US based clothing retailer Bebe Stores reported a 9 per cent net sales decline over the fiscal ago quarter, for the fourth fiscal quarter ended July 2, 2016. Comparable store sales for the three months ended July 2, 2016, dropped 4.6 per cent as against an increase of 1.1 per cent in the corresponding quarter of the previous fiscal.
In the reporting quarter, gross margin as a percentage of net sales too fell 390 bps to 30.9 per cent compared to 34.8 per cent in the same quarter of earlier fiscal.US based clothing retailer Bebe Stores, Inc reported a nine per cent net sales decline over the fiscal ago quarter, for the fourth fiscal quarter ended July 2, 2016. Comparable store sales for the three months ended July 2, 2016, dropped 4.6 per cent as against an increase of 1.1 per cent in the corresponding quarter of the previous fiscal. #
“The decrease in margin was primarily the effect of aggressive promotions, write downs of aged inventory and lost leverage on fixed occupancy costs,” the retailer explained.
Income from continuing operations for the quarter under review amounted to $25.1 million, or $0.31 per share, on 80.6 million diluted shares outstanding.
This compares with loss of $5.5 million, or $0.07 per share, on 79.6 million diluted shares outstanding for the same period of the prior fiscal.
“Included in income from continuing operations for the quarter is the net gain from the Bluestar transaction of $31.7 million,” Bebe Stores said.
Excluding the impact of the Bluestar transaction, loss from continuing operations was $6.8 million, or $0.08 per share, for the fourth quarter of fiscal 2016. (AR)
Fibre2Fashion News Desk – India
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