During Monday’s Morning trade, Shares of Bank of New York Mellon Corp (NYSE:BK), lost -0.54% to $42.44.
Bank of New York Mellon Corp, has been designated trustee, registrar and paying agent for $50.69 million in revenue bonds on behalf of the Querencia at Barton Creek retirement center in Austin, Texas. Querencia at Barton Creek is operated by Senior Quality Lifestyles Corporation (SQLC), a nonprofit organization operating six ongoing care retirement communities in Texas and Indiana.
This transaction will fund renovation and expansion of common areas, counting the spa, casual dining and theater, and the redemption of preceding debt. BNY Mellon has acted as trustee for all 33 series of bond financings totaling $1.14 billion regardingthe senior living communities supported by SQLC.
“BNY Mellon’s strong financial strength and client service have been important factors in the success of these financings for senior living communities,” said Charles B. Brewer CEO of SQLC.
The Bank of New York Mellon Corporation, an investment company, provides financial products and services to institutions, corporations, and high net worth individuals in the United States and internationally. It operates through two segments, Investment Administration and Investment Services.
Shares of bebe stores, inc. (NASDAQ:BEBE), declined -7.00% to $0.530, during its current trading session.
bebe stores, declared unaudited financial results for the first quarter ended October 3, 2015.
Jim Wiggett, Chief Executive Officer, said, “Our first quarter performance reflects the continuation of a challenging retail environment in addition to soft sell-through in our Boho Collection. This led to an improvement in our promotional activity in addition to higher markdowns resulting in reduced gross margin. While sales trends briefly turned positive in September, driven by markdown merchandise and positive response to the fall collection, we saw a downturn in comps as a result of poor product acceptance coupled with inventory cancellations for October deliveries as we shift our product focus. As formerly declared, we reorganized the design and merchandising organizations into product teams going forward, which we believe will strengthen our focus on collections. Our Founder/Board Chairman has taken a more active role in the company with a specific focus on product. Looking ahead, we will continue to evolve the merchandise assortment and enhance our marketing programs to accelerate the pace of our turnaround. In addition, as part of our planned decision to focus on wholesale and international expansion, we plan to reduce the size of our store base in North America, and plan close up to 30 stores in fiscal 2016. We believe we have a noteworthy opportunity to drive growth expansion in the North America wholesale channel and international markets.”
For the first quarter of fiscal 2016:
Net sales were $96.3 million, a decrease of 5.7% from $102.2 million stated for the first quarter of the previous fiscal year. Comparable store sales for the quarter ended October 3, 2015, reduced 4.1% contrast to an improvement of 0.7% in the comparable period of the preceding year.
Gross margin reduced to 28.9% contrast to 32.1% in the first quarter of fiscal 2015. The decline in gross margin was primarily the effect of higher markdowns taken during the quarter as contrast to the same period last year, coupled with occupancy deleverage.
SG&A expenses were $44.9 million, or 46.6% of net sales, contrast to $42.1 million, or 41.2% of net sales, for the same period in the preceding year. The improvement in SG&A expenses was primarily attributable to certain expenditures listed in the non-GAAP table, counting store impairment charges and compensation expense related to severance activities. Not Taking Into Account these expenses, SG&A expenses were 42.1% of net sales.
Loss from ongoing operations for the first quarter of fiscal 2016 was $17.1 million, or $0.22 per share, on 79.7 million shares outstanding, contrast to a loss of $8.9 million, or $0.11 per share, on 79.6 million shares outstanding for the same period of the preceding year. Not Taking Into Account the incremental costs described above, loss from ongoing operations was $12.8 million, or $0.16 per share, for the first quarter of fiscal 2016 (a reconciliation of GAAP to non GAAP measures is offered in this earnings release).
Bebe Stores, Inc. engages in the design, development, and production of womens apparel and accessories under the bebe and BEBE SPORT brand names in the United States, Puerto Rico, and Canada.
Finally, Shares of Hanesbrands Inc. (NYSE:HBI), gained 1.37%, and is now trading at $30.30.
HanesBrands, declared that company administration will take part in the Morgan Stanley Global Consumer and Retail Conference on Tuesday, Nov. 17, 2015, in New York City.
In addition to meeting with investors at the conference, company administration will take part in a question-and-answer fireside chat to be webcast live via the Internet from 1 to 1:40 p.m. EST.
Hanesbrands Inc., a consumer goods company, designs, manufactures, sources, and sells a range of basic apparels for men, women, and children in the United States. The company operates through four segments: Innerwear, Activewear, Direct to Consumer, and International.