bebe stores, inc. Announces Fiscal Fourth Quarter 2013 Retail Sales -8.48%
bebe stores, inc. (Nasdaq: BEBE) today reported retail sales of $109.0 million for the fourth fiscal quarter ended July 6, 2013, a decrease of 8.5% compared to $119.1 million for the fiscal quarter ended June 30, 2012. As a reminder, bebe total sales, which will be disclosed in our earnings release, also include international wholesale and other sales in addition to the retail sales released herein.
Comparable store sales for the fiscal quarter ended July 6, 2013 decreased 7.1% compared to a decrease of 2.5% in the fourth fiscal quarter of the prior year. The decrease was primarily driven by the negative comparable store traffic during the quarter, with April being the most negative.
Retail sales for the fiscal year ended July 6, 2013 were $442.8 million, a decrease of 8.6% compared to $484.2 million for the fiscal year ended June 30, 2012. Comparable store sales for the fiscal year ending July 6, 2013 decreased 8.8% compared to an increase of 5.3% for the fiscal year ending June 30, 2012.
As of July 6, 2013, average finished goods inventory per square foot increased approximately 3.1% compared to the prior year. During the quarter, the Company increased promotional activities in order to continue to clear through previously committed unproductive inventory. While this negatively impacted merchandise margin, the Company made progress in working through legacy merchandise to ensure a clean inventory position for the fall season.
Beginning in fiscal 2014, the Company will discontinue quarterly retail sales reporting. Sales and earnings will be reported in conjunction with the quarterly earnings announcement.
bebe stores, inc. provides additional information on a recorded message. Interested parties are invited to listen to the message by calling 1-877-232-3757.
bebe stores, inc. will host a conference call on Thursday, August 29, 2013 at 1:30 P.M. Pacific Time to discuss fourth quarter results. Interested parties are invited to listen to the conference by calling 1-866-893-0531. A replay of the call will be available for approximately one week by calling 855-859-2056 and enter conference ID#38278164. A link to the audio replay will be available on our web site at www.bebe.com following the conference call.
In addition, bebe stores, inc. will host an Analyst and Investor Day in New York on Thursday, September 12, 2013 at 2:00 p.m. to 5:00 p.m. ET. Interested parties please RSVP prior to August 16, 2013. A link to the presentation deck and the webcast will be available at www.bebe.com for thirty days thereafter.
bebe stores, inc. is a global specialty retailer, which designs, develops and produces a distinctive line of contemporary women's apparel and accessories under the bebe, BEBE SPORT, bbsp and 2b bebe brand names. bebe currently operates 240 stores, of which 188 are bebe stores, including the on-line store bebe.com, and 52 are 2b bebe stores, including the on-line store 2bstores.com. These stores are located in the United States, U.S. Virgin Islands, Puerto Rico and Canada. bebe also distributes and sells bebe branded product through its licensees in approximately 25 countries.
The statements in this news release and on our recorded message, other than the historical financial information, contain forward-looking statements that involve risks and uncertainties that could cause actual results to differ from anticipated results. Wherever used, the words “expect,” “plan,” “anticipate,” “believe” and similar expressions identify forward-looking statements. Any such forward-looking statements are subject to risks and uncertainties and the company's future results of operations could differ materially from historical results or current expectations. Some of these risks include, without limitation, miscalculation of the demand for our products, effective management of our growth, decline in comparable store sales performance, ongoing competitive pressures in the apparel industry, changes in the level of consumer spending or preferences in apparel, loss of key personnel, difficulties in manufacturing, disruption of supply, adverse economic conditions, and/or other factors that may be described in the company's annual report on Form 10-K and/or other filings with the Securities and Exchange Commission. Future economic and industry trends that could potentially impact revenues and profitability are difficult to predict.
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