Burlington Coat Factory sees strong first quarter
BURLINGTON, N.J. Burlington Coat Factory reported that it experienced a 3.3% increase in comparative-store sales during the first quarter ended May 1. Net sales for the first quarter were $894.7 million compared with $830 million for the comparative period ended May 2, 2009, a 7.8% increase. Net income amounted to $5.2 million for the first quarter ended May 1 compared with a net loss of $36.9 million for the comparative period ended May 2, 2009.
Tom Kingsbury, the company’s CEO, stated, “We are extremely pleased with our 32.8% increase in Adjusted EBITDA on a comparable basis, which was driven by our 7.8% overall sales growth and, most importantly, our 3.3% comparative store sales increase. This is the strongest quarterly comparative store increase in quite some time and we believe it is the result of our commitment to our top three priorities: merchandise content, the store experience and receipt management. I would like to thank our store and corporate team for contributing to this result.”