Reduced operational expenses and more full-price selling helped Bakers Footwear Group Inc. narrow its losses in the second quarter.
The St. Louis-based company turned in a $1.7 million loss, or 24 cents a share, for the three months ended Aug. 1, versus a loss of $2.3 million, or 32 cents, in the year-ago period. Sales crept up to $43.7 million for the quarter, from $43.6 million in the second quarter of 2008, while comp-store sales increased by 0.7 percent.
“Our second-quarter results, although below our plan, continue to demonstrate that our strategies are working and leading to improved performance for our company,” Peter Edison, chairman and CEO of Bakers, said in a statement.
The company also reiterated its ongoing liquidity constraints, which it has been battling since early 2008. In a filing with the Securities & Exchange Commission, Bakers noted that its “losses in the first half of fiscal-year 2009 and recent years had a significant negative impact on the company’s financial position and liquidity.” However, according to the filing, the company has a business plan in place in which it “should improve overall gross margin performance compared to fiscal-year 2008.”