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.
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