Non-GAAP adjusted net loss in the year-to-date period ended April 6, 2013, excluding the provision for income taxes to establish the deferred tax asset valuation allowance, was $19.0 million, or $0.23 per diluted share.
During the quarter ended April 6, 2013, the Company opened two bebe stores, one 2b bebe store and closed 7 bebe stores and one 2b bebe store.
Capital expenditures for the fiscal year-to-date period were approximately $17 million, and depreciation expense was approximately $16 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 May 8, 2013, the Company repurchased approximately 5.5 million shares at a weighted average price per share of $3.88 for an aggregate purchase price of approximately $21 million.
For the fourth quarter of fiscal 2013, we currently anticipate comparable store sales in the negative high-single digit range. When compared to the fourth quarter a year ago, we anticipate we will continue to see a lower gross margin rate and an increase in SG&A due to higher markdowns and certain transitional costs.
The net loss is expected to be in the low to mid-teens per diluted share before any items such as executive exit costs and other non-cash transitional charges. The expected loss per diluted share range also reflects the continuing impact of maintaining a valuation allowance against deferred tax assets as discussed above and thus a very low effective tax rate.
Depending on actual sales and markdowns, finished goods inventories per square foot as of the end of fiscal year 2013 are anticipated to increase in the mid to high single digit range.
Total capital expenditures for the year are anticipated to be approximately $27 million, which will include capital expenditures for new stores, remodels, store expansions, information technology systems and office improvements.
bebe stores