US: Gymboree reports Q4 loss in challenging year
- Q4 net loss US$169.8m, up from $5.4m
- Net sales fall 11.7% to $351m
- Comparable store sales down 9%
Retailer The Gymboree Corporation posted a fourth quarter net loss of nearly US$170m, with revenues, comparable store sales and gross profit margins all down.
The US company said its gross profit margin in the three months to 1 February was 35.5%, down from 36.4% a year earlier, giving a full-year net loss of $206.4m, up from $10.4m.
Full-year net sales were down 3.1% to $1.24bn, while comps fell 6%, it added.
“The fourth quarter marked an end to a challenging year for the company, and clearly we are disappointed with our performance,” said Mark Breitbard, Gymboree CEO.
“We remain focused on four key areas to improve the long-term performance of the business: solidifying our team, delivering compelling product, improving inventory management and upgrading our infrastructure.”
The company expects full-year adjusted EBITDA to be flat in fiscal 2014.
US children's apparel retailer Gymboree Corporation said it is pleased with the progress it made in the fourth quarter as it reduced its net losses and booked increases in both sales and gross margins...
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