Burlington earnings alert
July 30, 2001-- Home Textiles Today,
Burlington Coat Factory Warehouse Corp., parent of Luxury Linens, said earnings for the fourth quarter ended June 2 will come in lower than expected, mostly due to lower gross margins.
Recording more positive news out of the first quarter now underway, Burlington said same-store sales for the first seven weeks of the period increased by 1.5 percent. Additionally, Burlington said it is acquiring 10 former Montgomery Ward stores and a former Bradlees store, which will increase its square footage by about 10 percent during the new fiscal year. The acquisition of the former Wards also upgrades the company's real estate since half the stores being acquired are located in enclosed malls.