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Bebe Stores, Inc. Announces Third Quarter Results

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)

                           
March 31 April 2
  2012   2011
Assets
 
Cash and equivalents $ 113,239 $ 88,251
Available for sale securities 79,926 85,519
Inventories, net 34,234 34,051
Total current assets 251,332 239,450
Available for sale securities 64,410 73,747
Property and equipment, net 93,871 89,801
Total assets 447,705 434,795
 
Liabilities and Shareholders' Equity
 
Total current liabilities $ 47,518 $ 41,745
Total liabilities 87,230 83,042
Total shareholders' equity 360,475 351,753
Total liabilities and shareholders' equity 447,705 434,795
 
 

bebe stores, inc.

STATEMENTS OF OPERATIONS

(UNAUDITED)

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

 
             
For the Three Months Ended For the Nine Months Ended
31-Mar         2-Apr     31-Mar           2-Apr    
    2012   %       2011   %       2012 %     2011   %  
 
Net sales $   121,035 100.0 % $   109,490 100.0 % $   399,294 100.0 % $   360,956 100.0 %
Cost of sales, including production and occupancy     74,220   61.3       69,212   63.2       241,073 60.4     223,581   61.9  
 
Gross margin 46,815 38.7 40,278 36.8 158,221 39.6 137,375 38.1
Selling, general and administrative expenses     47,196   39.0       45,026   41.1       144,165 36.1     139,329   38.6  
 
Operating income (loss) (381 ) (0.3 ) (4,748 ) (4.3 ) 14,056 3.5 (1,954 ) (0.5 )
Interest and other income, net     232   0.2       144   0.1       642 0.2     694   0.2  
 
Income from continuing operations before income taxes (149 ) (0.1 ) (4,604 ) (4.2 ) 14,698 3.7 (1,260 ) (0.3 )
Income tax provision (benefit)     65   0.1       (1,969 ) (1.8 )     5,997 1.5     (579 ) (0.1 )
 
Income (loss) from continuing operations, net of tax (214 ) (0.2 ) (2,635 ) (2.4 ) 8,701 2.2 (681 ) (0.2 )
 
Loss from discontinued operations, net of tax     -   -       -   -       - -     (5,835 ) (1.6 )
 
Net income (loss) $   (214 ) (0.2 ) % $   (2,635 ) (2.4 ) % $   8,701 2.2 % $   (6,516 ) (1.8 ) %
 
Basic per share amounts:
Income (loss) from continuing operations, net of tax $ (0.00 ) $ (0.03 ) $ 0.10 $ (0.01 )
Loss from discontinued operations, net of tax     -       -       -     (0.07 )
$   (0.00 ) $   (0.03 ) $   0.10 $   (0.08 )
 
Diluted per share amounts:
Income from continuing operations, net of tax $ (0.00 ) $ (0.03 ) $ 0.10 $ (0.01 )
Loss from discontinued operations, net of tax     -       -       -     (0.07 )
$   (0.00 ) $   (0.03 ) $   0.10 $   (0.08 )
 
Basic weighted average shares outstanding 84,280 84,050 84,198 84,403
Diluted weighted average shares outstanding 84,280 84,050 84,443 84,403
 
Number of stores open at beginning of period 256 253 252 298
Number of stores opened during period 3 2 10 6
Number of stores closed during period 8 6 11 55
Number of stores open at end of period 251 249 251 249
 
Number of stores expanded/relocated during period - - 1 4
 
Total square footage at end of period (000's) 998 998 998 998
 




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