Brief: Bebe Stores says cutting 50 jobs

bebe stores

01/10/2015 21:00

Oct 1 (Reuters) - bebe stores inc  BEBE.O : 
 * Announces workforce reorganization 
 * Says cutting 50 jobs 
 * Says expects pre-tax costs associated with this initiative to be 
   approximately $1.5 million 
 * Reorganization will include the reduction of over 50 positions primarily in 
   the design, merchandising, and production areas 
 * Says company expects pre-tax costs associated with this initiative to be 
   approximately $1.5 million 
 * Reorganization will include the reduction of over 50 positions primarily in 
   the design, merchandising, and production areas 
 * Says bebe also announced today that the company's board of directors has 
   authorized a $5 million share repurchase program 
 * Says maintaining its guidance for the first quarter of fiscal 2016 
 * Says in addition, manny mashouf, chairman of the board of bebe, will be 
   re-engaged with the company 
 * Says anticipates annual cost savings of approximately $4.8 million 
 * Says comparable store sales in September turned positive 
 * Says maintaining guidance for the first quarter 
 * Sees Q1 gross margin is expected to be lower than the prior year 
 * Says expects Q1 2016 comparable store sales to be in the negative mid-single 
   digit range 
 * Finished goods inventory per square foot as of end of Q1 2016 is anticipated 
   to increase in the mid-teens 
 * Says Q1 2016 net loss per share is expected to be in the high teens 
 * Q1 earnings per share view $-0.16 -- Thomson Reuters I/B/E/S 
 * Made decision to narrow merchandise focus, increase emphasis on lifestyle 
   assortments that most closely align with customers' needs 
 
 * Source text for Eikon  ID:nBw5rhrzla  
 
 * Further company coverage  BEBE.O   
 
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