US: Bebe Stores Q2 net losses widen
Women's wear retailer Bebe Stores saw its net loss widen in the second quarter as margins narrowed and sales fell.
In the quarter ended 4 January, the company reported a net loss of US$5.5m compared to a loss of $4.8m in the prior year period.
Gross margin was down 33.6% from 33.9% in the comparable period last year, primarily due to an increase in markdowns and heightened promotional activities.
Net sales were down 4.1% to $130m from $135.5m last year, while comparable store sales dropped 1.9%.
CEO Steve Birkhold said the retail environment remains challenging, and that it will continue to operate with "disciplined inventory management and cost controls".
"Looking ahead, we remain focused on executing our six strategic initiatives to move our business forward and anticipate continued improvement in comparable store sales and margin performance."
For the third quarter, Bebe said it expects comparable store sales to be flat. Gross margin is expected to be higher than the prior year, with a net loss per share in the mid-teens range.
Bebe Stores has announced plans to exit its 2b affordable fashion business as part of the women's wear retailer's on-going turnaround plan to drive long-term growth and sustainable profitability....
Women's wear retailer Bebe Stores has appointed an interim CEO after chief executive Steve Birkhold announced his decision to step down....
Lower expenses helped Bebe Stores report a narrower loss during the third quarter, despite the impact of winter storms and a challenging retail environment....
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