Burlington Coat Factory posts strong Q1
June 21, 2013-- Home Textiles Today,
Burlington, N.J. - Burlington Coat Factory saw its adjusted net income level soar and its sales and comps both increase during the chain's first quarter.
Three-month period, ended May 4, net sales increased 8.4% to $1,065.0 million compared with $982.4 million a year ago, and comparative store sales were up 3.4%.
Adjusted net income swelled to $11.1 million from just $800,000 in the prior year. This increase was primarily driven by sales growth and improved gross margin rate but partially offset by increased selling and administrative expenses.
Tom Kingsbury, president and ceo, said the company is "very pleased with our $10.3 million increase in adjusted net Income during the quarter," which was driven by Burlington Coat Factory's overall sales growth "and, most importantly," its comparative store sales increase.
"We continue to stay focused on delivering more fresh values to our customers on a daily basis," he summed.
Unadjusted, the company suffered a net loss of $702 million, significantly narrowed from the year ago period's $3,940.0 million net loss. The company defined adjusted net income as consolidated net income (loss) for the period plus net favorable lease amortization, costs related to debt amendments, loss on the extinguishment of debt, impairment charges, and advisory fees.