-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OLtvirmUZyuVhs+RzXZRobXcIQ3+kiVcKVmQ06xWs4MX0PSvWmzKpT02wKgK9RnK zkLzp7oCsyYxzzEpBQK9fg== 0000891618-97-002631.txt : 19970618 0000891618-97-002631.hdr.sgml : 19970618 ACCESSION NUMBER: 0000891618-97-002631 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 19970503 FILED AS OF DATE: 19970617 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: GYMBOREE CORP CENTRAL INDEX KEY: 0000786110 STANDARD INDUSTRIAL CLASSIFICATION: APPAREL & OTHER FINISHED PRODS OF FABRICS & SIMILAR MATERIAL [2300] IRS NUMBER: 942615258 STATE OF INCORPORATION: DE FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-21250 FILM NUMBER: 97625183 BUSINESS ADDRESS: STREET 1: 700 AIRPORT BLVD STE 200 CITY: BURLINGAME STATE: CA ZIP: 94010 BUSINESS PHONE: 4155790600 MAIL ADDRESS: STREET 2: 700 AIRPORT BLVD #200 CITY: BURLINGAME STATE: CA ZIP: 94010 10-Q 1 FORM 10-Q FOR THE PEIOD ENDED MAY 3, 1997 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) [ X ] Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the quarterly period ended MAY 3, 1997 OR [ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. For the transition period from _____________________ to ______________________ Commission file number 000-21250 THE GYMBOREE CORPORATION (Exact name of registrant as specified in its charter) DELAWARE 94-2615258 (State or other jurisdiction of (IRS Employer Identification No.) incorporation or organization) 700 AIRPORT BOULEVARD, BURLINGAME, CALIFORNIA 94010-1912 (Address of principal executive offices) (Zip code) (415) 579-0600 Registrant's telephone number, including area code Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No ----- ----- Number of shares of common stock outstanding at May 21, 1997: 24,865,521 2 TABLE OF CONTENTS
Page Number ------ PART I. FINANCIAL INFORMATION Item 1. Financial Statements Consolidated Statements of Income.......................... 3 Consolidated Balance Sheets................................ 4 Condensed Consolidated Statements of Cash Flows............ 5 Notes to Consolidated Financial Statements................. 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations........................ 7 PART II. OTHER INFORMATION Item 2. Changes in Securities...................................... 10 Item 4. Submission of Matters to a Vote of Security Holders........ 11 Item 6. Exhibits and Reports on Form 8-K........................... 11 SIGNATURES ........................................................... 13
3 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS THE GYMBOREE CORPORATION CONSOLIDATED STATEMENTS OF INCOME (IN THOUSANDS, EXCEPT PER SHARE AND STORE DATA) (UNAUDITED)
13 WEEKS ENDED -------------------------- MAY 3, 1997 MAY 5, 1996 ----------- ----------- NET SALES $ 85,240 $ 69,103 COST OF GOODS SOLD, INCLUDING BUYING AND OCCUPANCY EXPENSES (46,294) (35,447) -------- -------- GROSS PROFIT 38,946 33,656 SELLING, GENERAL AND ADMINISTRATIVE EXPENSES (26,306) (20,815) PLAY PROGRAM INCOME 0 128 -------- -------- OPERATING INCOME 12,640 12,969 INTEREST INCOME 1,010 890 -------- -------- INCOME BEFORE INCOME TAXES 13,650 13,859 INCOME TAXES (5,051) (5,266) -------- -------- NET INCOME $ 8,599 $ 8,593 ======== ======== NET INCOME PER SHARE: PRIMARY $ 0.34 $ 0.34 FULLY DILUTED $ 0.34 $ 0.34 WEIGHTED AVERAGE SHARES OUTSTANDING: PRIMARY 25,428 25,444 FULLY DILUTED 25,514 25,574 NUMBER OF STORES AT END OF PERIOD 380 305
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. 3 4 THE GYMBOREE CORPORATION CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT SHARE DATA) (UNAUDITED)
