 bebe stores inc reported retail sales for the quarter ended July 4, 2009 of $125.3 million compared to $167.2 million for the quarter ended July 5, 2008. Retail sales decreased approximately 25% compared to the same period in the prior year. Same store sales for the quarter ended July 4, 2009 decreased 29.2% compared to a decrease of 5.6% in the prior year.
Retail sales for the fiscal year ending July 4, 2009 were $580.9 million compared to $675.1 million for the fiscal year ended July 5, 2008. Retail sales decreased approximately 14% compared to the same period in the prior year. Same store sales for the fiscal year ending July 4, 2009 decreased 20.9% compared to a decrease of 7.6% for the fiscal year ending July 5, 2008.
For the quarter the company currently anticipates earnings per share to be at or below the low end of the range previously provided as a result of lower comparable store sales. These results are before taking into account any one time charges, asset write downs or write offs.
As of July 4, 2009 finished goods inventory per square foot increased approximately 1% when compared to the prior year, which is greater than the guidance provided in April. During the quarter we made the strategic decision to invest in denim, jackets, including leather, knit dresses and knit tops to position ourselves for July and the beginning of the fall transition period. Without this inventory investment, retail inventories would be down 14% per square foot when compared to the prior year.
During fiscal 2009, the Company opened 13 stores, expanded or relocated 2 existing stores and closed 8 stores resulting in a square footage growth of approximately 2.5%. The number of new stores includes 6 bebe stores, 1 BEBE SPORT store and 6 2b bebe/outlet stores. Store closures included 6 bebe stores and 2 BEBE SPORT stores. In addition we converted 1 bebe store to a 2b bebe store. |