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Bebe Stores, Inc. Announces Second Quarter Earnings

Net loss from discontinued operations for the prior second quarter of fiscal 2011 was $4.4 million or $0.05 per share on 84.1 million diluted shares outstanding.

Net sales from continuing operations for the year-to-date period ended December 31, 2011 were $278.3 million, up 10.7% from $251.5 million for the year-to-date period ended January 1, 2011. Comparable store sales for the year-to-date period ended December 31, 2011 increased 8.4% compared to a decrease of 2.3% in the prior year.

Net earnings from continuing operations for the year-to-date period ended December 31, 2011 were $8.9 million compared to $2.0 million in the prior year. Earnings per share from continuing operations for the year-to-date period ended December 31, 2011 was $0.11 per share on 84.3 million diluted shares outstanding, compared to earnings per share of $0.02 per share on 84.5 million diluted shares outstanding in the prior year.

Net loss from discontinued operations for the prior year-to-date period ended January 1, 2011 was $5.8 million or $0.07 per share on 84.5 million diluted shares outstanding.

During the quarter ended December 31, 2011, the Company opened 1 bebe store and 3 2b stores. The Company also migrated its 2b product offerings from bebe.com to 2bstores.com. For the remainder of fiscal year 2012, we anticipate opening 3 bebe stores and up to 4 2b stores, including 1 potential conversion from bebe to 2b. We also anticipate closing up to 9 bebe stores, which represents a square footage decrease of approximately 2%. In addition, our international licensees are anticipated to grow by up to 10 points-of –sale for the remainder of the year.

For the year-to-date period the Company’s capital expenditure was approximately $11.0 million and depreciation expense from continuing operations was approximately $10.3 million. Depreciation for the year will be approximately $21 million. Total capital expenditure for the year will be approximately $27 million, which will include capital expenditures for new stores, remodels, store expansions, information technology systems and office improvements. In addition, the Company is negotiating to purchase our distribution center in Benicia, CA.

Stock quotes in this article: BEBE 

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