The Gymboree Corporation Reports First Quarter of Fiscal 2015 Results

  • Net Sales of $276.1 million, increased 1.5% compared to the first quarter of fiscal 2014
  • Comparable sales (including online sales) were flat during the first quarter of fiscal 2015
  • Adjusted EBITDA was $15.6 million for the first quarter of fiscal 2015 compared to $22 million for the first quarter of fiscal 2014

SAN FRANCISCO - June 9, 2015 // PRNewswire // - The Gymboree Corporation (the "Company") today reported consolidated financial results for the first fiscal quarter ended May 2, 2015.

First Quarter Results (13-weeks ended May 2, 2015 versus 13-weeks ended May 3, 2014)

  • Net sales were $276.1 million, compared to $272.0 million in the first quarter of fiscal 2014;
  • Comparable sales (including online stores) were flat;
  • Gross profit was $105.4 million, or 38.2% of net sales, compared to $108.4 million, or 39.8% of net sales, for the first quarter of fiscal 2014;
  • Adjusted gross profit was $107.1 million, or 38.8% of net sales, compared to $110.2 million, or 40.5% of net sales, for the first quarter of fiscal 2014.
  • SG&A expense was $104.7 million, or 37.9% of net sales, compared to $102.3 million, or 37.6% of net sales, in the first quarter of fiscal 2014;
  • Adjusted SG&A expense was $101.1 million, or 36.6% of net sales, compared to $101.8 million, or 37.4% of net sales, in the first quarter of fiscal 2014.
  • Adjusted EBITDA, defined as net loss attributable to The Gymboree Corporation before interest, income taxes and depreciation and amortization, adjusted for other items as described below, was $15.6 million compared to $22.0 million for the first quarter of fiscal 2014;
  • Adjusted EBITDA is estimated to be negatively impacted by approximately $6 million in the first quarter as a result of the west coast port slowdown; and
  • Net loss attributable to The Gymboree Corporation for the quarter was $23 million compared to $13.4 million for the same quarter of fiscal 2014.

Adjusted EBITDA, Adjusted gross profit and Adjusted SG&A expense are not financial measures prepared in accordance with U.S. generally accepted accounting principles ("GAAP"). For a description of Adjusted EBITDA and a reconciliation of these measures to GAAP measures, see "Non-GAAP Financial Measures" below and Exhibit D of this press release.

Balance Sheet Highlights

  • As of the end of the first quarter of fiscal 2015, there were $42.0 million in borrowings outstanding under the Company's $225 million asset-backed loan facility and approximately $90.8 million of undrawn availability after being reduced by letters of credit of $38.1 million.
  • Capital expenditures were $3.1 million during the first quarter of fiscal 2015.
  • Inventory balances at the end of the first quarter of fiscal 2015 were $208.9 million, compared to $170.4 million at the end of the first quarter of fiscal 2014. On a per square foot basis, inventory cost was up 23% over the first quarter of fiscal 2014. Inventory units were up on a similar percentage basis.
  • On May 5, 2015, the Company entered into an agreement to sell and lease-back its distribution center located in Dixon, California. Net proceeds received from the sale were $25.9 million.

Fiscal 2015 Business Outlook

The Company's fiscal 2015 outlook is based on the current economic environment trends, as well as management expectations for the remainder of the year.

For the full year, the Company continues to expect Adjusted EBITDA to be in the range of $95 million to $105 million, which includes the net impact to Adjusted EBITDA of approximately $10 million to $12 million resulting from the west coast port slowdown in the first half of the year. Based on this guidance, the Company expects to have sufficient liquidity during fiscal 2015 to service its debt and invest in the business to drive long-term growth.

Stores

During fiscal 2015, the Company continues to plan to open approximately 12 stores and expects to close approximately 30 to 40 stores.

Capital Expenditures

During fiscal 2015, the Company continues to anticipate spending approximately $25 million to $30 million for capital expenditures.

