ST. LOUIS—Bakers Footwear Group will slow its new store growth in fiscal 2007. But expansion should bounce back in 2008, executives said at the company’s third quarter conference call.

After opening 34 new stores in fiscal 2006, Bakers will open 12 to 18 new stores in fiscal 2007, with half of them opening in the first half of the year. Openings will be backfill locations. The company also plans eight remodels in fiscal 2007, after completing 15 remodels in 2006.

“Our decision to slow the growth of new stores will allow us to fund the expansion from cash flow,” said Peter Edison, chairman and CEO. “We hope to accelerate the expansion in fiscal 2008.”

Bakers Footwear Group currently operates 261 stores under the Bakers and Wild Pair banners. Ultimately, the chain hopes to operate up to 600 Bakers and Wild Pair stores, the chain said.

Healthy third-quarter sales were tempered by comparisons with an exceptionally strong 2005. Net sales increased 7.7%, to $46.6 million, but comparable store sales decreased 4.2% compared to a 21.0% increase last year. The chain posted a net loss of $2.6 million, vs. a loss of $1.1 million the previous year.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 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.

Dig Deeper

 

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.