Women's apparel retailer Bebe Stores has today (3 October) reported a 9.4% drop in first-quarter retail sales.

Retail sales reached US$105.1m during the quarter ended 29 September, compared to $116m the same period last year. Comparable store sales declined 8.7%, versus an increase of 7% the year before.

Separately, the company also has revealed it has asked global executive search firm Russell Reynolds Associates to help find a new chief executive officer.

Bebe Stores said it is looking to recruit a CEO to implement strategies to grow the company. This follows the departure of Larry Barenbaum, who resigned in February.

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bebe stores, inc. Announces Fiscal First Quarter 2013 Retail Sales

BRISBANE, Calif.--(BUSINESS WIRE)--bebe stores, inc. (Nasdaq: BEBE) today reported retail sales of $105.1 million for the first fiscal quarter ended September 29, 2012, a decrease of 9.4% compared to $116.0 million for the fiscal quarter ended October 1, 2011.

Comparable store sales for the fiscal quarter ended September 29, 2012 decreased 8.7% compared to an increase of 7.0% in the prior year.

As of September 29, 2012, average finished goods inventory per square foot increased 12.5% given the increase in Average Unit Cost for elevated product offerings, investment in wear-to-work and the increase in inventory resulting from our localization strategy, compared to a 1 percent increase in the first quarter of fiscal 2012.

bebe stores, inc. will not provide a recorded message for the current quarter. The management team will be presenting at the Telsey Advisory Group 3rd Annual Fall Consumer Conference in Las Vegas, NV on October 3, 2012 at 10:00A.M. pacific time. The webcast will be available at http://wsw.com/webcast/tag8/bebe/, and a link to the presentation will be available on our web site at www.bebe.com within 48 hours of the event, which will be made available for 30 days thereafter. Interested parties are invited to listen to the webcast.

bebe stores, inc. will host a conference call on Thursday, November 1, 2012 at 1:30 P.M. Pacific Time to discuss first 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 1-855-859-2056.. A link to the audio replay will be available on our web site at www.bebe.com following the conference call.

bebe stores, inc. is a global specialty retailer, which designs, develops and produces a distinctive line of contemporary women’s apparel and accessories under its bebe, BEBE SPORT, bbsp and 2b bebe brand names. bebe currently operates 250 stores, of which 198 are bebe stores, including the on-line store bebe.com, and 52 are 2b bebe stores, including the on-line store 2bstores.com. 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 21 countries.

 

Original source: http://www.businesswire.com/news/home/20121003005540/en/bebe-stores-Announces-Fiscal-Quarter-2013-Retail