SG&A expenses from continuing operations were $185.9 million, or 37.7% of net sales for the fiscal year ended July 2, 2011, compared to $183.2 million, or 38.2% of net sales for the prior fiscal year. SG&A expenses in the current year included $2.1 million of settlement costs and $1.5 million of store impairment charges. As a result of these charges, the current fiscal year's EPS was reduced by approximately $0.03 net of income tax. SG&A expenses in the prior year also included $1.3 million of impairment charges.
The effective tax rate from continuing operations for the fiscal year ended July 2, 2011 was 39.8% compared to 41.9% in fiscal 2010.
Net income from continuing operations for the year-to-date period ended July 2, 2011 was $4.1 million compared to $8.0 million in the prior year. The net income per share from continuing operations for the year-to-date period ended July 2, 2011 was $0.05 compared to net income per share of $0.09 in the prior year.
Net loss from discontinued operations for the year-to-date period ended July 2, 2011 was $5.8 million or $0.07 per share on 84 million shares outstanding, compared to a net loss of $13.2 million or $0.15 per share on 86 million shares outstanding in the prior year.
During the quarter ended July 2, 2011, the Company opened 1 bebe store and 2 2b stores.
For the year-to-date period the Company's capital expenditures were approximately $15 million and depreciation expense from continuing operations was approximately $21 million.
For the first quarter of fiscal 2012, we currently anticipate comparable store sales in the positive mid-single digit range. Depending on actual sales and markdowns the net results from continuing operations is expected be in the range of a net loss of $0.01 per share to $0.01 net income per share based on 84 million weighted average shares outstanding versus net income from continuing operations of $0.00 per share based on 84 million weighted average shares outstanding in the first quarter of fiscal 2011. The Company is currently anticipating an effective tax rate of 40.0% for fiscal 2012.
Beginning in fiscal 2012, the Company will report comparable store sales results inclusive of our on-line store. The Company believes that given the similar nature and process of the inventory planning, allocation and return policy for the on-line store and all other retail stores, the inclusion of the on-line store is a more meaningful way of reporting the Company's comparable store sales results. In addition, the Company has been implementing cross-channel marketing initiatives, which benefit all retail sales, including our on-line store. For fiscal year 2011 and 2010, the impact of our comparable store sales, inclusive of the on-line store sales, would have been an increase of 0.2% and 0.6% respectively.
Inventories at the end of the first quarter of fiscal year 2012 are anticipated to increase in the mid-single digit range compared to a 13 percent increase in the first quarter of fiscal 2011.
For the remainder of fiscal year 2012, we anticipate opening 4 bebe stores, and up to 7 2b stores, including 2 potential conversions from bebe to 2b. We also anticipate closing up to 10 bebe stores, which represents a square footage decrease of approximately 2%. In addition, our international licensees are anticipated to grow by up to 30 standalone stores and 30 shop-in-shops.