Non-GAAP Financial Measures

The Company defines "Adjusted EBITDA" as net loss attributable to The Gymboree Corporation before interest, income taxes, and depreciation and amortization ("EBITDA") adjusted for other items including, non-cash share-based compensation, loss on disposal/impairment of assets and sponsor management fees and expenses, as well as the impact of purchase accounting adjustments resulting from the Acquisition and other non-recurring or unusual items. The Company is likely to exclude these items from Adjusted EBITDA in the future and may also exclude other similar items, the effect of which is uncertain but may be significant in amount. The determination of the amounts that are excluded from non-GAAP financial measures is a matter of management judgment and depends upon, among other factors, the nature of the underlying expense or income amounts.

Adjusted EBITDA is a non-GAAP measure but is considered an important supplemental measure of the Company's performance and is believed to be used frequently by securities analysts, investors and other interested parties in the evaluation of similar retail companies. Adjusted EBITDA is not a presentation made in accordance with GAAP and the Company's computation of Adjusted EBITDA may vary from others in the industry. Adjusted EBITDA should not be considered an alternative to operating income or net income, as a measure of operating performance or cash flow, or as a measure of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP (see Exhibit D for a reconciliation of Adjusted EBITDA to net loss attributable to The Gymboree Corporation).

The live broadcast of the discussion of first quarter fiscal 2015 financial results and fiscal 2015 business outlook will be available to interested parties at 2:00 p.m. PT (5:00 p.m. ET) on Tuesday, June 9, 2015. To listen to the live broadcast over the internet, please log on to www.gymboree.com, click on "Company Information" at the bottom of the page; go to "Investor & Media" and then "Conference Calls & Webcasts." A replay of the call will be available two hours after the broadcast through midnight PT, June 23, 2015, at 855-859-2056, passcode 43206077.

About The Gymboree Corporation

The Gymboree Corporation's specialty retail brands offer unique, high-quality products delivered with personalized customer service. As of May 2, 2015, the Company operated a total of 1,322 retail stores: 607 Gymboree® stores (553 in the United States, 48 in Canada, 1 in Puerto Rico and 5 in Australia), 170 Gymboree Outlet stores (169 in the United States and 1 in Puerto Rico), 150 Janie and Jack® shops and 395 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 704 franchised and Company-operated Gymboree Play & Music® centers in the United States and 41 other countries.

Forward-Looking Statements

The foregoing financial information for the first quarter of fiscal 2015 is unaudited and subject to quarter-end and year-end adjustments. This press release includes forward-looking statements, including statements relating to The Gymboree Corporation's anticipated future financial performance, especially those set forth under the heading "Fiscal 2015 Business Outlook". These forward-looking statements generally can be identified by the use of words such as "anticipate," "expect," "plan," "could," "may," "will," "believe," "estimate," "forecast," "goal," "project," and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. The Company presently considers the following risks and uncertainties to be important factors that could cause actual results to differ materially from the Company's expectations: the recent disruptions in the west coast ports and the timing of the ports resuming normal operations, ongoing volatility in the commodities markets, uncertainties relating to high levels of consumer debt and general economic conditions, volatility in the financial markets, potential data breaches of the Company's or the Company's vendors or suppliers computer networks, the Company's ability to anticipate and timely respond to changes in trends, consumer preferences and customer reactions to new merchandise (particularly given the Company's need to build up inventory significantly in advance of potential product sales), competitive market conditions, including promotional activities of the Company's competitors, success in meeting the Company's delivery targets, gross margin achievement, the Company's ability to appropriately manage inventory, effects of future embargos from countries used to source product, the Company's ability to attract and retain key personnel and other qualified team members, the limited data available in the future upon which to base its expectations for stabilizing sales trends, and other factors, including those discussed under "Risk Factors" in "Item 1A. Risk Factors," of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2015, filed with the Securities and Exchange Commission ("SEC") on May 1, 2015. The Company cautions investors to carefully consider the risks associated with, and not to place considerable reliance on, the forward-looking statements contained in this press release. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements.

Gymboree, Janie and Jack, Crazy 8, and Gymboree Play & Music are registered trademarks of The Gymboree Corporation.

