Oct 3 (Reuters) - Women’s apparel retailer Bebe Stores Inc reported quarterly sales that missed Wall Street expectations as higher prices kept shoppers away from its stores.
The company, which sells merchandise under Bebe Sport, bbsp, 2b bebe and its namesake brand, faces an inventory glut, with a 12.5 percent increase in inventory per square foot as of Sept. 29.
Sales fell 9.4 percent to $105.1 million in the first quarter, missing analysts expectations of $116.8 million, according to Thomson Reuters I/B/E/S.
Comparable store sales, or sales at stores open for at least a year, fell 8.7 percent, compared to an increase of 7 percent a year earlier.
The Brisbane, California-based company’s shares closed at $4.67 on the Nasdaq on Tuesday.