Gymboree Profit Falls, Boosts Forecast for ’05
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Shares of Gymboree Corp., which sells children’s clothing, rose 17% after the company boosted its 2005 forecast.
Profit from continuing operations will be 43 cents to 53 cents a share in 2005, San Francisco-based Gymboree said in a statement released after the close of regular trading Wednesday. It had previously forecast profit of 40 cents to 50 cents.
Gymboree said first-quarter net income fell to $5.52 million, or 18 cents a share, from $9.23 million, or 29 cents, in the year-earlier period. Sales rose to $160 million from $144 million.
Shares of Gymboree rose $1.93 to $13.65 in Nasdaq trading of 2.16 million shares, more than six times the three-month daily average.
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