Bebe Stores Q4 Loss Widens

(RTTNews) - Bebe stores Inc. (BEBE) Thursday reported fourth-quarter net loss of $34.1 million or $0.43 per share, wider than last year's loss of $20.8 million or $0.26 per share.

Adjusted loss from continuing operations for the quarter were $0.18 per share, compared to $0.12 per share last year.

Net sales from continuing operations were $103.6 million, a decrease of 8.7 percent from $113.5 million last year. Comparable store sales for the quarter decreased 1.9 percent compared to a decrease of 7.9 percent last year.

Analysts polled by Thomson Reuters estimated earnings of $0.17 per share with revenues of $104.79 million for the quarter. Analysts' estimates typically exclude one-time items.

Gross margin dropped to 30.9 percent from 31.4 percent last year, hurt by the effect of higher promotional activity. SG&A expenses increased to $56.1 million from $52.2 million last year.

Jim Wiggett, Chief Executive Officer said, "The Company took significant steps during the fourth quarter to re-focus on the bebe brand, to preserve cash and to gain operating efficiencies across the organization. This was marked by changes in leadership, the closure of the 2b division and the restructuring of our corporate office including retail management.