ASSETS MAY 3, 1997 FEB 2, 1997 MAY 5, 1996 ----------- ----------- ----------- CURRENT ASSETS: CASH AND CASH EQUIVALENTS $ 7,725 $ 8,027 $ 11,476 INVESTMENTS 73,458 82,360 74,983 ACCOUNTS RECEIVABLE 4,654 4,336 4,319 MERCHANDISE INVENTORIES 36,568 48,979 29,091 PREPAID EXPENSES AND OTHER 1,553 1,893 2,342 --------- --------- --------- TOTAL CURRENT ASSETS 123,958 145,595 122,211 --------- --------- --------- PROPERTY AND EQUIPMENT: LEASEHOLD IMPROVEMENTS 48,765 44,231 34,657 FURNITURE, FIXTURES AND EQUIPMENT 52,399 45,820 28,143 --------- --------- --------- 101,164 90,051 62,800 LESS ACCUMULATED DEPRECIATION AND AMORTIZATION (21,748) (19,465) (13,554) --------- --------- --------- 79,416 70,586 49,246 OTHER ASSETS 1,158 728 517 --------- --------- --------- TOTAL ASSETS $ 204,532 $ 216,909 $ 171,974 ========= ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: TRADE ACCOUNTS PAYABLE $ 9,960 $ 21,949 $ 9,794 ACCRUED LIABILITIES 10,423 11,825 9,843 INCOME TAXES PAYABLE 7,407 6,631 8,408 --------- --------- --------- TOTAL CURRENT LIABILITIES 27,790 40,405 28,045 --------- --------- --------- DEFERRED RENT AND OTHER 16,008 14,571 11,310 STOCKHOLDERS' EQUITY: COMMON STOCK, INCLUDING EXCESS PAID-IN CAPITAL ($.001 PAR VALUE: 100,000,000 SHARES AUTHORIZED; 24,962,356, 25,324,060 AND 25,042,605 SHARES OUTSTANDING AT MAY 3, 1997, FEBRUARY 2, 1997, AND MAY 5, 1996, RESPECTIVELY) 52,762 62,694 57,355 RESTRICTED STOCK DEFERRED COMPENSATION (337) (753) (1,043) UNREALIZED CHANGE IN VALUE OF INVESTMENTS 13 219 (269) CUMULATIVE TRANSLATION ADJUSTMENT (75) 1 0 RETAINED EARNINGS 108,371 99,772 76,576 --------- --------- --------- TOTAL STOCKHOLDERS' EQUITY 160,734 161,933 132,619 --------- --------- --------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 204,532 $ 216,909 $ 171,974 ========= ========= =========
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. 4 5 THE GYMBOREE CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (IN THOUSANDS) (UNAUDITED)
13 WEEKS ENDED ---------------------------- MAY 3, 1997 MAY 5, 1996 ----------- ----------- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 8,599 $ 8,593 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 2,828 1,852 Non-cash compensation expenses 416 96 Loss on disposal of property and equipment 520 410 Provision for deferred income taxes 397 (168) Tax benefit from exercise of stock options 130 162 Cumulative translation adjustment (76) -- Change in assets and liabilities: Accounts receivable (318) (1,451) Merchandise inventories 12,411 8,561 Prepaid expenses and other assets (311) (257) Accounts payable (11,989) 137 Accrued liabilities (1,578) (894) Income taxes payable 776 2,164 Deferred rent and other 1,437 1,872 -------- -------- Net cash provided by operating activities 13,242 21,077 -------- -------- CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property and equipment (12,178) (8,100) Proceeds from sales (purchase) of marketable securities 8,696 (10,761) -------- -------- Net cash used in investing activities (3,482) (18,861) -------- -------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from exercise of stock options 440 505 Repurchase of common stock (10,502) -- -------- -------- Net cash (used) provided by financing activities (10,062) 505 -------- -------- Net (decrease) increase in cash and cash equivalents (302) 2,721 CASH AND CASH EQUIVALENTS: Beginning of quarter 8,027 8,755 -------- -------- End of quarter $ 7,725 $ 11,476 ======== ======== OTHER CASH FLOW INFORMATION: Cash paid during the year for income taxes $ 3,787 $ 3,189 ======== ========
SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. 5 6 THE GYMBOREE CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited) 1. BASIS OF PRESENTATION The unaudited interim consolidated financial statements of The Gymboree Corporation and its wholly-owned subsidiaries (the "Company") as of and for the period ended May 3, 1997 and May 5, 1996 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations, although the Company believes that the disclosures are adequate to make the information presented not misleading. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended February 2, 1997. The accompanying interim consolidated financial statements reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented and necessary to present fairly the results of operations, the financial position and cash flows for the periods presented. All such adjustments are of a normal and recurring nature. Certain prior year amounts have been reclassified to conform with the current year presentation. 