Gymboree Reports February Sales
BURLINGAME, Calif., March 2 /PRNewswire/ -- The Gymboree Corporation (Nasdaq: GYMB) reported net sales for the four-week period ended February 26, 2000, of $23.3 million, a decrease of 35% from sales of $35.6 million for the same period last year. Comparable store sales for the four-week period decreased 39% compared to the same period last year.
"The sales results in February reflect the continuation of fourth quarter trends. Our current inventory levels preclude better news on comps at this time," said Stuart Moldaw, Chairman and CEO. "All of the efforts of our new management team are aimed at increasing the desirability of our product. Our new strategies include focusing deliveries on outfit dressing, and carrying adequate inventory depth of core items that historically have been key to our success."
For more information, please refer to the transcript of the Company's fourth-quarter conference call posted at its web site, www.gymboree.com.
The Gymboree Corporation designs, manufactures and retails unique, high-quality apparel and accessories for children. As of February 26, Gymboree operated 605 stores, including 555 stores in the United States, 19 stores in Canada and 31 in Europe, as well as an online store at www.gymboree.com. The company also offers directed parent-child developmental play programs at 423 franchised and company-operated centers in the United States and 14 other countries.
The foregoing sales figures for February are unaudited and subject to quarter-end adjustment and could differ materially from those indicated. The foregoing paragraphs contain forward-looking statements within the meaning of the Federal Securities laws that reflect Gymboree's current view of future events and financial performance, including statements about increasing the desirability of its product. Actual results could differ materially as a result of a number of factors, including the Company's ability to build inventories, general economic conditions, competitive market conditions, the integration of its new management team, and consumer acceptance of its products. Other factors that may cause actual results to differ materially include those set forth in the reports that Gymboree files from time to time with the Securities and Exchange Commission.
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SOURCE: Gymboree Corporation
CONTACT: Jordan Goldstein of Gymboree Corporation, 650-696-2933 |
