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CIBC World Raises Gymboree Estimates

Gymboree (GYMB) posted $0.06 3Q EPS VS. $0.17 loss on 19% higher same store sales. CIBC World raised estimates, and reiterated its strong buy.

Analyst Dorothy Lakner says Q3 results were in line with expectations. Lakner says the company's return to merchandise that is fashion-right for children with multiple matching possibilities generating improved full-service selling, significantly better profit margins. She notes due to strong response to fall, initial holiday merchandise, likelihood of solidly profitable year more secure, as is likelihood of greater progress in earnings next year. She raised $0.11 fiscal year 2002 (January) EPS estimate to $0.13, $0.40 FY 03 to $0.45. Her price target on the stock is $20.

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