2. MERCHANDISE INVENTORIES Merchandise inventories are recorded under the retail method of accounting and are stated at the lower of cost or market. 3. INCOME TAXES The Company's effective tax rate in the first quarter of fiscal 1997 was 37%, compared to 38% for the same period last year. 4. STOCK REPURCHASE PLAN In February 1997, the Board of Directors authorized the Company to repurchase up to $30 million of its outstanding common stock in the open market. The Company had spent $10.5 million to repurchase 395,000 shares of common stock as of May 3, 1997 . 5. RECENTLY ISSUED ACCOUNTING STANDARD In February 1997, the Financial Accounting Standards Board issued Statement of Financial Accounting Standards No. 128, "Earnings per Share" (SFAS No. 128). The Company is required to adopt SFAS No. 128 in the fourth quarter of fiscal 1997. At that time the company will restate earnings per share (EPS) data for prior periods to conform with SFAS No. 128. Earlier application is not permitted. SFAS No. 128 replaces current EPS reporting requirements and requires a dual presentation of basic and diluted EPS. Basic EPS excludes dilution and is computed by dividing net income by the weighted average of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock options, convertible debt instruments or other securities or contracts to issue common stock were exercised or converted into common stock. If 6 7 SFAS No. 128 had been in effect during the current and prior year periods, basic and diluted EPS would have been $0.34 for the quarters ended May 3, 1997 and May 5, 1996. ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS RESULTS OF OPERATIONS The following table sets forth, for the periods indicated, (i) selected income statement data expressed as a percentage of net sales, (ii) the percentage change from the same period of the prior year in such selected income statement data and (iii) the number of stores open at the end of each such period:
AS A PERCENTAGE OF NET SALES PERCENTAGE CHANGE FOR THE THIRTEEN WEEKS ENDED IN DOLLAR AMOUNTS --------------------------------- FROM 1996 TO 1997 FOR MAY 3, 1997 MAY 5, 1996 THE THIRTEEN WEEK PERIOD ----------- ----------- ------------------------ NET SALES 100.0% 100.0% 23.4% COST OF GOODS SOLD, INCLUDING BUYING AND OCCUPANCY EXPENSES (54.3) (51.3) (30.6) ----- ----- ------ GROSS PROFIT 45.7 48.7 15.7 SELLING, GENERAL AND (30.9) (30.1) (26.4) ADMINISTRATIVE EXPENSES PLAY PROGRAM INCOME 0.0 0.2 (100.0) ----- ----- ------ OPERATING INCOME 14.8 18.8 (2.5) INTEREST INCOME 1.2 1.3 13.4 ----- ----- ------ INCOME BEFORE INCOME TAXES 16.0 20.1 (1.5) INCOME TAXES (5.9) (7.7) 4.1 ----- ----- ------ NET INCOME 10.1% 12.4% 0.1% ===== ===== ====== NUMBER OF STORES AT END OF PERIOD 380 305
7 8 RESULTS OF OPERATIONS (CONTINUED) THIRTEEN WEEKS ENDED MAY 3, 1997 COMPARED TO THIRTEEN WEEKS ENDED MAY 5, 1996 - ------------------------------------------------------------------------------ NET SALES Net sales in the first quarter of fiscal 1997 increased 23% to $85.2 million compared to $69.1 million in the same period last year. Sales for the 27 stores opened in the first quarter of fiscal 1997 contributed $3.5 million of the increase in net sales. Stores opened prior to fiscal 1997, but not qualifying as comparable stores, in addition to eight stores that were expanded in fiscal 1997, contributed $11.7 million of the increase in net sales. Comparable store net sales increased 2% in the first quarter and contributed $0.9 million of the increase in net sales. GROSS PROFIT Gross profit for the thirteen weeks ended May 3, 1997 increased 16% to $38.9 million from $33.7 million in the same period last year. As a percentage of net sales, gross profit was 45.7% in the first quarter of fiscal 1997 compared to 48.7% in the same period last year. The decrease in gross profit, as a percentage of sales, was primarily due to higher markdowns taken