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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