Bebe Stores, Inc. announced unaudited financial results for the second quarter and six months ended December 29, 2012. Net sales for the second quarter of fiscal 2013 were $135.5 million, a decrease of 10.9% from $152.0 million reported for the second quarter a year ago. As previously reported, comparable store sales for the quarter ended December 29, 2012 decreased 10.5% compared to an increase of 9.6% in the comparable period of the prior year. The effective tax rate for the second quarter of fiscal 2013 was 33.5% compared to 40.9% in the second quarter of fiscal 2012. The lower tax benefit in the current quarter compared to the tax expense in the prior year period was due to the impact of permanent adjustments. Net loss for the second quarter of fiscal 2013 was $4.8 million, or $0.06 per diluted share, on 84.1 million shares outstanding compared to net income of $6.6 million, or $0.08 per diluted share, on 84.1 million shares outstanding for the same period of the prior year. Operating loss was $7,465,000 against operating income of $10,993,000 a year ago period. Loss before income taxes was $7,246,000 against income of $11,100,000 a year ago period.

Net sales for the year-to-date period ended December 29, 2012 were $252.6 million, a decrease of 9.2% from $278.3 million for the year-to-date period ended December 31, 2011. Comparable store sales for the year-to-date period ended December 29, 2012 decreased 9.7% compared to an increase of 8.4% in the prior year. Net loss for the year-to-date period ended December 29, 2012 were $7.4 million compared to net income of $8.9 million in the prior year. Loss per share for the year-to-date period ended December 29, 2012 was $0.09 per share on 84.2 million shares outstanding, compared to net earnings per share of $0.11 per share on 84.3 million diluted shares outstanding in the prior year. Capital expenditures for the fiscal year-to-date period were approximately $11 million, and depreciation expense was approximately $10 million. Operating loss was $11,385,000 against operating income of $14,437,000 a year ago period. Loss before income taxes was $10,933,000 against income of $14,847,000 a year ago period.

For the third quarter of fiscal 2013, the company currently anticipates comparable store sales in the negative mid-single digit range. Depending on actual sales and markdowns, the net loss is expected to be in the range of mid-teens per share compared to $0.00 per share in the prior year. In the current quarter, the company anticipates to seeing a lower gross margin rate and an increase in SG&A as a percent of sales due to higher markdowns and lower sales.

The company is currently anticipating an effective tax rate of approximately 36% for fiscal 2013. Total capital expenditures for the year are anticipated to be approximately $27 million, which will include capital expenditures for new stores, remodels, store expansions, information technology systems and office improvements.

For the remainder of fiscal year 2013, the company anticipates opening three bebe stores and one 2b store, and closing up to two bebe stores, which will result in no change to total store square footage from the end of fiscal year 2013. In addition, the international licensees are anticipated to add up to 15 points-of-sale this year.

The company also anticipates closing up to 2 bebe stores, which will result in no change to total store square footage from the end of fiscal year 2013.