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BCF Profits, Comps Climb in 2Q

Bounding back from a loss in the first fiscal quarter, Burlington Coat Factory Warehouse Corp. parlayed stronger sales into a second quarter profit of $45.4 million, up 8.8 percent from a prior-year profit of $41.7 million.

Sales at the off-price retailer, the parent of Luxury Linens, rose by 8.4 percent, to $945.4 million from $872.0 million last year, helped by new store openings. Same-store sales improved by 5.3 percent.

The profit marks a turnaround from a loss of $15.9 million during the historically unprofitable first fiscal quarter.

Burlington Coat Factory Warehouse Corp.

Qtr. 11/26 (x000) 2005 2004 % change
(loss)
a. Net sales, excluding miscellaneous revenue of $8.5 million during the second quarter and $7.9 million during the prior-year quarter; for the six months, excluding $15.8 million in miscellaneous revenue, and $14.3 million during the 2004 period.
b. Second quarter results include miscellaneous income of $2.6 million, compared with a prior-year loss of $4.8 million; and a $2,000 loss on non-marketable securities. Six-month results include miscellaneous income of $2.5 million, compared with a prior-year loss of $5.6 million; and a $2,000 loss on non-marketable securities, compared with a year-before gain of $1,000.
Sales $945,409a $872,025 8.4
Operating income (EBIT) 100,468 87,819 14.4
Net income 45,371b 41,695b 8.8
Per share (diluted) 1.01 0.93 8.6
Average gross margin 37.7% 38.1%
SG&A expenses 28.0% 28.9%
Six months
Sales 1,596,257a 1,446,205 10.4
Operating income (EBIT) 98,791 80,899 22.1
Net income 29,464b 23,015b 28.0
Per share (diluted) 0.66 0.52 26.9
Average gross margin 36.5% 36.9%
SG&A expenses 31.3% 32.3%


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