bebe stores, inc. (Nasdaq:BEBE) today reported retail sales from continuing operations of $122.4 million for the fourth quarter ended July 2, 2011, an increase of 7.3% compared to $114.1 million for the fiscal quarter ended July 3, 2010. Same store sales for the fiscal quarter ended July 2, 2011 increased 7% compared to a decrease of 3.4% in the prior year.
Retail sales from continuing operations for the year-to-date period ended July 2, 2011 were $460.1 million, an increase of 1.6% compared to $453.0 million for the year-to-date period ended July 3, 2010. Comparable store sales for the year-to-date period ending July 2, 2011 increased 0.4% compared to a decrease of 17.1% for the year-to-date period ending July 3, 2010.
As of July 2, 2011, average finished goods inventory per square foot from continuing operations increased approximately 1.2% compared to the prior year.
Beginning in fiscal 2012, the Company will report comparable store sales results inclusive of our on-line store. The Company believes that given the similar nature and process of the inventory planning, allocation and return policy for the on-line store and all other retail stores, the inclusion of the on-line store is a more meaningful way of reporting the Company’s comparable store sales results. In addition, the Company has been implementing cross-channel marketing initiatives, which benefit all retail sales, including our on-line store. Comparable store sales for fiscal year 2011 and 2010, inclusive of the on-line store sales, would have increased by 0.2% and 0.6% respectively.
For the quarter, we currently anticipate net earnings from continuing operations will be at the high end of our previously provided guidance of $0.01 - $0.04 per share prior to any store impairment charges and settlement costs.
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 25, 2011 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 1-800-642-1687 and entering in conference ID number 16895609. 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 213 are bebe stores and 39 are 2b bebe stores. These stores are located in the United States, U.S. Virgin Islands, Puerto Rico, Canada and Japan. bebe also distributes and sells bebe branded product through its licensees in approximately 16 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.