The Gymboree Corporation Reports Fourth Quarter Sales Results; Announces Management Changes
SAN FRANCISCO // PRNewswire-FirstCall // -- The Gymboree Corporation (Nasdaq: GYMB) reported net sales from retail operations for the fourth fiscal quarter ended January 30, 2010, of $295.7 million, an increase of 4% compared to net sales from retail operations of $284.8 million for the fourth fiscal quarter of the prior year. Comparable store sales for the fourth fiscal quarter decreased 2%.
The Company now expects earnings for the fourth fiscal quarter to be in the range of $1.08 to $1.10 per diluted share. This represents an improvement from prior guidance for the fourth fiscal quarter of $1.03 to $1.06 per diluted share. For the full fiscal year of 2009, earnings are now expected to be in the range of $3.38 to $3.40 per diluted share, an increase over prior year earnings of $3.21 per diluted share.
Today the Company announced the promotion of Jeffrey Harris from Vice President of Finance to Chief Financial Officer. Former Chief Financial Officer, Blair Lambert, will continue as Chief Operating Officer through the third quarter of fiscal 2010. Mr. Lambert has announced his intention to retire from day-to-day management after the completion of the third quarter but will thereafter continue to serve the Company as a member of the Board of Directors.
"I am excited to be able to recognize Jeff for his outstanding contributions during the past few years," said Matthew McCauley, Chairman and Chief Executive Officer. "Working with the rest of the management team, Jeff has played a key role in reducing our operating costs, developing our international expansion plans and communicating our strategies to the investment community."
"I am very pleased that Blair will continue to be involved in the business going forward. He has been an important part of the executive management team and our success over the last several years. I know he will continue to add significant value through his role as COO and on the Board."
For more information about fourth quarter sales, please listen to The Gymboree Corporation's monthly sales recording by calling the Company's Investor Relations Hotline at 415-278-7933. The recording will be available Thursday, February 4 at 7:55 a.m. ET through Wednesday, February 10 at 11:59 p.m. PT.
The live broadcast of the discussion of fourth quarter 2009 financial results will be available to interested parties at 1:30 p.m. PT (4:30 p.m. ET) on Wednesday, March 10, 2010. To listen to the live broadcast over the internet, please log on to www.gymboree.com, click on "Our Company" at the bottom of the page, go to "Investor and Media Relations" and then "Conference Calls, Webcasts & Presentations." A replay of the call will be available two hours after the broadcast through midnight PT, Wednesday, March 17, 2010, at 800-268-5750.
About The Gymboree Corporation
The Gymboree Corporation's specialty retail brands offer unique, high-quality products delivered with personalized customer service. As of January 30, 2010, the Company operated a total of 953 retail stores: 629 Gymboree® stores (593 in the United States, 34 in Canada and 2 in Puerto Rico), 140 Gymboree Outlet stores, 119 Janie and Jack® shops and 65 Crazy 8® stores in the United States. The Company also operates online stores at www.gymboree.com, www.janieandjack.com and www.crazy8.com, and offers directed parent-child developmental play programs at 650 franchised and Company-operated Gymboree Play & Music® centers in the United States and 30 other countries.
The foregoing financial information for the fourth fiscal quarter ended January 30, 2010, is unaudited and subject to quarter-end and year-end adjustment. The foregoing paragraphs contain forward-looking statements relating to The Gymboree Corporation's anticipated sales growth and future financial performance. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results could vary materially as a result of a number of factors, including increasing levels of unemployment and consumer debt, volatility in the financial markets, current recessionary economic conditions, customer reactions to new merchandise, service levels and new concepts, success in meeting our delivery targets, the level of our promotional activity, our gross margin achievement, our ability to appropriately manage inventory, general economic conditions, effects of future embargos from countries used to source product, and competitive market conditions. Other factors that may cause actual results to differ materially include those set forth in the reports that we file from time to time with the Securities and Exchange Commission, including our annual report on Form 10-K for the year-ended January 31, 2009. These forward-looking statements reflect The Gymboree Corporation's expectations as of February 4, 2010. The Gymboree Corporation undertakes no obligation to update the information provided herein.
Gymboree, Janie and Jack, and Crazy 8 are registered trademarks of The Gymboree Corporation.
SOURCE The Gymboree Corporation