During the quarter the company experienced "lower-than-expected sales and higher-than-expected markdowns," says Peter Edison, the company's chairman and chief executive officer. Sandals were the poorest-performing product for the chain.
Despite the weak results, "our growth strategy remains strong and undetermined," Edison says. Bakers opened 12 stores in the first quarter, bringing the mall-based chain to 225 units nationwide.
For the entire year, Bakers has 30 to 35 new stores in the works, including 20 remodeled units. About 20% of the chain is to be remodeled by year's end, and management is has $20 million in capital expenditures planned.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
