US: Gymboree Q2 loss triples as sales slide
- Q2 net loss widens to $31.2m from $9.4m
- Comparable store sales dropped 10%
- Net sales fell 10.1% to $264.3m from $290.9m
US children's apparel retailer Gymboree Corporation has seen its second-quarter loss more than triple as sales fell 10%.
The San Francisco based company, said that despite a difficult second quarter, "we continued to make progress on our key initiatives in product, inventory and execution."
CEO Mark Breitbard added: "We are seeing a meaningful improvement in trend at the start of the third quarter with positive comparable store sales across each of our brands in August. In addition, we are well on our way to achieve our annual efficiency and cost savings goals."
Gross profit margin in the three months to 2 August was 36.5%, compared to 36.8% the year earlier, as lower sales were partially offset by an increase in average unit retail prices.
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