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Bebe Stores, Inc. Announces Fourth Quarter Results

Stocks in this article: BEBE

bebe stores, inc. (NASDAQ:BEBE) today announced unaudited financial results for the fourth quarter ended June 30, 2012. In the second fiscal quarter of the prior year, the Company closed its remaining 25 PH8 stores, with the entire PH8 division results being presented as discontinued operations for all periods herein.

Net sales from continuing operations for the fourth quarter of fiscal 2012 were $131.5 million, a decrease of 0.6% from $132.3 million in the fourth quarter a year ago. As previously reported, comparable store sales for the quarter ended June 30, 2012 decreased 2.5 % compared to an increase of 7.5% in the prior year.

Gross margin from continuing operations as a percentage of net sales decreased to 40.2% in the fourth quarter of fiscal 2012, compared to 41.1% in the fourth quarter of fiscal 2011. The decrease in gross margin as a percentage of net sales from the prior year was primarily due to an increase in other costs including in-house production.

SG&A expenses from continuing operations for the fourth quarter of fiscal 2012 were $47.5 million, or 36.1% of net sales, compared to $46.6 million, or 35.2% of net sales, for the same period of the prior year. The increase over the prior year was primarily due to higher compensation expenses including incentive compensation.

The effective tax rate from continuing operations for the fourth quarter of fiscal 2012 was 46.4% compared to 40.8% in the fourth quarter of fiscal 2011. The higher tax rate in the current fourth quarter was due to various discrete items, including elective changes to certain state apportionment factors and the cumulative impact of those changes on the related deferred balances.

Net income from continuing operations for the fourth quarter of fiscal 2012 of $3.0 million, or $0.04 per share, on 84.4 million diluted shares outstanding compared to $4.7 million, or $0.06 per share, on 84.2 million diluted shares outstanding for the same period of the prior year.

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