in the first quarter of 1997. The Company is planning higher average per store inventory levels for the balance of 1997 as compared to 1996. While the increase in average per store inventory levels is expected to have a favorable impact on comparable store sales, this may result in downward pressure on gross profit as a percentage of sales. SELLING, GENERAL AND ADMINISTRATIVE EXPENSES Selling, general and administrative expenses ("S, G&A"), which principally consist of non-occupancy store expenses, corporate overhead and distribution expenses, increased to 30.9% of net sales in the first quarter of fiscal 1997, compared to 30.1% of net sales in the same period last year. The increase in S, G&A expenses, as a percentage of net sales, was primarily due to the increases in store payroll and expenses related to the resignation of the Company's chief executive officer in February, 1997, which resulted in a one time pre-tax charge of $900,000. The Company expects total S, G&A expenses, as a percentage of net sales, to decline slightly in fiscal 1997 due to a planned increase in comparable store sales and the discontinuation of the Company's catalog business at the end of fiscal 1996. However, this decline is expected to be partially offset by expenses associated with the addition of new stores located in Canada, and the launch of the Company's international expansion into the United Kingdom and the Republic of Ireland. 8 9 INTEREST INCOME Interest income increased to $1.0 million during the first quarter of 1997 from $890,000 during the first quarter of the prior year. The increase in interest income is primarily due to increased yields on investments during the first quarter of 1997 as compared to the first quarter of 1996. INCOME TAX The Company's effective tax rate in the first quarter of fiscal 1997 was 37%, compared to 38% for the same period last year. The decrease was due to a lower aggregate state tax rate than the prior year. FINANCIAL CONDITION LIQUIDITY AND CAPITAL RESOURCES The decline in cash provided by operating activities in the first quarter of 1997 compared to the first quarter of 1996 was primarily attributable to the timing of certain payables at the 1996 year-end. Cash provided by operating activities of $13.2 million was primarily attributable to $8.6 million of net income and $2.8 million of depreciation and amortization. Cash used in investing activities of $3.5 million for the first quarter of 1997 related primarily to $12.2 million in capital expenditures for new store openings and the relocation and/or expansion of certain existing stores, offset by $8.7 million from sales of certain marketable securities. Cash used in financing activities of $10.1 million was primarily due to the Company's common stock repurchase program. As of May 3, 1997, $10.5 million of the Company's common stock had been repurchased. The combined balances of cash, cash equivalents and investments were $81.2 million at May 3, 1997, a decrease of $9.2 million from February 2, 1997. Working capital as of May 3, 1997 was $96.2 million compared to $105.2 million at the end of fiscal 1996. The decrease in working capital was primarily due to the Company's common stock repurchase program and a decrease in inventory, partially offset by a decrease in accounts payable. The Company's investments consist largely of short-to-medium term investment grade securities. The Company estimates that capital expenditures during fiscal 1997 will be between $50 million and $60 million, and will be principally used to fund the opening of approximately 75 to 85 new stores, to remodel or expand approximately 25 existing stores, to complete the all store roll-out of the In-Store POS system and to construct a new 300,000 square foot distribution center on 15 acres of land located in Dixon, California. The Company purchased the land and commenced construction in May 1997. The target opening for this new facility is January 1998. The Company has no long term debt and did not require any cash borrowings in the first thirteen weeks of fiscal 1997 or 1996. The Company currently has lines of credit that allow up to $100 million of long-term unsecured letters of credit. As of May 21, 1997, $57.9 million was available. The Company uses these lines primarily to support letters of credit which fund its foreign sourcing of merchandise inventories. The Company anticipates that cash generated from operations, together with its existing cash resources, and funds available from its current letter of credit facilities will be sufficient to satisfy its cash needs through at least fiscal 1998. 