Comparative store sales soar at Burlington Coat Factory
14 Dec '11
2 min read
Burlington Coat Factory Investments Holdings, Inc. and its operating subsidiaries, a nationwide retailer based in Burlington, New Jersey, announced its results for the third quarter and year to date ended October 29, 2011. Third Quarter Fiscal 2011 Operating Results Comparative store sales increased 1.5% and total net sales increased 4.7% to $898.7 million for the three months ended October 29, 2011 compared with last year.
We believe the increase in comparative store sales was primarily driven by our improved merchandise content and customer experience initiatives. The progress made from these initiatives was good even though many of our regions experienced unseasonably warm temperatures in September and October.
Adjusted EBITDA for the three months ended October 29, 2011 decreased $4.7 million or 7.4% to $58.5 million compared with $63.2 million for the three months ended October 30, 2010.
The decrease in the Company's Adjusted EBITDA was primarily driven by our decision to make incremental strategic investments in store operations, focused on continuing to improve our customer service and store recovery, and in supply chain, to further support our opportunistic buying model.
In addition, we continued to strengthen our merchant, field management and support teams.
Year to Date Fiscal 2011 Operating Results Comparative store sales increased 1.9%. Total net sales increased 5.6% to $2,621.1 million for the nine months ended October 29, 2011 compared with last year.
Adjusted EBITDA for the nine months ended October 29, 2011 increased $12.7 million, or 8.5%, to $162.0 million compared with last year. The increase in the Company's Adjusted EBITDA of $12.7 million was primarily driven by our increased sales.
Tom Kingsbury, President and Chief Executive Officer stated, “We are pleased with our 8.5% increase in Adjusted EBITDA for the nine months ended October 29, 2011, which was driven by our sales growth, and most importantly our comparative store sales growth of 1.9%. "
"The 1.5% comp store sales growth during the quarter marks the sixth out of the last seven quarters with positive comparative store sales. I would like to thank our store and corporate teams for contributing to this result.”
Burlington Coat Factory is a nationally recognized retailer of high-quality, branded apparel at everyday low prices. The Company currently serves its customers through its 477 stores in 44 states and Puerto Rico.
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