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Gymboree posts 10.2% rise in Q1 FY'12 sales
08
Jun '12
The Gymboree Corporation reported consolidated financial results for the first fiscal quarter ended April 28, 2012.

For the first quarter of the fiscal year ending February 2, 2013 ("fiscal 2012"), net sales were $297.8 million, an increase of 10.2% compared to $270.3 million in net sales for the first fiscal quarter of the prior year. Comparable store sales for the quarter increased 1% versus the first quarter of the fiscal year ended January 28, 2012 ("fiscal 2011").

Gross profit for the first quarter of fiscal 2012 was $121.8 million, or 40.9% of net sales, compared to $110.9 million, or 41.0% of net sales, for the first quarter of fiscal 2011.

Excluding purchase accounting adjustments of $3.0 million and $14.1 million for the first quarter of fiscal 2012 and the first quarter of fiscal 2011, respectively, relating to the November 2010 acquisition of the Company by Giraffe Holding, Inc., an entity controlled by investment funds sponsored by Bain Capital Partners, LLC, gross profit was $124.8 million, or 41.9% of net sales, and $125.0 million, or 46.2% of net sales, for the first quarter of fiscal 2012 and the first quarter of fiscal 2011, respectively.

SG&A expense for the first quarter of fiscal 2012 was $91.7 million, or 30.8% of net sales, compared to $84.6 million, or 31.3% of net sales, in the first quarter of the prior year.

Results for the first quarter of fiscal 2012 and fiscal 2011 include $5.2 million and $6.1 million, respectively, of additional costs resulting from the Acquisition, including the effect of purchase accounting adjustments.

Excluding these charges, SG&A expense for the first quarter of fiscal 2012 and fiscal 2011 was $86.5 million, or 29.1% of net sales, and $78.5 million, or 29.0% of net sales, respectively, which represents an increase of 10 basis points over fiscal 2011.

Net income for the first quarter of fiscal 2012 was $4.2 million compared to a net loss of $10.4 million for the same period last year. The significant increase in net income primarily resulted from higher debt extinguishment expense and higher Acquisition-related costs incurred during the prior fiscal year.

Net income attributable to The Gymboree Corporation before interest (income) expense, income tax benefit and depreciation and amortization, adjusted for other items ("Adjusted EBITDA"), for the first quarter of fiscal 2012 decreased 14.4% to $50.8 million compared to $59.3 million for the first quarter of the prior year.

Balance Sheet Highlights
Effective March 2012, the Company's $225 million asset-backed loan ("ABL") facility was refinanced to take advantage of favorable rates and to extend the maturity date. There were no borrowings outstanding under the ABL as of the end of the first fiscal quarter and approximately $172.5 million of undrawn availability.


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