Unlike a lot of retailers Bebe has actually made money over the last year despite the pitiful sales numbers. So Bebe doesnt get to go back yet and grab all those taxes they paid which so many retailers did to prop up their balance sheet. Maybe they really should consider closing the sports chain or anything underperforming (most costs are already sunk) and get back 50 million in tax refunds (pulled that number out of my ass looking at the last three year's earnings per share.) Its something to consider. I am sure its on the "be ready to act" list especially because the look back is two or three years, I dont remember off the top of my head (although there are some rumblings that Congress is looking at a larger lookback period in their gift of goodies). I suspect the lease companies have made it an option on the sports stores to keep them open with concessions (and on the traditional Bebe stores as well).

I started a position again Friday and while it may not be the low I probably wont stop out this time. Back in March Bebe went to 4.59. I dont know if I see that happening but if it does I will be adding on the way down.

They have about 3.75 in cash and cash equivalents per share. They have their old management back and listening to the call tells me they headed off some problems for the Holiday season although I dont think the real impact is going to come until spring.

If Bebe can show any sign of turning these SSS numbers then this will run. The only meaningful thing on the call is they expect the SSS to not be as bad but that was a given and built in to the quarter forecast.

Really all the newer stuff is for spring and next year's back to school. The other thing is lessors have been willing to give concessions and Bebe has about 60 of their stores with renewals over the next two years.

So not to inflict pain on anyone but I would love to see this back up to five or lower. It would be a great value play for 2010.