Eric Beder Believe Quotations

We note the strong gains have continued despite a climate of reduced levels of clearance merchandise and when, there are sales, lower discounting levels, ... We believe the consumer remains primed to shop when the looks are right; with fashion at probably its highest levels since post 9/11, we believe there remains upside on the fashion driven players.

We're all sitting here waiting for this company to produce earnings from the changes Chuck Conaway has initiated. These changes are going to make a substantive difference. The market believes it. We do too. But it won't start being reflected until we see the hard numbers.

Frankly, we believe that this analysis is flawed and somewhat facile. We believe the risks remain acutely material at Bebe and for investors of Bebe.