St. Louis—Challenging sales in dress boots helped push Bakers Footwear Group into a widened third quarter loss, the company said Tuesday.
For the quarter ended Oct. 29, the company reported a loss of $10.2 million, or $1.10 a share, compared to a net loss of $8.9 million, or $1.03 a share a year ago.
Total sales edged down 1% to $40.2 million from $40.6 million in third quarter 2010. Comparable store sales increased 1.0% on top of a 5.9% increase in the same quarter last year.
H. by Halston, Wild Pair Brands Attract New Shoppers
“Our third quarter results were disappointing, reflecting a challenging dress boot season, which led to increased markdowns and operating losses compared to the prior year,” Peter Edison, chairman/ceo, said in the earnings release. “… As we begin the fourth quarter, the boot category has remained difficult, which has led to a 5.5% decrease in comparable store sales for the first six weeks of the quarter through Dec. 10.”
As a result, Bakers has launched a $10 million margin improvement and cost reduction program focused on improving cash flow and liquidity, Edison said.
While dress boot sales may be soft, Edison said the company’s exclusive footwear collections by H. by Halston and Wild Pair brands were attracting new shoppers into its stores.
Bakers operates 233 stores nationwide.