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Gymboree Expects Loss; Shares Plunge 45%

October 09, 1998|Bloomberg News

Gymboree Corp. shares lost almost half their value as the retailer of children's apparel and accessories said it expects a third-quarter loss because of slow sales of its main clothing lines. The shares fell $3.38, or 45%, to close at $4.06 on Nasdaq. The Burlingame-based company said September sales at its stores open at least a year fell 18%. Gymboree said its loss will be about the same size as it was in the second quarter, when it posted a loss of $800,000, or 3 cents a share, on sales of $99.8 million. It was expected to earn 26 cents a share in the third quarter.

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