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.
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