Thursday, Bebe stores, Inc. (BEBE), a manufacturer of women's apparel and accessories, announced a 5.6% decline in same store sales for June quarter. Retail sales were down 4% to $167.2 million from $160.9 million last year.
For the fiscal 2008, the company reported a 7.6% fall in same store sales, while in the prior year it has recorded a 2.9% increase in same store sales. Retails sales for the fiscal year were down at $675.1 million from $665.5 million in the previous year. The prior year results included around $10 million in additional sales due to the extra week in fiscal 2007. Excluding the additional week, retail sales in the last year were up 3% compared to the corresponding prior fiscal year.
The company said that its finished goods inventory per square foot decreased by 8.5% compared to the prior year. During fiscal 2008, the Company opened 35 stores, expanded or relocated 7 existing stores and closed 5 stores resulting in a square footage growth of approximately 13%.
BEBE finished Wednesday's regular trading session at $9.27, down $0.36 on a volume of 446K shares.
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