Burlington benefits from cold Q1
BURLINGTON, N.J. — Burlington Coat Factory was the beneficiary of an unseasonably cool first quarter that resulted in soft sales at some other retailers.
The company’s net sales increased 8.4% to nearly $1.1 billion for the quarter from $982 million for the quarter ended April 28, 2012. Comparative store sales increased 3.4%.
Net income, adjusted to exclude several non-recurring expenses, was $11.1 million, an increase of 7.9% from $842 thousand for the quarter ended April 28, 2012. The increase was primarily driven by sales growth and improved gross margin rate, partially offset by increased selling and administrative expenses.
“We are very pleased with our $10.3 million increase in adjusted net Income during the quarter, which was driven by our 8.4% overall sales growth and, most important, our 3.4% comparative store sales increase,” said president and CEO Tom Kingsbury. “We continue to stay focused on delivering more fresh values to our customers on a daily basis. I would like to thank our store and corporate team for contributing to these great results.”
Burlington Coat Factory was taken private in 2006 by Bain Capital. It currently operates 503 stores in 44 states and Puerto Rico.