bebe stores (BEBE) Q4 Sales Miss Views; Comps Down 7.1%; Will Stop Reporting Qtr. Sales
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bebe stores, inc. (Nasdaq: BEBE) 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.
*** The Street was looking for Q4 sales of $120.5 million.
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.
*** The Street was looking for Q4 sales of $120.5 million.
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.
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