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Earnings per diluted share for the third fiscal quarter are now expected in the range of $1.05 to $1.10. This represents an increase from prior guidance for the quarter of $0.95 to $1.03 per diluted share.
The increased earnings expectation is primarily driven by better than anticipated gross margin rates resulting from more effective inventory and markdown management on slightly lower sales volumes. Comparable store sales and per store inventory levels at the end of the quarter are now expected to be down in the range of low to mid single digits.
Management Presentation
For more information about September sales to date, please listen to The Gymboree Corporation's sales recording by calling the Company's Investor Relations Hotline at 415-278-7933. The recording will be available Thursday, October 8 at 7:55 a.m. ET through Wednesday, October 14, at 11:59 p.m. PT.
About The Gymboree Corporation
The Gymboree Corporation's specialty retail brands offer unique, high-quality products delivered with personalized customer service. As of October 3, 2009, the Company operated a total of 944 retail stores: 630 Gymboree(R) stores (594 in the United States, 2 in Puerto Rico and 34 in Canada), 138 Gymboree Outlet stores, 120 Janie and Jack(R) shops and 56 Crazy 8(R) stores in the United States.
The Company also operates online stores at www.gymboree.com, www.janieandjack.com and www.crazy8.com, and offers directed parent-child developmental play programs at 627 franchised and Company-operated Play & Music(R) centers in the United States and 29 other countries.
Forward-Looking Statements
The foregoing paragraphs contain forward-looking statements relating to The Gymboree Corporation's anticipated sales growth and future financial performance. These are forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results could vary materially as a result of a number of factors, including increasing levels of unemployment and consumer debt, extreme volatility in the financial markets, current recessionary economic conditions, customer reactions to new merchandise, service levels and new concepts, success in meeting our delivery targets, the level of our promotional activity, our gross margin achievement, our ability to appropriately manage inventory, general economic conditions, effects of future embargos from countries used to source product, and competitive market conditions. Other factors that may cause actual results to differ materially include those set forth in the reports that we file from time to time with the Securities and Exchange Commission, including our annual report on Form 10-K for the year-ended January 31, 2009. These forward-looking statements reflect The Gymboree Corporation's expectations as of October 8, 2009. The Gymboree Corporation undertakes no obligation to update the information provided herein.
Gymboree, Janie and Jack, Crazy 8 and Gymboree Play & Music are registered trademarks of The Gymboree Corporation.
SOURCE The Gymboree Corporation
http://www.gymboree.com
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