million shares of common
stock and warrants to purchase 375,000 shares of common stock
generating net proceeds of approximately $7.5 million.
Gross profit in the first quarter was $15.4 million, or 34.3% of
net sales, compared to $12.4 million, or 32.2% of net sales, in the
first quarter of fiscal 2004. Operating expenses were $12.3 million,
or 27.4% of net sales compared to $11.0 million, or 28.3% of net sales
in the first quarter of fiscal 2004.
Peter Edison, Chairman and Chief Executive Officer of Bakers
Footwear Group, stated, "The first quarter marked a productive period
for us. Our net income more than doubled from a year ago which we
attribute to higher sales and improved markdown experience as
consumers broadly adopted our footwear offerings. In addition, our
expansion and remodeling program continued to generate excitement with
comparable store sales for stores operating in our new format
increasing 12.3% during the quarter. We were also pleased to increase
our financial flexibility through the completion of a private
placement this quarter."
Mr. Edison continued: "As we look to the second quarter and
balance of the year we remain excited about our growth prospects.
Current sales trends remain robust across our many categories with
particular strength in sandals and casual styles. Our upcoming styles
position us to capture increased market share during the back to
school season. We believe the strategies we are implementing along
with our store expansion and remodeling plans have us poised to
continue our success in fiscal 2005."
Michele Bergerac, President of Bakers Footwear, said, "We began
fiscal year 2005 strongly, a direct result of our merchandising and
store initiatives. With assortments that consumers desire, our Bakers
and Wild Pair stores have become true destinations for trend right
footwear, which should benefit us as the year progresses."
Bakers also released the unaudited operating results for the four
quarters of fiscal year 2004 reflecting the change in its fiscal year
end.
Conference Call
The Company announced that it will conduct a conference call to
discuss its first quarter fiscal 2005 results tomorrow, Wednesday,
June 8, 2005 at 9:00 a.m. Eastern Time. Investors and analysts
interested in participating in the call are invited to dial (800)
819-9193, approximately five minutes prior to the start of the call.
The conference call will also be web-cast live at
http://viavid.net/dce.aspx?sid=00002624. A replay of this call will be
available until June 15, 2005 and can be accessed by dialing (888)
203-1112 and entering code 6347845.
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 200 stores nationwide under two formats,
Bakers and Wild Pair. Bakers stores focus on women between the ages of
15 and 29. Wild Pair stores offer fashion-forward footwear to both
women and men between the ages of 17 and 24.
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 GROUP, INC.. 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.
-0-
*T
Bakers Footwear Group, Inc.
Unaudited
Thirteen Thirteen Four Four
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
April 30, May 1, January January
Income Statement Data 2005 2004 29, 2005 31, 2004
-------------------------- ---------- ---------- ---------- ----------
(in thousands, except per
share data) Unaudited Unaudited Unaudited Unaudited
Net Sales $44,943 $38,676 $9,159 $8,763
Cost of merchandise sold,
occupancy, and buying
expenses 29,537 26,231 8,550 6,891
---------- ---------- ---------- ----------
Gross profit 15,406 12,445 609 1,872
Operating expenses 12,324 10,952 3,531 3,213
---------- ---------- ---------- ----------
Operating income (loss) 3,082 1,493 (2,922) (1,341)
Interest expense (126) (369) (30) (119)
Other income (expense),
net 36 89 17 8
---------- ---------- ---------- ----------
Income (loss) before
income taxes 2,992 1,213 (2,935) (1,452)
Income tax expense
(benefit) 1,141 468 (1,069) (1,709)
---------- ---------- ---------- ----------
Net income (loss) $1,851 $745 $(1,866) $257
========== ========== ========== ==========
Net income (loss) per
common share
Basic $035 $0.16 $(0.37) $0.20
========== ========== ========== ==========
Diluted $0.33 $0.15 $(0.37) $0.10
========== ========== ========== ==========
Weighted average shares
outstanding
Basic 5,344,239 4,587,517 5,102,481 1,420,713
Diluted 5,598,915 4,997,757 5,102,481 2,916,997
Supplemental Data
Comparable store sales
increase (decrease) 7.8% 10.2% (0.8)% 8.7%
Gross profit percentage 34.3% 32.2% 6.6% 21.4%
Number of stores at end
of period 221 206 218 208
April 30, May 1, January January
Balance Sheet Data 2005 2004 29, 2005 31, 2004
-------------------------- ---------- ---------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Current assets $30,410 $26,967 $24,617 $16,572
Noncurrent assets 25,271 14,380 22,106 14,406
---------- ---------- ---------- ----------
$55,681 $41,347 $46,723 $31,183
========== ========== ========== ==========
Current liabilities $15,498 $10,861 $16,389 $17,456
Noncurrent liabilities 5,564 3,870 5,125 10,193
Shareholders' equity 34,619 26,616 25,209 3,534
---------- ---------- ---------- ----------
$55,681 $41,347 $46,723 $31,183
========== ========== ========== ==========
*T
-0-
*T
Prior Year Results Reflecting Change in Fiscal Quarters
Thirteen Thirteen Thirteen Thirteen
Weeks Weeks Weeks Weeks
Ended Ended Ended Ended
May 1, July 31, October January
Income Statement Data 2004 2004 30, 2004 29, 2005
-------------------------- ---------- ---------- ---------- ----------
(in thousands, except per
share data) Unaudited Unaudited Unaudited Unaudited
Net Sales $38,676 $35,403 $32,287 $44,545
Cost of merchandise sold,
occupancy, and buying
expenses 26,231 24,920 25,384 29,605
---------- ---------- ---------- ----------
Gross profit 12,445 10,483 6,903 14,940
Operating expenses 10,952 11,205 10,863 12,259
---------- ---------- ---------- ----------
Operating income (loss) 1,493 (722) (3,960) 2,681
Interest expense (369) (134) (191) (153)
Other income (expense),
net 89 96 24 129
---------- ---------- ---------- ----------
Income (loss) before
income taxes 1,213 (760) (4,127) 2,657
Income tax expense
(benefit) 468 (266) (1,549) 1,025
---------- ---------- ---------- ----------
Net income (loss) $745 $(494) $(2,578) $1,632
========== ========== ========== ==========
Net income (loss) per
common share
Basic $0.16 $(0.10) $(0.51) $0.32
========== ========== ========== ==========
Diluted $0.15 $(0.10) $(0.51) $0.31
========== ========== ========== ==========
Weighted average shares
outstanding
Basic 4,587,517 5,102,481 5,102,481 5,102,481
Diluted 4,997,757 5,102,481 5,102,481 5,342,617
Supplemental Data
Comparable store sales
increase (decrease) 10.2% 3.0% (7.6)% (0.9)%
Gross profit percentage 32.2% 29.6% 21.4% 33.5%
Number of stores at end
of period 206 207 217 218
May 1, July 31, October January
Balance Sheet Data 2004 2004 30, 2004 29, 2005
-------------------------- ---------- ---------- ---------- ----------
Unaudited Unaudited Unaudited Unaudited
Current assets $26,967 $26,025 $24,904 $24,617
Noncurrent assets 14,380 16,005 18,780 22,106
---------- ---------- ---------- ----------
$41,347 $42,030 $43,684 $46,723
========== ========== ========== ==========
Current liabilities $10,861 $11,923 $15,197 $16,389
Noncurrent liabilities 3,870 4,062 4,900 5,125
Shareholders' equity 26,616 26,045 23,587 25,209
---------- ---------- ---------- ----------
$41,347 $42,030 $43,684 $46,723
========== ========== ========== ==========
*T