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bebe anticipates closing up to ten stores
29
Aug '11
bebe stores, inc announced unaudited financial results for the fourth quarter ended July 2, 2011.

Net sales from continuing operations for the fourth quarter of fiscal 2011 were $132.3 million, up 8.3% from $122.1 million reported for the fourth quarter a year ago. As previously reported, comparable store sales for the quarter ended July 2, 2011 increased 7.0% compared to a decrease of 3.4% in the prior year.

Gross margin from continuing operations as a percentage of net sales decreased to 41.1% in the fourth quarter of fiscal 2011, compared to 42.2% in the fourth quarter of fiscal 2010. The decrease in gross margin as a percentage of net sales from the prior year was primarily due to a decrease in initial mark-up, which is consistent to prior quarters, offset by positive occupancy leverage. The decrease in initial mark-up was the result of higher raw material and production cost, as well as the increase in the 2b and international wholesale penetration to the total sales during the quarter.

SG&A expenses from continuing operations were $46.6 million, or 35.2% of net sales, compared to $46.2 million, or 37.8% of net sales for the same period in the prior year.

The effective tax rate from continuing operations for the fourth quarter of fiscal 2011 was 40.8% compared to 13.1% in the fourth quarter of fiscal 2010. The lower tax rate in the prior year fourth quarter was primarily due to various discrete items, including the actualization of the prior year tax rate. The tax rate in the prior year was also positively impacted by the allocation among continuing and discontinued operations impacting the quarter. As a result, the artificially low tax rate increased prior year's EPS by approximately $0.02.

Operating income from continuing operations for the fourth quarter of fiscal 2011 was $7.8 million or 5.9% of net sales, compared to $5.3 million or 4.4% of net sales for the same period of the prior year. For the quarter net income from continuing operations was $4.7 million or $0.06 per share on 84 million shares outstanding compared to $5.4 million or $0.06 per share on 86 million shares outstanding for the same period of the prior year.

Net loss from discontinued operations for the fourth quarter of the prior fiscal year was $3.4 million or $0.04 per share on 86 million shares outstanding.

Net sales from continuing operations for the year-to-date period ended July 2, 2011 were $493.3 million, up 2.8% from $480 million for the year-to-date period ended July 3, 2010. Comparable store sales for the year-to-date period ended July 2, 2011 increased 0.4% compared to a decrease of 17.1% in the prior year.

Gross margin from continuing operations as a percentage of net sales decreased to 38.9% for the fiscal year ended July 2, 2011, compared to 40.4% in fiscal 2010. The decrease in gross margin as a percentage of net sales of 150 basis points from the prior year was primarily due to a decrease in initial mark-up of 160 basis points, caused by the change in product mix and higher production costs, offset by the improvement in markdowns.


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