Nationally recognized women’s fashion footwear retailer, Bakers Footwear Group, Inc. released a report yesterday detailing the company’s Holiday and December 2010 sales.
For the nine-week period that makes up the holiday season (October 31 to January 1), Bakers revealed that its net sales increased to $46.8 million from $45.8 million in the same period last year. Store sales increased by 3.6%, based on data from stores that have been open at least one year. For December, net sales increased to $30.1 million from $30.0 million in the same period last year. Comparable store sales for December 2010 increased 1.3%.
Based on Bakers’ business plan, company officials believe that adequate liquidity is available to fund anticipated working capital requirements and expects to be in compliance with its financial covenants through the next twelve months.
Peter Edison, Chairman and Chief Executive Officer of Bakers Footwear Group commented, “We continued our positive sales comparisons through the holiday season, driven by the ongoing strength in boots and dress shoes. We are especially pleased to maintain our positive trend as we anniversaried a 9.9% increase in December comparable store sales last year. As a result, Bakers delivered a 4.5% comparable store sales increase for the first five months of the fall season. We remain confident that our strategic growth initiatives will lead to sustainable improvements in our sales performance.”