Burlington Coat Factory Posts $11.1 Million Q1 Profit

Burlington Coat Factory wants to know: heels or wedges this summer?

Burlington Coat Factory wants to know: heels or wedges this summer?

Burlington, NJ—Burlington Coat Factory reported Tuesday a jump in its first quarter profit helped by a robust increase in total sales and a 3.4% increase in comparable store sales.

For the quarter ended May 4, the off-price retailer posted adjusted net income of $11.1 million compared to adjusted net of $842,000 in last year’s quarter.

“We are very pleased with our $10.3 million increase in adjusted net income during the quarter, which was driven by our 8.4% overall sales growth and, most importantly, our 3.4% comparative store sales increase,” said Tom Kingsbury, president/ceo.

Total net sales were $1,065 billion compared with $982.4 million for a same quarter 2012. Comparable store sales rose 3.4%.

The company also said its net loss narrowed to $702,000 for the quarter compared to $3.9 million in first quarter 2012.

Burlington Coat said it prefers to focus on adjusted net income, which adds back certain items, such as $8.9 million in fees paid for amending a term loan and $1.1 million in advisory fees paid to Bain Capital, which bought the chain in 2006.

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Jeff Prine

Jeff Prine, Editor at Large, Accessories Magazine
Jeff returns as a regular contributor to Accessories magazine. Initially Jeff worked as senior editor at Accessories more than 20 years ago and his love of the industry has followed him until present. Since his tenure here, Jeff has continued to report jewelry, watch and other luxury goods trends as executive editor at Modern Jeweler magazine, fashion director at Lustre, and as contributor on products and trends for consumer and trade publications and websites. In addition to his editorial experience, Jeff also served as an adjunct instructor for accessories merchandising at Fashion Institute of Technology. jeffp@busjour.com