EXHIBIT A

         

THE GYMBOREE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)

           
     

13 Weeks Ended

     

May 2, 2015

    

May 3, 2014

 

Net sales:

         

 

Retail

   

$            261,732

 

$            259,124

 

Gymboree Play & Music 

   

8,648

 

6,832

 

Retail Franchise

   

5,689

 

6,054

 

     Total net sales

   

276,069

 

272,010

 

Cost of goods sold, including buying and occupancy expenses

 

(170,712)

 

(163,652)

 

     Gross profit

   

105,357

 

108,358

 

Selling, general and administrative expenses

   

(104,710)

 

(102,290)

 

     Operating income

   

647

 

6,068

 

Interest income

   

19

 

47

 

Interest expense

   

(21,076)

 

(20,374)

 

Other expense, net

   

(110)

 

(368)

 

     Loss before income taxes

   

(20,520)

 

(14,627)

 

Income tax expense

   

(1,960)

 

(376)

 

     Net loss

   

(22,480)

 

(15,003)

 

     Net (income) loss attributable to noncontrolling interest

   

(545)

 

1,572

 

     Net loss attributable to The Gymboree Corporation

 

$             (23,025)

 

$             (13,431)

 

EXHIBIT B

THE GYMBOREE CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

                 
     

May 2,

    

January 31,

    

May 3,

 
     

2015

 

2015

 

2014

 

ASSETS

             

     Current assets:

             

     Cash and cash equivalents

 

$             22,363

 

$             18,520

 

$             24,773

 

     Accounts receivable

 

25,515

 

25,248

 

22,394

 

     Merchandise inventories

 

208,908

 

198,337

 

170,411

 

     Prepaid income taxes

 

2,759

 

2,599

 

2,986

 

     Prepaid expenses

 

18,561

 

6,821

 

18,623

 

     Deferred income taxes

 

7,263

 

6,824

 

14,236

 

          Total current assets

 

285,369

 

258,349

 

253,423

 
                 

Property and equipment, net

 

176,400

 

182,431

 

203,476

 

Goodwill

 

374,308

 

373,834

 

758,777

 

Other intangible assets, net

 

342,816

 

343,552

 

559,003

 

Deferred financing costs

 

23,984

 

25,622

 

30,754

 

Other assets

 

3,683

 

4,155

 

10,288

 

          Total assets

 

$        1,206,560

 

$        1,187,943

 

$        1,815,721

 
                 
                 

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY

           

Current liabilities:

             

     Accounts payable

 

$           105,426

 

$             87,032

 

$             73,345

 

     Accrued liabilities

 

106,669

 

94,805

 

107,648

 

     Line of credit borrowings

 

42,000

 

33,000

 

10,000

 

     Current obligation under capital lease

 

565

 

552

 

515

 

          Total current liabilities

 

254,660

 

215,389

 

191,508

 
               

Long-term liabilities:

             

     Long-term debt

 

1,114,127

 

1,114,048

 

1,113,817

 

     Long-term obligation under capital lease

 

2,704

 

2,850

 

3,269

 

     Lease incentives and other liabilities

 

52,858

 

53,677

 

50,534

 

     Unrecognized tax benefits

 

5,151

 

5,048

 

6,304

 

     Deferred income taxes

 

129,865

 

129,196

 

215,232

 

          Total liabilities

 

1,559,365

 

1,520,208

 

1,580,664

 

Stockholders' (deficit) equity

 

(352,805)

 

(332,265)

 

235,057

 

          Total liabilities and stockholders' (deficit) equity

 

$        1,206,560

 

$        1,187,943

 

$        1,815,721

 

 

EXHIBIT C

         

THE GYMBOREE CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

             
     

13 Weeks Ended

 
     

May 2, 2015

 

May 3, 2014

 

CASH FLOWS FROM OPERATING ACTIVITIES:

          

Net loss

$                 (22,480)

 

$              (15,003)

 

Adjustments to reconcile net loss to net cash used in operating activities:

       

     Depreciation and amortization

10,700

 

11,178

 

     Amortization of deferred financing costs and accretion of original issue discount

1,886

 

1,776

 

     Interest rate cap contracts - adjustment to market

778

 

461

 

