Cash at the end of the first fiscal quarter 2012 increased to $88.3 million from $48.2 million at the end of the first fiscal quarter 2011.
Capital expenditures for the first quarter of fiscal 2012 were $8.6 million with the majority of the cash used to fund the opening of 24 new stores during the quarter.
Inventory balances at the end of the first fiscal quarter of 2012 were $185.7 million compared to $163.7 million at the end of the first fiscal quarter of 2011. Inventory cost on a per square foot basis was up 5%, while inventory units on a per square foot basis were down in the low single-digits.
Fiscal 2012 Business Outlook
Sales Expectations
The Company anticipates comparable store sales growth to be down in the low to mid-single digits for the second fiscal quarter of 2012 and flat to up in the low-single digits for the full year fiscal 2012.
Adjusted EBITDA
The Company expects Adjusted EBITDA for fiscal 2012 to increase modestly over fiscal 2011. The Company also anticipates generating sufficient cash flow to service its debt and fund its growth in fiscal 2012.
New Stores
During fiscal 2012, the Company plans to open 105 new stores, including 80 Crazy 8 stores.
Capital Expenditures
During fiscal 2012, the Company anticipates spending $45 million for capital expenditures.
The Gymboree Corporation's specialty retail brands offer unique, high-quality products delivered with personalized customer service.
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