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Bakers Plans More Stores

ST. LOUIS-Women's shoe retailer Baker Footwear plans to open 33 to 34 stores this year despite a weak second quarter.

By Beverly Ford | Updated on September 11, 2006

ST. LOUIS-Mall-based footwear and accessories retailer Baker Footwear will open 33 to 34 stores and remodel aproximately 15 others this year despite a weak second quarter that saw profits to slide by $1 million. The St. Louis firm said weaker than expected sandal sales during the key spring and summer season caused the company to discount prices to reduce inventory, creating a $1 million, or 16 cents per share, loss in the quarter ended July 29.

Gross profits for the period was $13.5 million, or 28.6% of net sales, compared to $15 million, or 33.1% of net sales during the second quarter of fiscal 2005. The decline was a sharp drop from the more than $1 million in profit earned during the same period last year.

The women’s shoe company, which currently operates 247 stores in 38 states under the Bakers and Wild Pair names, said revenue increased by 4.3% during the quarter, rising to $47.18 million from $45.25 million compared to last year. Peter Edison, chairman and chief executive officer, said the increase in revenue was driven by the opening of 33 new stores last year.

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