     (Gain) loss on disposal/impairment of assets

(539)

 

359

 

     Deferred income taxes

264

 

(33)

 

     Share-based compensation expense

720

 

1,276

 

     Other

(198)

 

18

 

     Change in assets and liabilities:

       

          Accounts receivable

(168)

 

(553)

 

          Merchandise inventories

(10,958)

 

4,776

 

          Prepaid income taxes

(154)

 

(1,013)

 

          Prepaid expenses and other assets

(11,739)

 

1,087

 

          Accounts payable

18,375

 

(28,602)

 

          Accrued liabilities

11,350

 

8,897

 

          Lease incentives and other liabilities

(476)

 

693

 

     Net cash used in operating activities

(2,639)

 

(14,683)

 
         

CASH FLOWS FROM INVESTING ACTIVITIES:

       

Capital expenditures

(3,140)

 

(9,353)

 

Proceeds from sale of assets

353

 

-

 

Other

 

8

 

(56)

 

     Net cash used in investing activities

(2,779)

 

(9,409)

 
           

CASH FLOWS FROM FINANCING ACTIVITIES:

       

Proceeds from ABL facility

130,000

 

78,000

 

Payments on ABL facility

(121,000)

 

(68,000)

 

Payments on capital lease

(133)

 

(121)

 

     Net cash provided by financing activities

8,867

 

9,879

 

Effect of exchange rate fluctuations on cash and cash equivalents

394

 

(443)

 

Net increase (decrease) in cash and cash equivalents

3,843

 

(14,656)

 

CASH AND CASH EQUIVALENTS:

       

Beginning of period

18,520

 

39,429

 

End of period

 

$                  22,363

 

$                24,773

 

 

EXHIBIT D

THE GYMBOREE CORPORATION

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(In thousands)

(Unaudited)

 

ADJUSTED EBITDA:

         

The Company defines "Adjusted EBITDA" as net income (loss) attributable to The Gymboree Corporation before interest expense, interest income, income tax expense/benefit, and depreciation and amortization ("EBITDA") adjusted for other items, including non-cash share-based compensation, loss on disposal/impairment of assets, sponsor management fees and expenses, as well as the impact of purchase accounting adjustments resulting from the acquisition of the Company by investment funds sponsored by Bain Capital Partners, LLC (the "Acquisition"), non-recurring and unusual items. 

Adjusted EBITDA is not a performance measure under U.S. generally accepted accounting principles ("GAAP"), but is considered an important supplemental measure of the Company's performance and is believed to be used frequently by securities analysts, investors and other interested parties in the evaluation of similar retail companies. Adjusted EBITDA is not a presentation made in accordance with GAAP and the Company's computation of Adjusted EBITDA may vary from others in the industry. Adjusted EBITDA should not be considered an alternative to operating income or net income, as a measure of operating performance or cash flow, or as a measure of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company's results as reported under GAAP. 

The table below provides a reconciliation of net loss attributable to The Gymboree Corporation to Adjusted EBITDA:

           
   

13 Weeks Ended

 
   

May 2, 2015

    

May 3, 2014

 
           

Net loss attributable to The Gymboree Corporation

 

$                (23,025)

 

$                (13,431)

 

Reconciling items (a):

         

Interest expense 

 

21,076

 

20,374

 

Interest income 

 

(7)

 

(52)

 

Income tax expense

 

1,305

 

599

 

Depreciation and amortization (b)

 

10,295

 

10,786

 

Non-cash share-based compensation expense 

 

720

 

1,276

 

Loss on disposal/impairment on assets

 

133

 

330

 

Acquisition-related adjustments (c)

 

3,234

 

2,944

 

Other (d)

 

1,866

 

(795)

 

Adjusted EBITDA

 

$                  15,597

 

$                  22,031

 
           

(a) Excludes amounts related to noncontrolling interest, which are already excluded from net loss attributable to The Gymboree Corporation.

