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Bebe Stores, Inc. Announces Fourth Quarter Results

For the fiscal year 2012, the Company’s capital expenditures were approximately $45 million including the purchase of the distribution center of $18 million. Depreciation expenses for the fiscal year were approximately $20 million.

During the quarter ended June 30, 2012, the Company opened 3 2b bebe stores and closed 2 bebe stores. For the fiscal year 2012, the Company opened 5 bebe stores and 8 2b stores, and closed 13 bebe stores, including 1 conversion from bebe to 2b.

For the first quarter of fiscal 2013, the Company currently anticipates comparable store sales to decrease in the mid to high-single digit range in light of the current trend. Depending on actual sales and markdowns, the net loss from continuing operations for the first quarter of 2013 is expected to be in the range of $0.01 - $0.04 per share, compared to a net income of $0.03 per share in the prior year. Given the planned growth initiatives, our SG&A for the current year assumes higher compensation and advertising expenses. The Company is currently anticipating an effective tax rate of approximately 41.0% for fiscal 2013.

For the fiscal year 2013, the Company’s capital expenditures are anticipated to be $27 million which will include capital expenditures for new stores, remodels, store expansions, information technology systems and office improvements.

For the fiscal year 2013, the Company anticipates opening 5 bebe stores and 6 2b stores, and closing up to 12 bebe stores, and 1 2b pop-up store, which will result in no change to total store square footage from the end of fiscal year 2012. In addition, our international licensees are anticipated to add up to 25 points-of–sale for the year.

Inventories per square foot at the end of the first quarter are anticipated to increase in the low to mid-teens given the anticipated increase in Average Unit Cost for elevated product offerings, investment in wear-to-work and the increase in inventory resulting from our localization strategy, compared to a 1 percent increase in the first quarter of fiscal 2012.

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