bebe stores (BEBE) Reports Q1 Loss of $0.10

November 3, 2016 4:03 PM EDT
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bebe stores (NASDAQ: BEBE) reported Q1 EPS of ($0.10), versus ($0.22) reported last year. Revenue for the quarter came in at $87.2 million, versus $96.3 million reported last year.

Manny Mashouf, Chief Executive Officer said, “In the first quarter of Fiscal 2017 we continue to see sustainable changes in our business. We ended the quarter with our inventory and SG&A below the prior year and increased our gross margin 260 bps as a result of fewer markdowns and improved leverage on our occupancy. We had a very strong denim and leggings business which we will continue to invest in offset by weakness in non-apparel and evening dresses. We are working to take advantage of the casual trend taking place and believe we can continue to grow our bottoms business while working to improve our tops business as this is where we believe the fashion direction is taking us. While it is important to consistently get the fashion right we are also finding it a challenge to offset the extremely high levels of markdowns and promotions realized in the prior year. We are committed to protecting the brand image, reducing markdowns and improving inventory turns and believe both our short-term and long-term success depend on our ability to execute our strategic plan.”

For earnings history and earnings-related data on bebe stores (BEBE) click here.

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