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May 23, 2006 Stock Pick: Bakers Footwear Group, Inc. (BKRS)

Stock Price: $13.88

Bakers Footwear Group, Inc. is a national, mall-based, specialty retailer of distinctive footwear and accessories for young women. The company operates over 225 stores nationwide under two formats, Bakers and Wild Pair.

BKRS reported revenue of $194.78 million for 2006 with net income of $6.55 million. Same-store Q1 sales recently came in 0.8% lower than the same quarter last year. BKRS dropped significantly from the $19.00 level on this news. We believe the market reaction was overblown.

BKRS is sitting at a market cap of only $87.74 million and a forward P/E of 9.64. Cash flow from operating activities is strong at $17.53 million. There are 6.32 million BKRS shares outstanding and 4.39 million in the float. BKRS is trading at 2.17 times book value.

BKRS is just emerging from an oversold condition. All of BKRS's financial statements have improved substantially over the last three years.

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