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Sales down 10.9% at bebe stores in Q2FY13
01
Feb '13
bebe stores, inc. announced unaudited financial results for the second quarter ended December 29, 2012.

Net sales for the second quarter of fiscal 2013 were $135.5 million, a decrease of 10.9% from $152.0 million reported for the second quarter a year ago. As previously reported, comparable store sales for the quarter ended December 29, 2012 decreased 10.5% compared to an increase of 9.6% in the comparable period of the prior year.

Gross margin as a percentage of net sales decreased to 33.9% in the second quarter of fiscal 2013, compared to 40.1% in the second quarter of fiscal 2012. The decrease in gross margin as a percentage of net sales was primarily due to an increase in markdowns coupled with unfavorable occupancy leverage.

SG&A expenses were $53.4 million, or 39.4% of net sales, compared to $49.9 million, or 32.8% of net sales for the same period in the prior year. The dollar increase in SG&A expenses was primarily driven by certain costs including store impairment and write-off charges, as well as recruiting expenses. As a result of these charges, the current quarter’s EPS was reduced by approximately $0.04 per share net of income taxes.

The effective tax rate for the second quarter of fiscal 2013 was 33.5% compared to 40.9% in the second quarter of fiscal 2012. The lower tax benefit in the current quarter compared to the tax expense in the prior year period was due to the impact of permanent adjustments.

Net loss for the second quarter of fiscal 2013 was $4.8 million, or $0.06 per share, on 84.1 million shares outstanding compared to net income of $6.6 million, or $0.08 per share, on 84.1 million shares outstanding for the same period of the prior year.

Net sales for the year-to-date period ended December 29, 2012 were $252.6 million, a decrease of 9.2% from $278.3 million for the year-to-date period ended December 31, 2011. Comparable store sales for the year-to-date period ended December 29, 2012 decreased 9.7% compared to an increase of 8.4% in the prior year.

Net loss for the year-to-date period ended December 29, 2012 were $7.4 million compared to net income of $8.9 million in the prior year. Loss per share for the year-to-date period ended December 29, 2012 was $0.09 per share on 84.2 million shares outstanding, compared to net earnings per share of $0.11 per share on 84.3 million diluted shares outstanding in the prior year.

During the quarter ended December 29, 2012, the Company opened one 2b bebe store and closed one bebe store.

Capital expenditures for the fiscal year-to-date period were approximately $11 million, and depreciation expense was approximately $10 million.

In November 2012, the board of directors authorized a program to repurchase up to $30 million of the Company’s common stock. As of January 30, 2013, the Company repurchased approximately 3.5 million shares at an average price per share of $3.80 for an aggregate purchase price of approximately $13 million.


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