Net loss for the year-to-date period ended December 29, 2012 were $7.4 million compared to net income of $8.9 million in the prior year. Loss per share for the year-to-date period ended December 29, 2012 was $0.09 per share on 84.2 million shares outstanding, compared to net earnings per share of $0.11 per share on 84.3 million diluted shares outstanding in the prior year.
During the quarter ended December 29, 2012, the Company opened one 2b bebe store and closed one bebe store.
Capital expenditures for the fiscal year-to-date period were approximately $11 million, and depreciation expense was approximately $10 million.
In November 2012, the board of directors authorized a program to repurchase up to $30 million of the Company’s common stock. As of January 30, 2013, the Company repurchased approximately 3.5 million shares at an average price per share of $3.80 for an aggregate purchase price of approximately $13 million.For the third quarter of fiscal 2013, we currently anticipate comparable store sales in the negative mid-single digit range. Depending on actual sales and markdowns, the net loss is expected to be in the range of mid-teens per share compared to $0.00 per share in the prior year. In the current quarter, we anticipate seeing a lower gross margin rate and an increase in SG&A as a percent of sales due to higher markdowns and lower sales. The Company is currently anticipating an effective tax rate of approximately 36% for fiscal 2013. Depending on actual sales and markdowns, finished goods inventories per square foot as of the end of the third quarter of fiscal year 2013 are anticipated to increase in the low to mid-single digit range. Total capital expenditures for the year are anticipated to be approximately $27 million, which will include capital expenditures for new stores, remodels, store expansions, information technology systems and office improvements.
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