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Bebe Stores, Inc. Announces First Quarter Results

The event material will contain historical financial information and contain forward-looking statements, which may 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)

 

September 29

2012

October 1

2011

Assets

 
Cash and equivalents

$

96,657

 $

 101,618

Available for sale securities

64,423

85,294

Inventories, net

 41,494

 37,344

Total current assets

 236,912

 251,469

Available for sale securities

 61,323

 64,942

Property and equipment, net

 117,528

 90,392

Total assets

 445,152

441,142

 

Liabilities and Shareholders' Equity

 
Total current liabilities

$

44,772

 $

 46,031

Total liabilities

84,426

 86,655

Total shareholders' equity

 360,726

 354,487

Total liabilities and shareholders' equity

 445,152

441,142

 
           

bebe stores, inc.

STATEMENTS OF OPERATIONS

(UNAUDITED)

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

 

For the Quarter Ended

September 29,       October 1,
  2012       %     2011       %
 
Net sales $ 117,091 100.0 % $ 126,272 100.0 %
Cost of sales, including production and occupancy   74,816   63.9     75,786 60.0
 
Gross margin 42,275 36.1 50,486 40.0
Selling, general and administrative expenses   46,195   39.4     47,042 37.3
 
Operating income (loss) (3,920 ) (3.3 ) 3,444 2.7
Interest and other income, net   233   0.2     303 0.2
 
Income (loss) before income taxes (3,687 ) (3.1 ) 3,747 3.0
Income tax provision (expense)   (1,106 ) (0.9 )   1,394 1.1
 
Net income (loss) $ (2,581 ) (2.2 ) % $ 2,353 1.9 %
 
Basic earnings (loss) per share amounts:
Income (loss) $ (0.03 ) $ 0.03
 
Diluted earnings (loss) per share amounts:
Income (loss) $ (0.03 ) $ 0.03
 
Basic weighted average shares outstanding 84,378 84,123
Diluted weighted average shares outstanding 84,378 84,248
 
Number of stores open at beginning of period 252 253
Number of stores opened during period 5 -
Number of stores closed during period 7 2
Number of stores open at end of period 250 251
 
Number of stores expanded/relocated during period 2 -
 
Total square footage at end of period (000's) 1,001 1,008




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