Burlington, NJ—Burlington Coat Factory reported Tuesday that increased sales and slightly higher margins lead it into a 3.5% increase in its fiscal 2011 profit.
For the year ended Jan 28, the company said its net income was up $11.9 million to $350 million, compared to $338.1 million in the prior year.
Net sales increased 5% to $3.85 billion, compared with $3.66 billion during fiscal 2010. Comparative store sales increased 0.7%.
Adjusted pre-tax income—excluding its debt refinancing–increased $9 million to $62.1 million during Fiscal 2011. The increase is primarily driven by increased net sales and slightly higher margins, the company noted.
“Many areas of the business contributed to our positive comparative store increase for the year. We believe our current momentum, reduction in aged inventory, and outstanding support that we are receiving from the vendor community has us well positioned for 2012,” said Tom Kingsbury, president/ceo.
Burlington Coat Factory operates 482 stores in 44 states and Puerto Rico.
