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.
Though same-stores sales were flat throughout the month of May, Edison says the company is headed in the right direction. "We believe our assortment is back on track going forward," he says.
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