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Bebe Stores, Inc. Announces Second Quarter Earnings

For the third quarter of fiscal 2012, the Company currently anticipates comparable store sales in the mid-single digit range. Depending on actual sales and markdowns the net loss from continuing operations in the current quarter is expected to be lower than the $0.03 per share in the prior year based on 84 million weighted average shares outstanding. The Company is currently anticipating an effective tax rate of 41.0% for fiscal 2012.

For the third quarter of fiscal 2012, the Company is currently planning finished goods inventory to increase in the range of low single digit on a per square foot basis compared to the increase of 16% in the third quarter of fiscal 2011.

bebe stores, inc. will host a conference call today at 1:30 P.M. Pacific Time to discuss second quarter results. Interested parties are invited to listen to the conference by calling 1-866-893-0531. A replay of the call will be available for approximately one week by calling 1-855-859-2056. A link to the audio replay will be available on our web site at www.bebe.com following the conference call.

bebe stores, inc. designs, develops and produces a distinctive line of contemporary women’s apparel and accessories, which it markets under the bebe, BEBE SPORT, bbsp and 2b bebe brand names. bebe currently operates 251 stores, of which 208 are bebe stores, including the on-line store bebe.com, and 43 are 2b bebe stores, including the on-line store 2bstores.com. These stores are located in the United States, U.S. Virgin Islands, Puerto Rico, Canada and Japan. bebe also distributes and sells bebe branded product through both its licensees in approximately 19 countries.

The statements in this news release and on our recorded message, other than the historical financial information, contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from anticipated results. Wherever used, the words “expect,” “plan,” “anticipate,” “believe” and similar expressions identify forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties and the company's future results of operations could differ materially from historical results or current expectations. Some of these risks include, without limitation, miscalculation of the demand for our products, effective management of our growth, decline in comparable store sales performance, ongoing competitive pressures in the apparel industry, changes in the level of consumer spending or preferences in apparel, loss of key personnel, difficulties in manufacturing, disruption of supply, adverse economic conditions, and/or other factors that may be described in the company's annual report on Form 10-K and/or other filings with the Securities and Exchange Commission. Future economic and industry trends that could potentially impact revenues and profitability are difficult to predict.

 
 

bebe stores, inc.

SELECTED BALANCE SHEET DATA

(UNAUDITED)

(Dollars in thousands)

           
December 31 January 1
  2011   2011
Assets
 
Cash and equivalents $ 119,897 $ 119,410
Available for sale securities 87,582 63,165
Inventories, net 30,756 29,989
Total current assets 259,682 245,826
Available for sale securities 64,047 77,158
Property and equipment, net 90,127 92,463
Total assets 448,206 445,718
 
Liabilities and Shareholders' Equity
 
Total current liabilities $ 48,042 $ 49,912
Total liabilities 87,574 91,371
Total shareholders' equity 360,632 354,347
Total liabilities and shareholders' equity 448,206 445,718
 
           

bebe stores, inc.

STATEMENTS OF OPERATIONS

(UNAUDITED)

(Amounts in thousands except per share data and store statistics)

 
 
For the Three Months Ended For the Six Months Ended
31-Dec         1-Jan     31-Dec         1-Jan      
  2011 %   2011   %     2011 %   2011   %  
 
Net sales $ 151,987 100.0 % $ 136,209 100.0 % $ 278,259 100.0 % $ 251,465 100.0 %
Cost of sales, including production and occupancy   91,067 59.9   85,743   62.9     166,853 60.0   154,368   61.4  
 
Gross margin 60,920 40.1 50,466 37.1 111,406 40.0 97,097 38.6
Selling, general and administrative expenses   49,927 32.8   47,958   35.3     96,969 34.8   94,303   37.5  
 
Operating income 10,993 7.2 2,508 1.8 14,437 5.2 2,794 1.1
Interest and other income, net   107 0.1   270   0.2     410 0.1   551   0.2  
 
Income from continuing operations before income taxes 11,100 7.3 2,778 2.0 14,847 5.3 3,345 1.3
Income tax provision   4,539 3.0   1,150   0.8     5,932 2.1   1,390   0.5  
 
Income from continuing operations, net of tax 6,561 4.3 1,628 1.2 8,915 3.2 1,955 0.8
 
Loss from discontinued operations, net of tax   - -   (4,355 ) (3.2 )   - -   (5,835 ) (2.3 )
 
Net income (loss) $ 6,561 4.3 % $ (2,727 ) (2.0 ) % $ 8,915 3.2 % $ (3,880 ) (1.5 ) %
 
Basic per share amounts:
Income from continuing operations, net of tax $ 0.08 $ 0.02 $ 0.11 $ 0.02
Loss from discontinued operations, net of tax   -   (0.05 )   -   (0.07 )
$ 0.08 $ (0.03 ) $ 0.11 $ (0.05 )
 
Diluted per share amounts:
Income from continuing operations, net of tax $ 0.08 $ 0.02 $ 0.11 $ 0.02
Loss from discontinued operations, net of tax   -   (0.05 )   -   (0.07 )
$ 0.08 $ (0.03 ) $ 0.11 $ (0.05 )
 
Basic weighted average shares outstanding 84,190 84,035 84,156 84,385
Diluted weighted average shares outstanding 84,323 84,134 84,284 84,483
 
Number of stores open at beginning of period 251 276 253 298
Number of stores opened during period 5 2 5 4
Number of stores closed during period 0 25 2 49
Number of stores open at end of period 256 253 256 253
 
Number of stores expanded/relocated during period 1 - 1 3
 
Total square footage at end of period (000's) 1,018 1,022 1,018 1,022




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