Gymboree Corp. (GYMB, Financial) filed Quarterly Report for the period ended 2010-07-31.
Gymboree Corp. has a market cap of $1.19 billion; its shares were traded at around $40.41 with a P/E ratio of 10.9 and P/S ratio of 1.1. Gymboree Corp. had an annual average earning growth of 49.6% over the past 5 years.GYMB is in the portfolios of Chuck Royce of Royce& Associates, Pioneer Investments, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, John Keeley of Keeley Fund Management.
Net retail sales for the 26 weeks ended July 31, 2010 increased to $469.5 million from $440.2 million in the same period last year, an increase of $29.3 million, or 6.7%. This increase was primarily due to net store and square footage growth of 93 stores and approximately 215,000 square feet, respectively. Comparable store sales for the 26 weeks ended July 31, 2010 remained flat to the corresponding period last year.
Gross profit for the 26 weeks ended July 31, 2010 increased to $227.1 million from $202.8 million in the same period last year. As a percentage of net sales, gross profit for the 26 weeks ended July 31, 2010 increased 2.3 percentage points to 47.7% from 45.4% in the same period last year. This increase was primarily due to lower product costs and was partially offset by deleveraging of occupancy costs.
Cash and cash equivalents were $132.4 million at July 31, 2010, a decrease of $125.3 million from January 30, 2010. Working capital as of July 31, 2010 was $219.8 million compared to $287.3 million as of January 30, 2010.
Net cash used in financing activities for the 26 weeks ended July 31, 2010 was $119.7 million compared to $1.5 million in the same period last year. This increase was primarily due to the Companys share repurchase programs. During the 26 weeks ended July 31, 2010, the Company repurchased and retired 2,613,375 shares of Company common stock at an aggregate cost of approximately $113.6 million or approximately $43.49 per share. Financing activities for the 26 weeks ended July 31, 2010 and August 1, 2009 also include $10.9 million and $4.9 million, respectively, in stock repurchases, primarily reflecting employee minimum statutory tax withholding requirements for restricted stock awards and units that vested during the period. Employees satisfy their minimum statutory tax requirements through a net settlement feature whereby restricted stock awards and units are sold on their vest date to cover tax obligations.
The Company has an unsecured revolving credit facility for borrowings of up to $80 million (subject to an option to increase the borrowing limit up to $100 million with the approval of the lender). The credit facility may be used for the issuance of documentary and standby letters of credit, working capital, and capital expenditure needs. The credit facility requires the Company to meet financial covenants on a quarterly basis and limits annual capital expenditures. As of July 31, 2010, the Company was in compliance with these covenants. As of July 31, 2010, $78.2 million of documentary and standby letters of credit were outstanding, and no borrowings were outstanding. The maximum amount of documentary and standby letters of credit outstanding during the 26 weeks ended July 31, 2010 was $78.2 million. On August 24, 2010, the Company entered into a Thirteenth Amendment to Credit Agreement, dated as of August 24, 2010, to, among other things, extend the maturity date of the unsecured revolving credit facility from September 1, 2010 to September 1, 2011.
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Gymboree Corp. has a market cap of $1.19 billion; its shares were traded at around $40.41 with a P/E ratio of 10.9 and P/S ratio of 1.1. Gymboree Corp. had an annual average earning growth of 49.6% over the past 5 years.GYMB is in the portfolios of Chuck Royce of Royce& Associates, Pioneer Investments, Jim Simons of Renaissance Technologies LLC, Steven Cohen of SAC Capital Advisors, George Soros of Soros Fund Management LLC, John Keeley of Keeley Fund Management.
Highlight of Business Operations:
Net retail sales in the second quarter of fiscal 2010 increased to $219.5 million from $212.3 million in the same period last year, an increase of $7.2 million, or 3.4%. This increase was primarily due to net store and square footage growth of 93 stores and approximately 215,000 square feet, respectively. Comparable store sales for the second quarter of fiscal 2010 decreased 3% from the same period in the prior year. During the second quarter of fiscal 2010, the Company experienced a decrease in average transaction size due to slight decreases in average unit retail prices and units per transaction as customers continued to focus on value. These decreases were partially offset by an increase in total number of transactions. There were 1,019 stores open at the end of the second quarter of fiscal 2010 compared to 926 as of the end of the same period last year.Net retail sales for the 26 weeks ended July 31, 2010 increased to $469.5 million from $440.2 million in the same period last year, an increase of $29.3 million, or 6.7%. This increase was primarily due to net store and square footage growth of 93 stores and approximately 215,000 square feet, respectively. Comparable store sales for the 26 weeks ended July 31, 2010 remained flat to the corresponding period last year.
Gross profit for the 26 weeks ended July 31, 2010 increased to $227.1 million from $202.8 million in the same period last year. As a percentage of net sales, gross profit for the 26 weeks ended July 31, 2010 increased 2.3 percentage points to 47.7% from 45.4% in the same period last year. This increase was primarily due to lower product costs and was partially offset by deleveraging of occupancy costs.
Cash and cash equivalents were $132.4 million at July 31, 2010, a decrease of $125.3 million from January 30, 2010. Working capital as of July 31, 2010 was $219.8 million compared to $287.3 million as of January 30, 2010.
Net cash used in financing activities for the 26 weeks ended July 31, 2010 was $119.7 million compared to $1.5 million in the same period last year. This increase was primarily due to the Companys share repurchase programs. During the 26 weeks ended July 31, 2010, the Company repurchased and retired 2,613,375 shares of Company common stock at an aggregate cost of approximately $113.6 million or approximately $43.49 per share. Financing activities for the 26 weeks ended July 31, 2010 and August 1, 2009 also include $10.9 million and $4.9 million, respectively, in stock repurchases, primarily reflecting employee minimum statutory tax withholding requirements for restricted stock awards and units that vested during the period. Employees satisfy their minimum statutory tax requirements through a net settlement feature whereby restricted stock awards and units are sold on their vest date to cover tax obligations.
The Company has an unsecured revolving credit facility for borrowings of up to $80 million (subject to an option to increase the borrowing limit up to $100 million with the approval of the lender). The credit facility may be used for the issuance of documentary and standby letters of credit, working capital, and capital expenditure needs. The credit facility requires the Company to meet financial covenants on a quarterly basis and limits annual capital expenditures. As of July 31, 2010, the Company was in compliance with these covenants. As of July 31, 2010, $78.2 million of documentary and standby letters of credit were outstanding, and no borrowings were outstanding. The maximum amount of documentary and standby letters of credit outstanding during the 26 weeks ended July 31, 2010 was $78.2 million. On August 24, 2010, the Company entered into a Thirteenth Amendment to Credit Agreement, dated as of August 24, 2010, to, among other things, extend the maturity date of the unsecured revolving credit facility from September 1, 2010 to September 1, 2011.
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