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8-K - FORM 8-K - BAKERS FOOTWEAR GROUP INC | c55434e8vk.htm |
Exhibit 99.1
Company Contact:
Charles R. Daniel, III
Chief Financial Officer
(314) 621-0699
Charles R. Daniel, III
Chief Financial Officer
(314) 621-0699
Final for Release
Investor Contacts:
ICR, Inc.
Allison Malkin/Jane Thorn Leeson
(203) 682-8225/(646) 277-1223
ICR, Inc.
Allison Malkin/Jane Thorn Leeson
(203) 682-8225/(646) 277-1223
BAKERS FOOTWEAR REPORTS 9.9% COMPARABLE STORE SALES INCREASE IN
DECEMBER 2009
Expects Fourth Quarter Fiscal 2009 Net Income in the Range of $6.0 million to $7.0 million
DECEMBER 2009
Expects Fourth Quarter Fiscal 2009 Net Income in the Range of $6.0 million to $7.0 million
ST. LOUIS, Mo. January 7, 2010 Bakers Footwear Group, Inc. (Nasdaq: BKRS), a leading specialty
retailer of moderately priced fashion footwear for young women, with 240 stores, today reported
December 2009 sales.
For December, the five-week period ended January 2, 2010, net sales increased to $30.0 million,
compared to $27.4 million in the same period last year. Comparable store sales (sales for stores
open at least one year or more) for December 2009 increased 9.9%, compared to an increase of 3.4%
for December 2008, the five-week period ended January 3, 2009.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group commented, We are
pleased to report a 9.9% comparable store sale increase for December, up from a 3.4% comparable
store sales increase in December last year. Our strong performance was driven by regular price
selling across our boot styles with consumers responding favorably to new trends and great fashion
in this category. As a result of our quarter-to-date performance, we currently expect to report
fourth quarter net income in the range of $6.0 million to $7.0 million, dramatically ahead of
fourth quarter 2008 net income of $0.5 million.
Based on the Companys business plan, the Company believes it has adequate liquidity to fund
anticipated working capital requirements and expects to be in compliance with its financial
covenants throughout the remainder of 2009. The Companys most recent Quarterly Report on Form 10-Q
and the Companys Annual Report on Form 10-K disclose additional information regarding its business
plan and debt agreements and provide additional disclosure regarding the risks of the Companys
current liquidity situation and its ability to comply with its financial covenants.
About Bakers Footwear Group, Inc.
Bakers Footwear Group, Inc. is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women. The Companys merchandise includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. The Company currently operates 240 stores nationwide. 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.
Bakers Footwear Group, Inc. is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women. The Companys merchandise includes private label and national brand dress, casual and sport shoes, boots, sandals and accessories. The Company currently operates 240 stores nationwide. 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 INABILITY TO SATISFY NASDAQ LISTING REQUIREMENTS,
INABILITY TO SATISFY DEBT COVENANTS, MATERIAL DECLINES IN SALES TRENDS AND LIQUIDITY, MATERIAL
CHANGES IN CAPITAL MARKET CONDITIONS OR IN BAKERS FOOTWEARS BUSINESS, PROSPECTS, RESULTS OF
OPERATIONS OR FINANCIAL CONDITION, AND OTHER RISKS AND UNCERTAINTIES, INCLUDING THOSE DETAILED IN
BAKERS FOOTWEARS MOST RECENT ANNUAL REPORT ON FORM 10-K AND OUR MOST RECENT QUARTERLY REPORTS ON
FORM 10-Q, INCLUDING THOSE DISCUSSED IN RISK FACTORS, IN MANAGEMENTS DISCUSSION AND ANALYSIS OF
FINANCIAL POSITION AND RESULTS OF OPERATIONS AND IN NOTE 2 TO THE FINANCIAL STATEMENTS IN THESE
REPORTS, AND IN BAKERS FOOTWEARS OTHER FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.