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Apparel retailer Bebe Stores reduces net loss in FY14
09
Sep '14
In its fiscal year ending July 5, 2014 Bebe stores, a retailer of women’s apparel was able to reduce its losses by $9.7 million or 14.1%, when compared with the previous fiscal year ending July 6, 2013.

Net loss from continuing operations for fiscal year 2014 was $59.3 million, or a negative $0.75 per share, compared to net loss of $69.1 million, or negative $0.84 per share in the prior fiscal year.

Included in loss from continuing operations for fiscal 2014 was $6.6 million in impairment charges, $4.0 million related to reduction in work force and transition costs, and $1.8 million in professional fees and transition charges for a full year impact of $12.4 million.

Bebe Stores said excluding the impact of these charges, net loss from continuing operations was $46.8 million or $0.59 per share for fiscal 2014.

Net sales from continuing operations for fiscal year 2014 totalled $425.1 million, down 8.2% from $463.2 million for fiscal year 2013, which Bebe said, included an extra retail week.

Comparable store sales for fiscal year 2014 fell by 3.2% compared to a decrease of 9.6% in the prior year.

Cash and investments as on July 5, 2014 stood at $125 million, while average finished goods inventory per square foot increased approximately 8.6% compared to the prior year.

Capital expenditures for fiscal year 2014 touched $23.0 million and depreciation expense reached $18.4 million from continuing operations.

For the first quarter of fiscal 2015, Bebe Stores expects comparable store sales to be in the negative low single digit to flat range.

It also expects gross margin to be lower than the prior year due to higher markdowns in the beginning of the quarter to clear through excess inventory and deleveraging of certain fixed costs.

The retailer also forecasts net loss per share to be in the high teens. (AR)

Fibre2fashion News Desk - India

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