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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