9 10 OTHER FACTORS THAT MAY AFFECT FUTURE PERFORMANCE This Form 10-Q contains certain forward-looking statements reflecting the Company's current expectations, including statements regarding anticipated store openings, completion of a distribution center and future comparable store net sales, inventory, expense and liquidity levels. There can be no assurance that actual results will not vary materially from results projected in such forward-looking statements as a result of a number of factors, including competitive market conditions, levels of discretionary consumer spending, general economic conditions, the degree of promotional pricing activity by the Company, inventory levels, and the ability of the Company to successfully identify and respond to emerging children's fashion trends, to effectively monitor and control costs, and to effectively manage anticipated international and domestic growth. Other factors that may cause actual results to differ materially include those set forth in the reports that the Company files from time to time with the Securities and Exchange Commission. Other factors that may affect future performance include the following: INVENTORY LEVELS The Company is planning higher average per store inventory levels in 1997 as compared to 1996. While the increase in average per store inventory levels is expected to have a favorable impact on comparable store sales, there can be no assurance that the Company will experience increases in comparable store sales. INTERNATIONAL EXPANSION In fiscal 1997, the Company plans to further its international expansion in Canada, the United Kingdom and the Republic of Ireland. During the first quarter of fiscal 1997, the Company opened two additional stores in Canada, bringing the number of stores in Canada to seven. The success of this planned expansion will depend upon a number of factors, including the availability of suitable store locations, the ability to provide an adequate supply of inventory and the ability to hire and train qualified employees, of which there can be no assurance. PART II. OTHER INFORMATION ITEM 2. CHANGES IN SECURITIES In March 1997, the Company adopted a Stockholder Rights Plan (the "Plan"). The Plan entails a dividend of one right for each outstanding share of the Company's common stock. The rights are represented by and traded with the Company's common stock. There are no separate certificates or market for the rights. The rights do not become exercisable or trade separately from the common stock unless 17.5% or more of the common stock of the Company has been acquired, or after a tender or exchange offer is made for 17.5% or greater ownership of the Company's common stock. Should the rights become exercisable, each right will entitle the holder thereof to buy 1/1,000th of a share of the Company's Series A Preferred Stock at an exercise price of $125. Each 1/1,000th of a share of the new Series A Preferred Stock will essentially be the economic equivalent of one share of common stock. 10 11 Under certain circumstances, the rights "flip-in" and become rights to buy the Company's common stock at a 50% discount. Under certain other circumstances, the rights "flip-over" and become rights to buy an acquirer's common stock at a 50% discount. The rights may be redeemed by the Company for $0.01 per right at any time on or prior to the fifth day (or a later date as determined by the Board of Directors) following the first public announcement by the Company of the acquisition of beneficial ownership of 17.5% of the Company's common stock. ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS The annual meeting of stockholders was held on May 16, 1997 at which the stockholders voted on proposals as follows:
