This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bebe Stores, Inc. Announces Fourth Quarter And Fiscal Year 2013 Financial Results

Stocks in this article: BEBE

bebe stores, inc. (NASDAQ:BEBE) today announced unaudited financial results for the fourth quarter and fiscal year ended July 6, 2013.

For the fourth quarter of fiscal 2013:

Net sales were $119.2 million, a decrease of 9.4% from $131.5 million reported for the fourth quarter a year ago. As previously reported, comparable store sales for the quarter ended July 6, 2013, decreased 7.1% compared to a decrease of 2.5% in the comparable period of the prior year.

Gross margin as a percentage of net sales decreased to 30.6% compared to 40.2% in the fourth quarter of fiscal 2012. The decrease in gross margin was primarily due to the increase in markdowns coupled with unfavorable occupancy leverage. Gross profit included $1.9 million in reserves for inventory and fabric under the legacy strategy. Excluding the additional reserves, gross margin for the fourth quarter was 32.2%.

SG&A expenses were $57.8 million, or 48.5% of net sales, compared to $47.5 million, or 36.1% of net sales, for the same period in the prior year. The increase in SG&A expenses was primarily attributable to current quarter store impairment and closure charges of $5.5 million, costs related to executive transitions of $2.6 million, settlement related expenses of $1.4 million, and rebranding agency costs of $0.7 million. The comparable period of the prior year included $1.7 million of incentive compensation and $0.3 million in store impairment and closure costs.

Net loss for the fourth quarter of fiscal 2013 was $20.8 million, or $0.26 per share, on 79.0 million shares outstanding compared to net income of $3.0 million, or $0.04 per share, on 84.4 million diluted shares outstanding for the same period of the prior year. Excluding the aforementioned $10.1 million in transitional and/or incremental SG&A costs, net loss for the fourth quarter of fiscal 2013 was $10.7 million, or $0.14 per share, compared to the previously provided guidance of low to mid-teens. Note that such loss reflects the continuing impact of maintaining a valuation allowance against deferred tax assets and thus our effective tax rate approximates 0%.

1 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs