Discontinued operations boost Bebe Q1 net loss

Brisbane, Calif. –- Net loss at Bebe Stores Inc. increased to $10.8 million in the first quarter of fiscal 2015, up from $7.9 million the same period the prior fiscal year. Loss from discontinued operations boosted total net loss.



Net sales from continuing operations were $102.2 million, a decrease of 6.5% from $109.3 million, primarily as a result of store closures. Same-store sales grew 0.7%, the first quarterly same-store sales increased reported by Bebe since fiscal 2012.



For fiscal year 2015, Bebe plans to open four Bebe stores and two outlet stores, and to close up to 12 bebe and outlet stores, which will result in an approximately 2% decrease in total store square footage from the end of fiscal year 2014



“We were pleased with the improvement in our results during the first quarter of fiscal 2015,” said Jim Wiggett, CEO. “Our comparable store sales increased 0.7%, driven by strong sell through in our fall merchandise offering. We also successfully cleared through seasonal inventory, leaving us well positioned to drive sales heading into the holiday season.”



For the second quarter of fiscal 2015, Bebe expects same-store sales to be in the flat to low single-digit positive range. The net loss per share is expected to be in the range of low to mid-single-digit range.