Burlington Coat’s Comparative Store sales increase by 0.2%
Source: Burlington Coat Factory Date: 2008-10-16
Burlington Coat Factory Investments Holdings Inc and its operating subsidiaries (the Company), a nationwide retailer based in Burlington, New Jersey, announced its results for the first quarter ended August 30, 2008.
The Company experienced an increase in net sales in the first quarter of Fiscal 2009. Net sales for the first quarter ended August 30, 2008 were $707.0 million, compared with $678.8 million for the comparative period ended September 1, 2007, a 4.2 % increase. This increase is primarily the result of the Company opening 33 new stores during the past twelve months and an increase in comparative store sales.
Comparative store sales increased 0.2% for the three months ended August 30, 2008 compared with the three months ended September 1, 2007.
The Company recorded a net loss of $32.5 million for the three months ended August 30, 2008 compared with a net loss of $50.4 million for the three months ended September 1, 2007.
The improvement in the Company’s net loss position during the three months ended August 30, 2008 compared with the three months ended September 1, 2007 is primarily attributable to increased net sales and reduced cost of sales. Please refer to the Company’s quarterly report on Form 10-Q for the quarter ended August 30, 2008 for further discussion of the Company’s results.
Mark A. Nesci, Chief Executive Officer, stated, “We are pleased that the hard work and dedication of our employees has led to positive comparative store sales as well as a significant improvement in Adjusted EBITDA. This is a positive start to our fiscal year. We remain cautiously optimistic during these uncertain macro-economic times and realize that any progress will require the continued hard work and dedication from all areas of the business.”
The Company experienced an increase in net sales in the first quarter of Fiscal 2009. Net sales for the first quarter ended August 30, 2008 were $707.0 million, compared with $678.8 million for the comparative period ended September 1, 2007, a 4.2 % increase. This increase is primarily the result of the Company opening 33 new stores during the past twelve months and an increase in comparative store sales.
Comparative store sales increased 0.2% for the three months ended August 30, 2008 compared with the three months ended September 1, 2007.
The Company recorded a net loss of $32.5 million for the three months ended August 30, 2008 compared with a net loss of $50.4 million for the three months ended September 1, 2007.
The improvement in the Company’s net loss position during the three months ended August 30, 2008 compared with the three months ended September 1, 2007 is primarily attributable to increased net sales and reduced cost of sales. Please refer to the Company’s quarterly report on Form 10-Q for the quarter ended August 30, 2008 for further discussion of the Company’s results.
Mark A. Nesci, Chief Executive Officer, stated, “We are pleased that the hard work and dedication of our employees has led to positive comparative store sales as well as a significant improvement in Adjusted EBITDA. This is a positive start to our fiscal year. We remain cautiously optimistic during these uncertain macro-economic times and realize that any progress will require the continued hard work and dedication from all areas of the business.”
