LOS ANGELES — After only a year and a half at the helm, John T. Parros abruptly resigned Tuesday as president and chief operating officer of Bebe Stores Inc., effective immediately.
This story first appeared in the May 29, 2002 issue of WWD. Subscribe Today.
No details were provided in the announcement issued by the Brisbane, Calif.-based retailer on Tuesday except to say that Parros will “pursue other opportunities.” A successor was not named. In a statement, Manny Mashouf, chairman and chief executive, said, “We wish John good luck in all future endeavors.”
Calls to Mashouf and Parros were not returned. Parros, who took the position in November of 2000, was responsible for merchandising, planning, visual merchandising, design and licensing for Bebe’s 164 stores. Last month, Bebe said its third-quarter net income declined 12.2 percent, to $3.8 million, or 8 cents a diluted share, from $4.3 million, or 17 cents, in the year-ago quarter. The company said it also incurred a one-time charge associated with the write-off of fabric, which impacted earnings by a penny.
Sales moved ahead 6.7 percent, to $70.6 million from $66.2 million, but revenues declined 8.2 percent on a comp basis. Inventories at the end of March were $19.9 million down from $24.6 million last year.