Bakers Footwear Reports First Quarter Results.ST. LOUIS -- Bakers Footwear Footwear consists of garments worn on the feet. It is worn for a variety of reasons, including protection against the environment, hygiene and adornment. Usually, socks and other hosiery are worn between the feet and the footwear, except for sandals and flip flops (thongs). Group, Inc. (Nasdaq: BKRS), a leading specialty retailer of moderately priced fashion footwear Shoe fashion properties  Closed toe pumps for young women, today announced results for the thirteen weeks ended April 29, 2006. For the first quarter, the thirteen weeks ended April 29, 2006: --Net sales increased 10.8%, to $49.8 million from $44.9 million for the thirteen weeks ended April 30, 2005. Comparable store sales decreased 0.8% compared to a 7.8% increase in the first quarter last year; --Operating income was $ 1.2 million, or 2.4% of net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight , as compared to $3.1 million, or 6.9% of net sales in the same period a year ago; --Net income was $0.7 million, or 1.3% of net sales, versus $1.9 million, or 4.1% of net sales in the first quarter of 2005; --Diluted earnings per share were $0.10, compared to diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of of $0.33 in the first quarter of 2005; and --As a result of adopting FAS 123R, we recognized $0.02 per share related to stock based compensation expense in the first quarter of 2006. We recognized no stock-based compensation expense in the first quarter of 2005. Peter Edison Edison, township (1990 pop. 88,680), Middlesex co., NE N.J., inc. 1870 as Raritan Township, renamed 1954. Edison's varied manufactures include light trucks, chemicals, metal products, electrical and electronic equipment, machinery, and instruments. , Chairman and Chief Executive Officer of Bakers Footwear Group said, "We are disappointed with our first quarter performance, which reflected softness in the sandal category of our business and resulted in lower margins, as we incurred higher markdowns versus the first quarter last year. Our comparable first quarter sales trend continues into the second quarter." Additionally, during the first quarter, the Company: --Opened 12 new stores in our new Bakers format and at quarter-end operated a total of 245 Bakers and Wild Pair stores in 38 states; and --Remodeled 5 stores and at quarter-end operated 135 stores, or 62% of its Bakers stores, in the new store format. "We continue to be pleased with our store expansion program," Mr. Edison, stated. "We currently expect to open 30 to 35 new stores while remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20 locations this year." Gross profit in the first quarter of 2006 was $16.3 million, or 32.7% of net sales, compared to $15.4 million, or 34.3% of net sales, in the first quarter of 2005. Gross profit rose due to the increase in new stores versus the first quarter last year; this was offset by higher markdowns and a modest decline in comparable store sales for the quarter. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were $15.1 million, or 30.3% of net sales compared to $12.3 million, or 27.4% of net sales in the first quarter of 2005. The Company incurred higher costs related to depreciation and payroll associated with its store expansion. In addition, the Company incurred $214,000 in pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta stock based compensation expense in the first quarter this year related to the adoption on January January: see month. 29, 2006 of FAS 123R Share-Based Payment. Michele Michele murders wife’s lover; hides body under cloak. [Ital. Opera: Puccini, The Cloak, Westerman, 362–363] See : Murder Bergerac Bergerac (bĕrzhəräk`), town (1990 pop. 27,886), Dordogne dept., SW France, in Périgord, on the Dordogne River. It is a farm-trade and processing center. It also has boiler works, foundries, chemical plants, and shoe factories. , President of Bakers Footwear, said, "We are not satisfied with our first quarter performance, which followed several quarters of strong performance. We are excited by our fall assortment assortment /as·sort·ment/ (ah-sort´ment) the random distribution of nonhomologous chromosomes to daughter cells in metaphase of the first meiotic division. as·sort·ment n. and expect to benefit as we capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. several emerging fashion trends." Mr. Edison continued: "We believe our marketing and merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. initiatives, combined with our new store format plan will pave PAVE Cardiology A clinical trial–Post AV Node Ablation Evaluation the way for long term sales and earnings growth. We also continue to see significant long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. opportunities for new store expansion." Conference Call The Company announced that it will conduct a conference call to discuss its first quarter of fiscal 2006 results today, Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant , June June: see month. 2, 2006 at 9:00 a.m. Eastern Time. Investors and analysts interested in participating in the call are invited to dial (800) 817-4887, 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=000031F5. A replay of this call will be available until June 9, 2006 and can be accessed by dialing (888) 203-1112 and entering code 8160478. The web-cast will be available until July July: see month. 2, 2006 at the same web address. 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 225 stores nationwide under two formats, Bakers and Wild Pair. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. (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 CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or 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.
Bakers Footwear Group, Inc. Thirteen Thirteen
(in thousands, except per share data) Weeks Ended Weeks Ended
April 29, April 30,
Income Statement Data 2006 2005
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Unaudited Unaudited
Net Sales $ 49,805 $ 44,943
Cost of merchandise sold, occupancy,
and buying expenses 33,508 29,537
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Gross profit 16,297 15,406
Selling expenses 10,398 8,627
General and administrative expenses 4,699 3,557
Loss on disposal of property and equipment 15 140
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Operating income 1,185 3,082
Interest expense (113) (126)
Other, net 23 36
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Income before income taxes 1,095 2,992
Income tax expense 427 1,141
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Net income $ 668 $ 1,851
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Basic earnings per share $ 0.11 $ 0.35
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Diluted earnings per share $ 0.10 $ 0.33
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Weighted average shares outstanding
Basic 6,332 5,344
Diluted 6,811 5,599
Cash Flow Data
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Cash provided by (used in) operating
activities (7,179) 382
Cash used in investing activities (4,836) (4,278)
Cash provided by financing activities 8,286 7,372
Supplemental Data
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Comparable store sales increase (decrease) (0.8%) 7.8%
Gross profit percentage 32.7% 34.3%
Number of stores at end of period 245 221
April 29, April 30,
Balance Sheet Data 2006 2005
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Unaudited Unaudited
Cash $ 196 $ 4,909
Accounts receivable 2,583 2,012
Inventories 28,199 20,416
Other current assets 2,665 3,073
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Current assets 33,643 30,410
Property and equipment, net 41,827 24,772
Other assets 846 499
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$ 76,316 $ 55,681
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Current liabilities $ 26,193 $ 15,497
Noncurrent liabilities 7,276 5,565
Shareholders' equity 42,847 34,619
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$ 76,316 $ 55,681
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