bebe stores, inc. (BEBE) today reported retail sales of $132.7 million for the second quarter ended January 1, 2011, a decrease of 2% compared to sales of $135.5 million for the fiscal quarter ended January 2, 2010. Same store sales for the fiscal quarter ended January 1, 2011 were flat compared to a decrease of 22.5% in the prior year.
Retail sales for the year-to-date period ended January 1, 2011 were $244.7 million compared to $255.7 million for the year-to-date period ended January 2, 2010 a decrease of 4.3%. Comparable store sales for the year-to-date period ending January 1, 2011 decreased 2.3% compared to a decrease of 24.1% for the year-to-date period ending January 2, 2010.
As of January 1, 2011, average finished goods inventory per square foot increased approximately 9% compared to the prior year.
We currently anticipate net earnings from continuing operations will be at the low-end of our previously guided $0.02 - $0.06 earnings per share prior to any store impairment charges and legal settlement costs. While comparable store sales for the month of October and November were positive, week three and four of December were below our expectation and as a result we were more promotional in week five. The additional promotion negatively impacted our gross margin, and contributed to our earnings being at the lower end of previously provided guidance.
We have closed all the PH8 stores as of January 1, 2011 as previously suggested.
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, February 3, 2011 at 1:30 P.M. Pacific Time to discuss second 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 1-800-642-1687 and entering in conference ID number 16895520. A link to the audio replay will be available on our web site at www.bebe.com following the conference call.
bebe stores, inc. designs, develops and produces a distinctive line of contemporary women’s apparel and accessories, which it markets under the bebe, BEBE SPORT, bbsp and 2b bebe brand names. bebe currently operates 252 stores, of which 216 are bebe stores and 36 are 2b bebe stores. 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 both its subsidiaries and licensees in approximately 15 countries. In addition, bebe has an online store at www.bebe.com.
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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