Bebe Stores, Inc. Announces Fourth Quarter Results

bebe stores, inc. will host a conference call today at 1:30 P.M. Pacific Time to discuss fourth 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 two weeks by calling 1-855-859-2056 and entering in conference ID number 41808805. 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 247 stores, of which 199 are bebe stores, including the on-line store bebe.com, and 48 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 20 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)
		June 30			July 2
		2012			2011
Assets
Cash and equivalents		$	104,982		$	95,177
Available for sale securities			76,428			96,371
Inventories, net			33,292			33,448
Total current assets			245,636			249,355
Available for sale securities			60,002			64,964
Property and equipment, net			114,707			92,500
Total assets			450,420			441,122
Liabilities and Shareholders' Equity
Total current liabilities		$	48,188		$	44,658
Total liabilities			88,300			84,869
Total shareholders' equity			362,120			356,253
Total liabilities and shareholders' equity			450,420			441,122

bebe stores, inc. STATEMENTS OF OPERATIONS (UNAUDITED) (Amounts in thousands except per share data and store statistics)
		For the Three Months Ended														For the Years Ended
		June 30,							July 2,							June 30,							July 2,
		2012			%				2011			%				2012			%				2011				%
Net sales		$	131,537		100.0		%		$	132,318		100.0		%		$	530,831		100.0		%		$	493,274			100.0			%
Cost of sales, including production and occupancy			78,685		59.8					77,883		58.9					319,758		60.2					301,464			61.1
Gross margin			52,852		40.2					54,435		41.1					211,073		39.8					191,810			38.9
Selling, general and administrative expenses			47,501		36.1					46,592		35.2					191,666		36.1					185,921			37.7
Operating income			5,351		4.1					7,843		5.9					19,407		3.7					5,889			1.2
Interest and other income, net			289		0.2					157		0.1					931		0.2					852			0.2
Income from continuing operations before income taxes			5,640		4.3					8,001		6.0					20,338		3.9					6,741			1.4
Income tax provision			2,620		2.0					3,264		2.5					8,617		1.6					2,685			0.6
Income from continuing operations, net of tax			3,020		2.3					4,737		3.6					11,721		2.3					4,056			0.8
Loss from discontinued operations, net of tax			-		-					-		-					-		-					(5,835	)		(1.2	)
Net income (loss)		$	3,020		2.3		%		$	4,737		3.6		%		$	11,721		2.3		%		$	(1,779	)		(0.4	)		%
Basic per share amounts:
Income from continuing operations, net of tax		$	0.04						$	0.06						$	0.14						$	0.05
Loss from discontinued operations, net of tax			-							-							-							(0.07	)
		$	0.04						$	0.06						$	0.14						$	(0.02	)
Diluted per share amounts:
Income from continuing operations, net of tax		$	0.04						$	0.06						$	0.14						$	0.05
Loss from discontinued operations, net of tax			-							-							-							(0.07	)
		$	0.04						$	0.06						$	0.14						$	(0.02	)
Basic weighted average shares outstanding			84,346							84,080							84,235							84,225
Diluted weighted average shares outstanding			84,449							84,184							84,402							84,322
Number of stores open at beginning of period			251							249							252							297
Number of stores opened during period			3							3							13							10
Number of stores closed during period			2														13							55
Number of stores open at end of period			252							252							252							252
Number of stores expanded/relocated during period			4							1							5							4
Total square footage at end of period (000's)			1,008							1,010							1,008							1,010

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