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Bebe Stores, Inc. Announces Second Quarter Results

For the remainder of fiscal year 2013, the Company anticipates opening three bebe stores and one 2b store, and closing up to two bebe stores, which will result in no change to total store square footage from the end of fiscal year 2013. In addition, our international licensees are anticipated to add up to 15 points-of–sale this year.

bebe stores, inc. will host a conference call today at 1:30 P.M. Pacific Time to discuss second 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 one week by calling 1-855-859-2056 and entering in conference ID number 38275229 . A link to the audio replay will be available on our web site at www.bebe.com following the conference call.

bebe stores, inc. is a global specialty retailer, which designs, develops and produces a distinctive line of contemporary women’s apparel and accessories under bebe, BEBE SPORT, bbsp and 2b bebe brand names. bebe currently operates 244 stores, of which 192 are bebe stores, including the on-line store bebe.com, and 52 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 its licensees in approximately 24 countries.

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)

 
December 29, December 31,
 
2012 2011
Assets
 
Cash and equivalents $ 92,653 $ 119,897
Available for sale securities 64,086 87,582
Inventories, net 37,421 30,756
Total current assets 228,899 259,682
Available for sale securities 59,240 64,047
Property and equipment, net 112,595 90,127
Total assets 430,141 448,206
 
Liabilities and Shareholders' Equity
 
Total current liabilities $ 43,104 $ 48,042
Total liabilities 82,915 87,574
Total shareholders' equity 347,226 360,632
Total liabilities and shareholders' equity 430,141 448,206
 

bebe stores, inc.

STATEMENTS OF OPERATIONS

(UNAUDITED)

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

   
For the Quarter Ended For the Year-to-Date Period Ended
December 29,   December 31, December 29,   December 31,
  2012     %     2011   %   2012     %     2011   %
 
Net sales $ 135,535 100.0 % $ 151,987 100.0 % $ 252,626 100.0 % $ 278,259 100.0 %
Cost of sales, including production and occupancy   89,607   66.1     91,067 59.9   164,423   65.1     166,853 60.0
 
Gross margin 45,928 33.9 60,920 40.1 88,203 34.9 111,406 40.0
Selling, general and administrative expenses   53,393   39.4     49,927 32.8   99,588   39.4     96,969 34.8
 
Operating income (loss) (7,465 ) (5.5 ) 10,993 7.2 (11,385 ) (4.5 ) 14,437 5.2
Interest and other income, net   219   0.2     107 0.1   452   0.2     410 0.1
 
Income (loss) before income taxes (7,246 ) (5.3 ) 11,100 7.3 (10,933 ) (4.3 ) 14,847 5.3
Income tax provision (expense)   (2,427 ) (1.8 )   4,539 3.0   (3,533 ) (1.4 )   5,932 2.1
 
Net income (loss) $ (4,819 ) (3.5 ) % $ 6,561 4.3 % $ (7,400 ) (2.9 ) % $ 8,915 3.2 %
 
Basic earnings (loss) per share amounts:
Income (loss) $ (0.06 ) $ 0.08 $ (0.09 ) $ 0.11
 
Diluted earnings (loss) per share amounts:
Income (loss) $ (0.06 ) $ 0.08 $ (0.09 ) $ 0.11
 
Basic weighted average shares outstanding 84,054 84,190 84,216 84,156
Diluted weighted average shares outstanding 84,054 84,323 84,216 84,284
 
Number of stores open at beginning of period 250 251 252 253
Number of stores opened during period 1 5 6 5
Number of stores closed during period 1 0 8 2
Number of stores open at end of period 250 256 250 256
 
Number of stores expanded/relocated during period 1 1 3 1
 
Total square footage at end of period (000's) 1,002 1,018 1,002 1,018




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