Gymboree profit dips in Q3
San Francisco -- The Gymboree Corp. reported Monday that net income for the quarter ended Oct. 30 dipped slightly to $34.4 million, compared with net income of $34.8 million in the year-ago quarter.
Revenue increased 4% to $280.9 million, compared with $269.1 million in the prior year.
Same-store sales decreased 4%.
"Our strategy of leveraging existing infrastructure across a multi-brand portfolio, coupled with the strong performance of Crazy 8, has served as the catalyst for our continued margin improvement,” said Matthew McCauley, chairman and CEO. “Looking ahead, we plan to build on our success with the Crazy 8 brand and expect to roll out an additional 80 stores in 2011."
Gymboree operates 1,049 retail stores: 636 Gymboree stores (595 in the United States; 37 in Canada; two in Australia; and two in Puerto Rico); 148 Gymboree Outlet stores; 122 Janie and Jack shops; and 143 Crazy 8 stores in the United States.