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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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