Apparel retailer Bebe more than halves Q1FY17 net loss
November 08, 2016 - United States Of America
For the first fiscal quarter ended October 1, 2016, apparel retailer Bebe Stores more than halved its net loss to $7.8 million or $0.10 loss per share, on 80.1 million diluted shares outstanding, compared to a net loss of $17.1 million or $0.22 loss per share, on 79.7 million diluted shares outstanding for the same quarter of the previous fiscal.
For the reporting quarter, net sales stood at $87.2 million, down 9.4 per cent from $96.3 million in the first quarter of fiscal 2016. Comparable store sales fell 3.2 per cent as against a decline of 4.1 per cent in the corresponding quarter of the earlier fiscal.
However, gross margin as a percentage of net sales rose to 31.5 per cent in the quarter under review vis-à-vis 28.9 per cent in the comparable quarter of last fiscal.
According to the retailer, the increase in margin was primarily the effect of a reduction in markdowns and promotions and leverage on store occupancy cost. (AR)