For the second quarter of the fiscal year ending February 2, 2013 ("fiscal 2012"), net sales were $268.8 million, an increase of 3.8% compared to $259.0 million in net sales for the second quarter of the fiscal year ended January 28, 2012 ("fiscal 2011"). Comparable store sales for the second quarter of fiscal 2012 decreased 1% compared to the second quarter of fiscal 2011.
Gross profit for the second quarter of fiscal 2012 was $89.2 million, or 33.2% of net sales, compared to $92.0 million, or 35.5% of net sales, for the second quarter of fiscal 2011.
Excluding purchase accounting adjustments of $3.0 million and $3.4 million for the second quarter of fiscal 2012 and the second quarter of fiscal 2011, respectively, relating to the November 2010 acquisition of the Company by investment funds sponsored by Bain Capital Partners, LLC, adjusted gross profit was $92.2 million, or 34.3% of net sales, and $95.4 million, or 36.8% of net sales, for the second quarter of fiscal 2012 and the second quarter of fiscal 2011, respectively.
SG&A expense for the second quarter of fiscal 2012 was $95.6 million, or 35.6% of net sales, compared to $88.9 million, or 34.3% of net sales, in the second quarter of the prior year. Results for the second quarter of fiscal 2012 and fiscal 2011 include $5.3 million and $5.3 million, respectively, of additional costs resulting from the Acquisition, including the effect of purchase accounting adjustments.
Excluding these charges, adjusted SG&A expense for the second quarter of fiscal 2012 and fiscal 2011 was $90.3 million, or 33.6% of net sales, and $83.5 million, or 32.3% of net sales, respectively, which represents an increase of 130 basis points over fiscal 2011.
Net loss for the second quarter of fiscal 2012 was $14.1 million compared to a net loss of $6.9 million for the same period last year. The increase in net loss primarily resulted from higher average unit costs resulting from higher commodity prices and from slight SG&A deleverage due to the comparable store sales decrease of 1%.
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 second quarter of fiscal 2012 decreased 35.5% to $16.4 million, compared to $25.5 million for the second 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 improved rates and to extend the maturity date. There were no borrowings outstanding under the ABL as of the end of the second fiscal quarter and approximately $176.7 million of undrawn availability.
Cash at the end of the second quarter of fiscal 2012 decreased to $54.6 million from $54.8 million at the end of the second quarter of fiscal 2011. During the quarter, the Company made a $15.6 million prepayment on its senior secured term loan facility.
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