Burlington Coat profit increases 3.3% in 3Q
April 1, 2002,
Boosted by stronger sales and wider margins, third-quarter profits at Burlington Coat Factory Warehouse, parent of Luxury Linens, edged up by 3.3 percent, to $37.3 million from $36.1 million last year.
Average gross margin widened by 60 basis points, or 0.6 percent, during the all-important Christmas quarter, expanding to 35.4 percent from 34.8 percent a year ago. Getting an extra kick from the stronger sales, gross margin dollars increased by 9.7 percent, to $276.1 million from $251.7 million a year ago.
But offsetting stronger margins were higher costs, which inched up by 40 basis points, to 26.8 percent of sales from 26.4 percent a year ago. Measured in absolute dollars, costs climbed higher by 9.3 percent, to $208.9 million from $191.0 million.
During the nine-month period, the retailer opened 17 stores and relocated seven others, bringing the chain to a total of 312 stores in 42 states.
Burlington Coat Factory Warehouse Corp.
|Qtr. 3/2/02 (x000)||2002||2001||% CHG|
|a-Earnings in the prior 12-month period include a one-time loss of $815,000 stemming form the early retirement of debt.
|Oper. income (EBIT)||59,841||58,012||3.2|
|Per share (diluted)||0.84||0.82||2.4|
|Average gross margin||35.4%||34.8%||—|
|Oper. income (EBIT)||93,669||113,867||-17.7|
|Per share (diluted)||1.31||1.56||-16.0|
|Average gross margin||36.8%||36.3%||—|