Gymboree Corporation (GYMB) May 2008 Sales Call June 5, 2008 8:00 AM ET
Executives
Jeff Harris, Vice President of Finance
Jeff Harris
Hello, this is Jeff Harris, Vice President of Finance for Gymboree. Thank you for your interest in the Gymboree Corporation, and welcome to our report on business for the fiscal month of May 2008.
Before I continue, allow me to point out that the information presented in this recorded call contains forward-looking statements, including statements about trends and operations, future sales, expectations and financial performance. Actual results could differ materially from those forecasts as a result of a number of factors, including those set forth in our annual report on Form 10-K filed March 28, 2008 with the SEC.
Looking first at product deliveries in the Gymboree division, we delivered our summer vacation line in the first week of the month. The boys’ line for summer vacation is themed “Shark Reef”, and the girls’ entitled “Palm Springs”. In week 4, we sent the trends 1 line with the girls’ product featuring a Beach Shack theme; and boys, Safari Outback.
The strongest performing departments during the month were kid boy and newborn, followed by accessories, baby boy, baby girl and kid girl. By geographic region, the Mid-Atlantic was the strongest performing during the month, followed by the Ohio Valley, Midwest, the Southeast and South.
Gross margins finished the month on plan and inventories are well positioned for our upcoming promotional events in June. In regards to events for the month of May, the first weekend of both years featured our “Circle of Friends” promotion, offering our most loyal customers 30% off of their entire purchase. Starting in week 3 of both years, we held our holiday-related event, offering 20% off of already marked-down product. To maximize gross margin dollars, the event continued through the end of the fiscal month this year. The
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