• Q1 net loss US$2.8m, versus $4.2m profit
  • Net sales down 1.7% to US$292.8m
  • Comps down 5%

Retail business The Gymboree Corporation slipped to a first quarter net loss after sales dipped 1.7% and comparable store sales fell 5%.

Gross profit increased to 41.3% in the three months to 4 May from 40.9% in last year’s first quarter, the company said.

The owner of the Gymboree retail chain now expects its full-year adjusted EBITDA to be up “modestly” on last year, with comparable store sales flat to slightly positive.