GYMB News:
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Wednesday May 13, 9:03 am Eastern Time
Gymboree sees better second half
BURLINGAME, Calif., May 13 (Reuters) - Gymboree Corp. said Wednesday that it believes marketing initiatives and reductions in inventory will result in improved performance in the second half of this year.
Gymboree reported first quarter earnings of $0.17 a share, compared with $0.34 last year.
Net sales for this year's first quarter, which ended May 2, 1998 were $103.1 million, an increase of 21 percent from net sales of $85.2 million for the same period last year.
Comparable store sales for the quarter at the children's apparel maker and retailer increased one percent.
''Our first quarter results were disappointing. Both sales and gross profit were below plan, reflecting the promotional and competitive marketplace,'' said Gary White, president and chief executive officer, in a statement.
''We are taking positive steps to reduce inventories and to pursue new merchandising and marketing initiatives. We believe these changes, together with actions to increase our efficiency, will lead to improved performance in the second half of the year,'' he said.
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