Childrenswear specialist Gymboree Corporation reported earnings for the fiscal quarter ended April 29th 2006, of $17.9 million or $0.53 per diluted share including $1.8 million of stock-based compensation expense ($0.04 per diluted share) arising from the adoption of FAS Statement 123R.
This compares to earnings from continuing operations of $5.3 million or $0.17 per diluted share for the same period of the prior year. The company adopted FAS Statement 123R 'Share-based Payment' beginning in fiscal 2006.
"Our operating income for the quarter increased over 230% from the prior year," said Matthew McCauley, CEO. "We're continuing to see the impact of our product, marketing, and operating initiatives drive bottom line success for our shareholders."
Net sales from retail operations for the fiscal quarter ended April 29th 2006, totaled $186.2 million, a 16 percent increase over the $160.8 million in net sales from retail operations for the first fiscal quarter of the prior year.
As previously reported, comparable store sales from retail operations for the first fiscal quarter increased 13 percent over the same period last year. Total net sales for the first fiscal quarter were $188.9 million, an increase of 16 percent compared to total net sales of $163.0 million for the first fiscal quarter last year.
For the second fiscal quarter, the company expects a mid to high single digit comparable store sales increase over the second fiscal quarter of the prior year. It expects a second fiscal quarter net loss in the range of $0.09 to $0.07 per diluted share including stock-based compensation expense of $0.04 per diluted share arising from the adoption of FAS Statement 123R.
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