(RTTNews) - Kids apparel retailer Gymboree Corp.
(GYMB) said Thursday that its first quarter same-store sales rose 4%, prompting the company to raise its earnings outlook for the quarter and the full year.
The San Francisco-based company said net sales from retail operations for the thirteen-week period ended May 3 increased 16% to $238.9 million from $206.7 million in the first quarter of last year.
Analysts polled by First Call / Thomson Financial expected the company to post revenue of $235.98 million for the first quarter.
As of May 3, the company operated a total of 811 retail stores, including 604 Gymboree stores in the United States and Canada), 96 Gymboree Outlet stores, 95 Janie and Jack shops and 16 Crazy 8 stores in the United States.
Based on strong sales results, Gymboree raised its first quarter earnings guidance to a range of $0.83 to $0.85 per share from its prior guidance of $0.73 to $0.75 per share. Analysts currently expect the company to earn $0.76 per share for the first quarter.
The company said it now expects full fiscal year 2008 earnings to be in the range of $3.10 to $3.15 per share, up from its prior expectations of $3.00 to $3.05 per share. Analysts currently expect the company to earn $3.04 per share for the full fiscal year 2008.
For the second quarter, the company expects earnings to be in the range of $0.18 to $0.20 per share. Analysts currently expect the company to earn $0.21 per share for the second quarter.
Gymboree shares are currently trading at $45.10, up $2.50 or 5.87%.
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