Gymboree shrinks net loss in Q4; will close 30-40 stores

San Francisco – The Gymboree Corp. shrank its net loss in the fourth quarter of fiscal 2014 to $7.4 million, from $167.2 million in the same quarter a year earlier. The elimination of a non-recurring $157.2 million non-cash impairment charge in the fourth quarter of fiscal 2013 contributed to the reduction in net loss.



Net sales rose 7% to $375.6 million, from $351 million. Same-store sales rose 5%. In fiscal 2015, Gymboree plans to close 30-40 stores and open about 12 stores.



"Gymboree brand continues to be our primary focus and we believe we have the right initiatives and strategies in place to achieve our 2015 plans,” said Mark Breitbard, CEO.



For the fiscal year, a non-cash asset impairment charges in the third quarter helped increase net loss to $574.1 million, from $203 million. Net sales slipped to $1.23 billion, from $1.24 billion. Same-store sales dropped 3%.