Exhibit 99.2

THE GYMBOREE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share and store data)
(Unaudited)

			13 Weeks Ended						26 Weeks Ended
			August 2,			August 3,			August 2,			August 3,
			2003			2002			2003			2002
Net sales:
	Retail		$	110,356		$	105,079	*	$	246,438		$	234,691	*
	Play & music			2,734			3,169	*		6,107			7,158	*
		Total net sales		113,090			108,248			252,545			241,849
Cost of goods sold, including buying & occupancy expenses				(71,855	)		(66,968)	*		(152,489	)		(143,415)	*
	Gross profit			41,235			41,280			100,056			98,434
Selling, general and administrative expenses				(43,506	)		(43,229)	*		(90,432	)		(90,621)	*
	Operating income (loss)			(2,271	)		(1,949	)		9,624			7,813
Foreign exchange gains				441			139			214			481
Interest income (expense), net				27			(150	)		165			(352	)
	Income (loss) before income taxes			(1,803	)		(1,960	)		10,003			7,942
Income tax benefit (expense)				744			755			(3,801	)		(3,058	)
	Net income (loss)		$	(1,059	)	$	(1,205	)	$	6,202		$	4,884
Net income (loss) per share:
	Basic			($0.04	)		($0.04	)	$	0.21		$	0.17
	Diluted			($0.04	)		($0.04	)	$	0.20		$	0.16
Weighted average shares outstanding:
	Basic			29,552			28,943			29,433			28,869
	Diluted			29,552			28,943			30,723			30,539
Number of stores at end of period				594			571			594			571

     *     Prior year amounts were reclassified to conform to the 2003 presentation.

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

		August 2,		February 1,		August 3,
		2003		2003		2002
Current Assets
	Cash and cash equivalents	$	48,440	$	60,628	$	20,114
	Income tax receivable		—		—		16,563
	Accounts receivable		7,943		7,506		6,855
	Merchandise inventories		67,618		62,561		64,151
	Prepaid expenses and deferred taxes		10,624		10,764		9,252
	Total current assets		134,625		141,459		116,935
Property and Equipment, net			104,620		106,464		105,248
Lease Rights, Deferred Taxes and Other Assets			7,303		7,213		5,124
	Total Assets	$	246,548	$	255,136	$	227,307
Current Liabilities
	Current portion of long term debt	$	—	$	—	$	529
	Accounts payable		30,756		27,150		22,160
	Accrued liabilities		17,866		37,570		24,744
	Total current liabilities		48,622		64,720		47,433
Long Term Liabilities
	Long term debt, net of current portion		—		—		8,603
	Deferred rent and other liabilities		20,151		20,998		22,074
Stockholders’ Equity			177,775		169,418		149,197
	Total Liabilities and Stockholders’ Equity	$	246,548	$	255,136	$	227,307