Votes Against Abstentions Votes for or Withheld and Non-Votes --------- ----------- ------------- Election of Directors: Arthur S. Berliner 20,348,280 2,285,081 2,385,457 Walter F. Loeb 20,359,460 2,273,901 2,385,457 Peter L. Thigpen 20,360,355 2,273,006 2,385,457 Ratify the appointment of Deloitte & Touche LLP as independent auditors for fiscal 1997. 22,599,764 25,875 2,393,179
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K (a) Exhibits 4.3 Certificate of Designation of Rights, Preferences and Privileges of Series A Participating Stock of The Gymboree Corporation. (4) 4.4 Preferred Stock Rights Agreement, date as of March 17, 1997, between The Gymboree Corporation and The First National Bank of Boston, including the Certificate of Designation, the form of Rights Certificate and the Summary of Rights attached thereto as Exhibits A, B and C, respectively. (5) 11 Computation of Net Income per Share 27 Financial Data Schedule 11 12 (4) Incorporated by reference to Exhibit 3 to the Registrant's Registration Statement on Form 8-A filed with the Commission on March 20, 1997 (file no. 000-21250). (5) Incorporated by reference to Exhibit 5 to the Registrant's Registration Statement on Form 8-A filed with the Commission on March 20, 1997 (file no. 000-21250). (b) Reports on Form 8-K A report on Form 8-K was filed on February 28, 1997, announcing the election of Jerome A. Chazen as a new director, the resignation of Ms. Nancy Pedot, from her positions as President, Chief Executive Officer and Director, as of February 14, 1997 and the appointment of Gary White, formerly Chief Operating Officer and Senior Vice President of the Company, to the positions of President, Chief Executive Officer and Director. 12 13 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE GYMBOREE CORPORATION (Registrant) June 16, 1997 By: /s/ Gary White - --------------------- --------------------------------------- Date Gary White President and Chief Executive Officer (Principal executive officer of the registrant) June 16, 1997 By: /s/ James P. Curley - --------------------- --------------------------------------- Date James P. Curley Senior Vice President and Chief Financial Officer and Chief Administrative Officer (Principal financial and accounting officer of the registrant) 13 14 EXHIBIT INDEX
Exhibit Number Description Page No. - ------ ----------- -------- 11 Computation of Net Income per Share 15 27 Financial Data Schedule --
14 EX-11 2 COMPUTATION OF NET INCOME PER SHARE 1 EXHIBIT 11 THE GYMBOREE CORPORATION COMPUTATION OF NET INCOME PER SHARE (IN THOUSANDS, EXCEPT PER SHARE DATA) (UNAUDITED)
13 WEEKS ENDED -------------------------- MAY 3, 1997 MAY 5, 1996 ----------- ----------- NET INCOME $ 8,599 $ 8,593 ======= ======= WEIGHTED AVERAGE SHARES OUTSTANDING DURING THE PERIOD: COMMON STOCK 24,987 25,027 ADD INCREMENTAL SHARES FROM ASSUMED EXERCISE OF STOCK OPTIONS 441 416 ------- ------- WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 25,428 25,443 ======= ======= PRIMARY NET INCOME PER SHARE $ 0.34 $ 0.34 ======= ======= WEIGHTED AVERAGE SHARES OUTSTANDING DURING THE PERIOD: COMMON STOCK 24,987 25,027 ADD INCREMENTAL SHARES FROM ASSUMED EXERCISE OF STOCK OPTIONS 527 547 ------- ------- WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT SHARES OUTSTANDING 25,514 25,574 ======= ======= FULLY DILUTED NET INCOME PER SHARE $ 0.34 $ 0.34 ======= =======
15 EX-27 3 FINANCIAL DATA SCHEDULE
5 0000786110 THE GYMBOREE CORPORATION 1,000 3-MOS JAN-31-1998 FEB-03-1997 MAY-03-1997 7,725 73,458 4,654 0 36,568 123,958 101,164 21,748 204,532 27,790 0 0 0 52,762 107,792 204,532 85,240 85,240 46,294 46,294 0 0 0 13,650 5,051 8,599 0 0 0 8,599 0.34 0.34
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