 
           

(b) Includes the following:

         

Amortization of intangible assets (impacts SG&A)

 

$                       384

 

$                       384

 

Amortization of below and above market leases (impacts COGS)

 

(133)

 

(247)

 
   

$                       251

 

$                       137

 
           

(c) Includes the following:

         

Additional rent expense recognized due to the elimination of deferred rent and construction allowances in purchase accounting (impacts COGS)

 

$                    1,886

 

$                    2,068

 

Sponsor fees, legal and accounting, as well as other costs incurred as a result of the Acquisition or refinancing (impacts SG&A)

 

1,348

 

876

 
   

$                    3,234

 

$                    2,944

 
           

(d) Other is comprised of restructuring charges in the first quarter of fiscal 2015 and 2014 and a non-recurring change in reserves in the first quarter of fiscal 2014.

 
           
           

OTHER NON-GAAP FINANCIAL MEASURES:

         
           
   

13 Weeks Ended

 
   

May 2, 2015

 

May 3, 2014

 
           

Gross profit as reported

 

$                105,357

 

$                108,358

 

Acquisition-related adjustments

 

1,753

 

1,821

 

Adjusted gross profit excluding Acquisition-related adjustments (non-GAAP measure)

 

$                107,110

 

$                110,179

 
           
           
   

13 Weeks Ended

 
   

May 2, 2015

 

May 3, 2014

 
           

SG&A as reported

 

$              (104,710)

 

$              (102,290)

 

Acquisition-related adjustments

 

1,732

 

1,260

 

Other adjustments

 

1,866

 

(795)

 
   

3,598

 

465

 

Adjusted SG&A excluding Acquisition-related and other adjustments (non-GAAP measure)

 

$              (101,112)

 

$              (101,825)

 

 

EXHIBIT E

               

THE GYMBOREE CORPORATION

CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS

(In thousands)

(Unaudited)

                   
   

For the 13 Weeks Ended May 2, 2015

 
   

Balance Before 

                   
   

Consolidation of VIEs

 

VIEs*

 

Eliminations

 

As Reported

 

Net sales

$                        270,138

 

$                          8,611

 

$                    (2,680)

 

$               276,069

 

Cost of goods sold, including buying and occupancy expenses

(169,562)

 

(2,227)

 

1,077

 

(170,712)

 

 

     Gross profit

100,576

 

6,384

 

(1,603)

 

105,357

 

Selling, general and administrative expenses

(100,988)

 

(5,173)

 

1,451

 

(104,710)

 

 

     Operating (loss) income

(412)

 

1,211

 

(152)

 

647

 

Other non operating expense

(21,157)

 

(10)

 

-

 

(21,167)

 

 

     (Loss) income before income taxes

(21,569)

 

1,201

 

(152)

 

(20,520)

 

Income tax expense

(1,304)

 

(656)

 

-

 

(1,960)

 

 

     Net (loss) income

(22,873)

 

545

 

(152)

 

(22,480)

 

 

     Net income attributable to noncontrolling interest

-

 

(545)

 

-

 

(545)

 

 

     Net loss attributable to The Gymboree Corporation

$                         (22,873)

 

$                                -

 

$                       (152)

 

$               (23,025)

 
                   
                   
   

For the 13 Weeks Ended May 3, 2014

 
   

Balance Before 

             
   

Consolidation of VIEs

 

VIEs*

 

Eliminations

 

As Reported

 

Net sales

$                        269,144

 

$                          5,404

 

$                    (2,538)

 

$               272,010

 

Cost of goods sold, including buying and occupancy expenses

(162,438)

 

(1,302)

 

88

 

(163,652)

 

     Gross profit

106,706

 

4,102

 

(2,450)

 

108,358

 

Selling, general and administrative expenses

(98,960)

 

(5,793)

 

2,463

 

(102,290)

 

     Operating income (loss)

7,746

 

(1,691)

 

13

 

6,068

 

Other non operating expense

(20,591)

 

(104)

 

-

 

(20,695)

 

     Loss before income taxes

(12,845)

 

(1,795)

 

13

 

(14,627)

 

Income tax (expense) benefit

(599)

 

223

 

-

 

(376)

 

     Net loss

(13,444)

 

(1,572)

 

13

 

(15,003)

 

 

     Net loss attributable to noncontrolling interest

-

 

