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Bakers Footwear Group Q3 2007 Earnings Call Transcript


Welcome to Bakers Footwear Group third quarter results conference call. ( Instructions) I would now like to turn the conference over to Allison Malkin with ICR. Please go ahead.Thank you, good morning everyone. Before we get started I would like to remind you of the company's Safe Harbor language which I am sure you are all familiar with. The statements contained in this conference call which are not historical fact, may constitute forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those suggested in such statements due to a number of risks and uncertainties all of which are described in the company's filings with the SEC. And now I would like to turn the call over to Bakers' Chairman, President and CEO, Peter Edison.Thanks Allison. Good morning everyone and thank you for joining us to discuss our third quarter fiscal 2007 results. With me today is Larry Stanley our Chief Financial Officer. For this morning's call I will review our third quarter results and update you on the progress we have made on our key strategies to position us for improved operating results in the fourth quarter and beyond. Following this Larry will review our third quarter financials in more detail. After my closing remarks we will open the call to answer the questions you have for us today.The third quarter marked a transitional period for our company. While our results were disappointing we took a number of actions to position the company for profitability and growth. To this end we promoted key talent in designing, store operations and merchandising who all brought a fresh new perspective to our product offerings. We are reducing our upfront inventory commitments and taking mark downs more quickly on slower moving styles to improve our inventory turnover and ultimately our gross margins.In addition we have continued to narrow our SKUs while deepening the assortments of proven styles. This will allow us to maximize winning styles through our test and react program. Initial impact of these actions is reflected in our inventory at quarter end which is down more than 21% from the third quarter of last year. In September we announced a cost reduction plan that is on track to generate annual reductions of planned expenses by approximately $8 million benefiting operating results in fiscal 2008, with benefits also expected to positively affect the fourth quarter of fiscal 2007.In connection with this plan, during the third quarter we incurred approximately $3.5 million of additional mark down expense as compared to the year ago period as well as approximately $2.4 million of non cash asset impairment expense and $0.8 million of severance expenses associated with the cost reduction plan. Following quarter end we announced the sale of an operating lease providing us with net proceeds of $5 million. We are using the net proceeds to reduce debt. We do not expect this transaction to impact fiscal 2008 operations.During the third quarter we did not have any new store openings as we focused on improving our current operations. For fiscal 2008 we plan to open two to four new stores and remodel approximately four locations. As UGG Boots On Sale 70% OFF we begin the fourth quarter, sales trends have improved considerably. The fourth quarter to date comparable store sales down 1.4% compared to a decrease of 16.6% in the third quarter. We are controlling our costs and our levels of inventory. We are confident we will be solidly profitable in the fourth quarter.Before I turn the call over UGG Boots On Sale 70% OFF Women to Larry, I'd like to thank him for his dedicated over the past 16 years. Larry will be retiring in February, 2008. All of us at Bakers wish you well in your retirement. Charlie Daniel, currently our Controller will be promoted to the position of Vice President of Finance and Principal Financial Officer affective February, 2008. I am highly confident that Charlie will continue to be successful in his new role. Now I would like to turn the call over to Larry to review our financials in more detail.Thanks Peter. Net sales for the 13 weeks' ended November 3, 2007 were $40.3 million compared to $46.6 million for the 13 weeks' ended October 28, 2006. Comparable store sales for the third quarter of fiscal 2007 decreased 16.6% versus a decrease of 4.2% in the third quarter of fiscal 2006. Gross profit decreased to $3.5 million or 8.7% of net sales from $12.1 million or 26% of net sales in the prior year period. The decline in gross profit margin was primarily driven by $3.5 million in additional mark down expense and reduced leverage on our buying and occupancy costs.Selling expenses for the quarter increased to $11.2 million or 27.9% of net sales from $11 million or 23.6% of net sales in the third quarter last year. The increase in selling expenses was driven by higher depreciation and payroll expenses related to new and remodeled stores as well as an increased catalogue production and circulation costs.General and administrative expenses for the quarter were $4.8 million or 11.8% of net sales compared to $5 million or 10.7% of net sales in the prior year period. During the third quarter we recognized the $2.4 million non cash impairment expense. As a result our third quarter operating loss was $14.9 million compared to an operating loss of $4 million in the same period last year. We established a tax valuation allowance against our deferred tax assets in the second quarter of fiscal 2007. We increased the valuation allowance by $5.9 million in the third quarter. As a result we recognized no income tax benefit in the third quarter of 2007 compared to a tax benefit of $1.6 million in the prior year period.Net loss was $15.3 million or $2.35 per share compared to a net loss of $2.6 million or $0.40 per share in the third quarter of 2006. For the nine months of fiscal 2007, net sales decreased 8.4% to $131.5 million from $143.5 million in the first nine months last year. Comparable store sales decreased $14.6 million compared to a $3.8 million decrease in the first nine months last year. Operating loss was $23.2 million compared to an operating loss of $4.2 million in the same period last year. Net loss was $25 million or $3.85 per share compared to a net loss of $3 million or $0.46 per share in the first nine months of last year.Turning to our key balance sheet highlights as Peter mentioned, at the end of the first quarter inventories were tightly controlled, decrease of 21.3% to $21.6 million from $27.5 million at the end of the third quarter last year. On a comparable store basis inventories were down by $5 million or 17.7% from the third quarter last year. At quarter end, the balance on our revolving credit facility was $21.2 million versus $19.8 million at the end of the third quarter last year. Non current liabilities at quarter end increased to $14.2 million from $9.1 million in the third quarter last year. This reflects the accounting for the $4 million of the convertible debenture issue in June of 2007.Capital expenditures for the first nine months of fiscal 2007 were $4 million versus $17.3 million in the prior year period. For fiscal 2007 we continue to expect total capital expenditures to be approximately $5 million.And now we'll turn the call over to Peter for closing remarks.Thanks Larry. In summary our management team and Board remain intently focused on executing to our strategy. It's expected to allow us to stabilize sales trends and deliver profitability beginning in the fourth quarter. Now I'd like to turn the call over to the  to begin the Question and Answer portion.Good morning Peter. Quick question in terms of the positive fourth quarter trends, you said its down just 1.4%, what are some of the key trends that people are picking up on in your opinion? What's really driving that number?Well, the big driver for fourth quarter is boots. It almost always is. It represents about 50% of our sales and this year is no different.Anything more specific within the boot category?I would say that flat boots are probably the biggest trend that's having an increase for us. As always, its fashion newness that makes the difference.Kind of expanding a little bit from that, are there any trends you're seeing for the early part of next year? What's getting you excited and what's giving you confidence that in terms of the merchandizing side that you can return a profitability in the [inaudible] and the beginning of next year?It's a great question, we're very encouraged by early spring selling but we don't want to go into any specifics because honestly we have competitors who listen to this phone call and we just need to protect that information.Fair enough. My last question is can you give us kind of a target where you're expecting inventory to be at the end of the year here?


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