As previously disclosed we close the remaining 49 PH8 stores in the first half of fiscal 2011. Therefore the PH8 division results were presented discontinued operations for all periods herein.Also starting in fiscal 2012, the company is reporting comparable store sales results inclusive of our online stores, net sales from continued operations for the third quarter of fiscal 2012, were 121 million up 10.5% from 109.5 million in reported for the third quarter a year ago. As previously reported comparable store sales for the quarter ended March 31, 2012 increased 7.2% compared to a decrease 0.8% in the prior year. Gross margin from continuing operations as a percentage of net sales increased at 38.7% in the third quarter of fiscal 2012 compared to the 36.8% in the third quarter of fiscal 2011. The increase in gross margin as a percentage of net sales in the prior year of 1.97% was primarily due to positive occupancy leverage and an increase in merchandize margin. SG&A expenses from continued operations for the third quarter of fiscal 2012 were 47.2 million or 39% of net sales compared to 45 million or 41.1% of net sales for the same period of the prior year. The $1 increase over the prior year was primarily due to higher compensation expenses. Income tax expense for the third quarter fiscal 2012 was $65,000 the tax expense in the current year was unfavorably affected by discreet items incurred during the third quarter. Net loss from continuing operations for the third quarter of fiscal 2012, 2012 was 214,000 or breakeven per share, an 84.3 million diluted shares outstanding compared to a net loss of 2.6 million or $0.03 per share on 84.1 million diluted shares outstanding for the same period of prior year. Net sales from continuing operations for the year-to-date period in March 31, 2012 were 399.3 million up 10.6% from 361 million for the year-to-date period ended April 2, 2011. Comparable store sales for the year-to-date period and in March 31, 2012 increased to 8.1% compared to a decrease of 1.7% in the prior year.
Net earnings from continuing operations for the year-to-date period ended of March 31, 2012 were 8.7 million compared to a net loss of 681,000 in the prior year. The increased in earnings was result of sales growth and expansion in gross margin partially offset by increases in compensation and advertising expenses as we continue to fuel our future growth.Earnings per share from continued operation for the year-to-date period end of March 31, 2012 was $0.10 per share and 84.3 million diluted shares outstanding compared to net loss per share of $0.01 on 84.5 million diluted shares outstanding in the prior year. Net loss from discontinued operations for the prior year-to-date period ended April 2nd, 2011was 5.8 million or $0.07 per share and 84.5 million shares outstanding. Our total cash and investments at March 31, 2012 were 257 million first 248 million at April 2, 2011. Even during as of March 31, 2012 were 34.2 million compared to 34.1 million last year. At the end of third quarter finished goods per square foot was 2% lower than the prior year. Capital expenditures for the fiscal year day period were approximately 17.5 million and depreciation expense was approximately 15.1 million of which approximately 6 million was spent on remodeling and refreshing the store. For the quarter we opened 2 bebe stores into a 2b store and close 8 bebe stores the end of the quarter with approximately 1 million square feet. And now I will turn the call over Emilia. Read the rest of this transcript for free on seekingalpha.com