1,572

 

-

 

1,572

 

     Net loss attributable to The Gymboree Corporation

$                         (13,444)

 

$                                -

 

$                          13

 

$               (13,431)

 

 

EXHIBIT E (continued)

             

THE GYMBOREE CORPORATION

CONDENSED CONSOLIDATING BALANCE SHEETS

(In thousands)

(Unaudited)

                     
     

May 2, 2015

 
     

Balance Before 

             
     

Consolidation of VIEs

   

VIEs*

   

Eliminations

   

As Reported

 

Current assets

$                     269,733

 

$                        17,770

 

$                    (2,134)

 

$               285,369

 

Non-current assets

916,096

 

5,095

 

-

 

921,191

 

 

     Total assets

$                  1,185,829

 

$                        22,865

 

$                    (2,134)

 

$            1,206,560

 
                     

Current liabilities

$                     244,625

 

$                        11,840

 

$                    (1,805)

 

$               254,660

 

Non-current liabilities

1,304,220

 

485

 

-

 

1,304,705

 

     Total liabilities

$                  1,548,845

 

$                        12,325

 

$                    (1,805)

 

$            1,559,365

 
                     

Total stockholders' deficit

(363,016)

 

-

 

(329)

 

(363,345)

 

Noncontrolling interest

-

 

10,540

 

-

 

10,540

 

 

     Total liabilities and stockholders' deficit

$                  1,185,829

 

$                        22,865

 

$                    (2,134)

 

$            1,206,560

 
                     
     

January 31, 2015

 
     

Balance Before 

             
     

Consolidation of VIEs

 

VIEs*

 

Eliminations

 

As Reported

 

Current assets

$                     243,682

 

$                        16,222

 

$                    (1,555)

 

$               258,349

 

Non-current assets

924,367

 

5,227

 

-

 

929,594

 

 

     Total assets

$                  1,168,049

 

$                        21,449

 

$                    (1,555)

 

$            1,187,943

 
                     

Current liabilities

$                     205,674

 

$                        11,088

 

$                    (1,373)

 

$               215,389

 

Non-current liabilities

1,304,384

 

435

 

-

 

1,304,819

 

 

     Total liabilities

$                  1,510,058

 

$                        11,523

 

$                    (1,373)

 

$            1,520,208

 
                     

Total stockholders' deficit

(342,009)

 

-

 

(182)

 

(342,191)

 

Noncontrolling interest

-

 

9,926

 

-

 

9,926

 

 

     Total liabilities and stockholders' deficit

$                  1,168,049

 

$                        21,449

 

$                    (1,555)

 

$            1,187,943

 
                     
     

May 3, 2014

 
     

Balance Before 

             
     

Consolidation of VIEs

 

VIEs*

 

Eliminations

 

As Reported

 

Current assets

$                     238,320

 

$                        17,334

 

$                    (2,231)

 

$               253,423

 

Non-current assets

1,557,828

 

4,470

 

-

 

1,562,298

 

 

     Total assets

$                  1,796,148

 

$                        21,804

 

$                    (2,231)

 

$            1,815,721

 
                     

Current liabilities

$                     185,467

 

$                          8,131

 

$                    (2,090)

 

$               191,508

 

Non-current liabilities

1,388,802

 

354

 

-

 

1,389,156

 

 

     Total liabilities

$                  1,574,269

 

$                          8,485

 

$                    (2,090)

 

$            1,580,664

 
                     

Total stockholders' equity

221,879

 

-

 

(141)

 

221,738

 

Noncontrolling interest

-

 

13,319

 

-

 

13,319

 

 

     Total liabilities and stockholders' equity

$                  1,796,148

 

$                        21,804

 

$                    (2,231)

 

$            1,815,721

 

 

                     

*  The Variable Interest Entities ("VIEs") include the results of Gymboree (China) Commercial and Trading Co. Ltd. and Gymboree (Tianjin) Educational Information Consultation Co. Ltd.  While the Company does not control these two entities, they have been determined to be variable interest entities and their results have been consolidated by the Company.

SOURCE The Gymboree Corporation

###

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