ST. LOUIS (Apr. 15, 2009)—Specialty footwear chain Bakers Footwear Group, Inc. (BKRS) has released financial figures for its 240 retail locations during the fourth quarter of 2008, as well as the company’s full-year results.

Benny sandal by Bakers

Bakers’ net sales for the fourth quarter were $55.5 million, up 1.3 percent from $54.7 million during the fourth quarter of 2007. During the same period gross profit was $17.4 million, down $2 million from the same time last year. The company’s net income for the quarter was $0.5 million, versus $7.3 million in the prior year quarter, which included a gain of $4.8 million from the early termination of an operating lease.

“We are pleased to report positive operating performance in the fourth quarter of fiscal 2008 that included a 3.6 percent increase in comparable store sales, an operating profit and net income,” says Peter Edison, chairman and chief executive officer of Bakers Footwear Group. “Our performance, however, came in below our expectations at the beginning of the quarter due to the highly promotional retail environment that began in mid-December in response to sluggish holiday sales. We proactively capitalized on the increase in mall traffic during the holiday season by increasing promotional levels to end the year in a strong inventory position for spring selling.”

For the full year, ended January 31, 2009, Bakers posted net sales of $183.7 million, compared to $186.3 million for the fifty-two weeks ended February 2, 2008. During the same period the company posted an overall net loss of $15 million. This compares with a net loss of $17.7 million during fiscal 2007 (again, this includes a gain of $4.8 million related to the early termination of a lease).

Looking forward, preliminary first quarter figures show net sales up 5.9 percent for the first ten weeks of fiscal 2009, ended April 11, 2009.

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