I'm seeing little to get excited about at Bakers Footwear (NASDAQ:BKRS) right now, but there are always other options in the crowded footwear space.

Bakers released third-quarter results today, reporting that total sales increased 7.7% to $46.6 million. However, same-store sales remain weak, falling 4.2%. Losses continue as well; Bakers posted a negative $0.40 per diluted share.

Management was admittedly disappointed by the quarter. Bakers did post strong store comps last year, making this year all the more challenging, but it sounds like certain shoe categories aren't selling that well. The company is trying to "clear seasonal sandal inventory" while spending to open new stores and remodel others.

I'll wait to see the third-quarter cash flow details to determine how much the company is spending to expand and refurbish stores. At least the stock is only trading at 11 times next year's projected earnings; there could be some upside if and when sales and profitability trends improve.

In the meantime, competitor Payless ShoeSource (NYSE:PSS) is seeing tangible benefits of its turnaround efforts and moving into brand development using design deals with Nike (NYSE:NKE) and Disney (NYSE:DIS).

Investors may also want to check out Kenneth Cole (NYSE:KCP); the company has a number of footwear offerings and pays a decent 3% dividend yield. Firms such as Steve Madden (NASDAQ:SHOO) and Skechers (NYSE:SKX) operate their own retail stores and control some of their brands, allowing for the wholesale of their footwear to department stores and other outside retailers such as Bakers. Right now, I would consider all of the above over Bakers, unless it starts to show tangible signs that its merchandise mix is improving and store revitalization is paying off.

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Fool contributor Ryan Fuhrmann is long shares of Nike but has no financial interest in any other company mentioned. The Fool has an ironclad disclosure policy. Feel free to email him with feedback or to discuss any companies mentioned further.