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
(Dollars in thousands)
|December 29,||December 31,|
|Cash and equivalents||$||92,653||$||119,897|
|Available for sale securities||64,086||87,582|
|Total current assets||228,899||259,682|
|Available for sale securities||59,240||64,047|
|Property and equipment, net||112,595||90,127|
|Liabilities and Shareholders' Equity|
|Total current liabilities||$||43,104||$||48,042|
|Total shareholders' equity||347,226||360,632|
|Total liabilities and shareholders' equity||430,141||448,206|
bebe stores, inc.
STATEMENTS OF OPERATIONS
(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,|
|Cost of sales, including production and occupancy||89,607||66.1||91,067||59.9||164,423||65.1||166,853||60.0|
|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:|
|Diluted earnings (loss) per share amounts:|
|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|