US: Gymboree to open 50 stores despite wider Q1 loss
- Q1 loss of $15m versus $2.8m
- Sales down 7.1% to $272m
- Plans to open 50 stores and close 25-30
US children's apparel retailer The Gymboree Corporation plans to open 50 new stores in fiscal 2014, despite posting a wider year-on-year first-quarter loss.
The company's net loss amounted to US$15m during the 13 weeks to 3 May, compared to a loss of $2.8m in the same period last year.
Sales dropped 7.1% to $272m from $292.8m in the prior year, and comparable store sales, including online stores, declined 10%.
Gross margin fell to 39.8% from 41.3% a year ago.
The 50 new stores expected to open this year will be distributed fairly evenly across the brands, Gymboree said, but added that it will close 25-30 stores.
For the full year, the company expects adjusted EBITDA to be flat, and estimates spending around $35-40m for capital expenditures.
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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