10-year

10-Year Anniversary Promotion (20% off)

Join GuruFocus Premium Membership Now for Only $279/Year

Once a decade discount

Save up to $500 on Global Membership.

Don't Miss It !

Free 7-day Trial
All Articles and Columns »

Gymboree Corp. Reports Operating Results (10-Q)

September 18, 2013 | About:
10qk

10qk

18 followers
Gymboree Corp. (GYMB) filed Quarterly Report for the period ended 2013-08-03.

.

Highlight of Business Operations:

Net retail sales for the second quarter of fiscal 2013 increased to $278.9 million from $259.1 million in the same period last year, an increase of $19.8 million or 7.7%. Comparable store sales (including online sales) decreased by 3% in the second quarter of fiscal 2013 compared to the same period in the prior year. Comparable store sales (excluding online sales) decreased by 7% in the second quarter of fiscal 2013 compared to the same period in the prior year. Total net stores increased from 1,191 as of the second quarter of fiscal 2012 to 1,302 as of the second quarter of fiscal 2013. Total square footage increased from approximately 2.4 million square feet to approximately 2.7 million square feet from the second quarter of fiscal 2012 to the second quarter of fiscal 2013.

Retail franchise net sales for the second quarter of fiscal 2013 increased to $5.7 million from $3.8 million in the same period last year, an increase of $1.9 million or 48.8% As of August 3, 2013, our third-party overseas partners operated 62 Gymboree stores in other countries, compared to 33 stores as of the end of the same period last year.

Selling, general and administrative (SG&A) expenses, which principally consist of non-occupancy store expenses, corporate overhead, and distribution expenses, increased to $102.0 million in the second quarter of fiscal 2013 compared to $95.6 million in the same period last year. As a percentage of net sales, SG&A expenses decreased 0.5 percentage points to 35.1% for the second quarter of fiscal 2013 from 35.6% in the same period last year primarily due to lower amortization expense of Acquisition-related intangibles, partially offset by a deleveraging of expenses on lower comparable store sales.

Net retail sales for the 26 weeks ended August 3, 2013 increased to $559.8 million from $547.2 million in the same period last year, an increase of $12.6 million or 2.3%. Comparable store sales (including online sales) decreased by 4% in the 26 weeks ended August 3, 2013 compared to the same period in the prior year. Comparable store sales (excluding online sales) decreased by 7% in the 26 weeks ended August 3, 2013 compared to the same period in the prior year. Total net stores increased from 1,191 as of the second quarter of fiscal 2012 to 1,302 as of the second quarter of fiscal 2013. Total square footage increased from approximately 2.4 million square feet to approximately 2.7 million square feet from the second quarter of fiscal 2012 to the second quarter of fiscal 2013.

Selling, general and administrative (SG&A) expenses, which principally consist of non-occupancy store expenses, corporate overhead, and distribution expenses, increased to $206.2 million for the 26 weeks ended August 3, 2013 compared to $187.3 million in the same period last year. As a percentage of net sales, SG&A expenses increased 2.2 percentage points to 35.3% for the 26 weeks ended August 3, 2013 from 33.1% in the same period last year primarily due to a deleveraging of expenses on lower comparable store sales, partially offset by lower amortization expense of Acquisition-related intangibles.

Read the The complete Report

About the author:

10qk
GuruFocus - Stock Picks and Market Insight of Gurus

Rating: 4.0/5 (1 vote)

Comments

Please leave your comment:


Get WordPress Plugins for easy affiliate links on Stock Tickers and Guru Names | Earn affiliate commissions by embedding GuruFocus Charts
GuruFocus Affiliate Program: Earn up to $400 per referral. ( Learn More)
Free 7-day Trial
FEEDBACK