Bebe sees sales drop in Q2; names new CEO
Brisbane, Calif. -- Bebe Stores Inc. reported Thursday that sales for the second quarter plunged 11.7% to $124.6 million, from $141.1 million last year.
Same-store sales plummeted 10.5%, and the women’s apparel retailer now says it expects its second quarter net loss will be larger than previously estimated.
Foot traffic fell 15% in the second quarter, which caused inventory per sq. ft. to jump 27.5%.
In related news, Bebe said it has named Steve Birkhold as its new chief executive in an attempt to turn around its business.
Birkhold, who replaces founder Manny Mashouf, joins Bebe from Lacoste, where he was heading its North American business. The appointment comes three months after Bebe's board said it had started a search for a new CEO.