Bebe Q2 profit narrowly beats Street; sees Q3 loss
today Feb 5, 2009
* Q2 EPS 8 cents beats Street by a cent
* Sales $181.9 mln beats Street
* Expects net loss in Q3
Feb 5 - Women's-apparel and accessories maker Bebe Stores Inc (BEBE.O) posted a second-quarter profit that edged past market estimates, as sales were better than expected and expenses decreased, but forecast a surprise loss for the third quarter.
The company posted net income of $6.8 million for the second quarter ended Jan. 3, compared with $23.4 million a year earlier.
The company, which has been forced to drive sales with promotions such as increased discounts amid a tough macroeconomic environment, expects third-quarter same-store sales to decline more than it did during the previous quarter.
Bebe expects to post a third-quarter loss of 5 cents to 10 cents a share, compared with analysts' average estimate of a profit of 1 cent a share.
For the latest second quarter, selling, general and administrative expenses fell $1.3 million to $61.5 million on lower total compensation.
Earlier in January, the company said Chief Executive Gregory Scott had left the company and Manny Mashouf assumed CEO duties.
Shares of the company closed up 35 cents at $6.08 Thursday on Nasdaq.
For the alerts, double-click . (Reporting by Mihir Dalal in Bangalore; Editing by Pratish Narayanan)
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