Burlington Coat Factory Slashes First-Quarter Loss
June 12, 2012,
BURLINGTON, N.J.-Burlington Coat Factory reduced its first-quarter net loss from $21.1 million last year to $3.9 million in the quarter that ended on April 28.
Net sales rose 5.7 percent to $982.4 million, including a same-store sales increase of 0.6 percent. Noting the sales gain, Tom Kingsbury, Burlington's CEO, said, "We are extremely pleased with our inventory management, which resulted in a 14 percent faster inventory turnover. In addition, our 15 percent reduction in aged goods is allowing us to deliver more fresh values to our customers on a daily basis."
Gross margin was down 96 basis points to 36.9 percent. Selling, general and administrative expenses rose 6.3 percent in dollars and 17 basis points as a percentage of sales, to 31.3 percent.