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Sales at Burlington Coat Factory up 4.4%
05 Sep '09
2 min read
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 fiscal year ended May 30, 2009.
Net sales were $3.54 billion for the 52 week period ended May 30, 2009 (Fiscal 2009) compared with $3.39 billion for the 52 week period ended May 31, 2008 (Fiscal 2008), a 4.4% increase. The increase in net sales resulted primarily from the opening of 36 net new stores in Fiscal 2009. Comparative store sales decreased 2.5%.
Adjusted EBITDA was $294.8 million for Fiscal 2009 compared with $272.0 million for Fiscal 2008. The increase in the Company's Adjusted EBITDA of $22.8 million was the result of cost reductions realized during the last two quarters of Fiscal 2009 and sales growth from new stores. During the third and fourth quarters of Fiscal 2009, the Company reduced its cost structure in excess of $70 million.
Tom Kingsbury, President and Chief Executive Officer stated, “We are extremely pleased with our 8.4% increase in Adjusted EBITDA given the macroeconomic environment that existed during this last year. Once again, I would like to thank the entire store and corporate team for contributing to this result. As we transition into Fiscal 2010, the ongoing success of our expense reduction and inventory management initiatives provides us with significant financial flexibility. For example, our available ABL borrowing capacity is at the highest level since the Bain acquisition.”
As of September 4, 2009, the Company operates 433 stores under the names “Burlington Coat Factory Warehouse” (415 stores),“MJM Designer Shoes” (fifteen stores), “Cohoes Fashions” (two stores), and “Super Baby Depot” (one store) in 44 states and Puerto Rico.
Burlington Coat Factory is a nationally recognized retailer of high-quality, branded apparel at everyday low prices.
Net sales were $3.54 billion for the 52 week period ended May 30, 2009 (Fiscal 2009) compared with $3.39 billion for the 52 week period ended May 31, 2008 (Fiscal 2008), a 4.4% increase. The increase in net sales resulted primarily from the opening of 36 net new stores in Fiscal 2009. Comparative store sales decreased 2.5%.
Adjusted EBITDA was $294.8 million for Fiscal 2009 compared with $272.0 million for Fiscal 2008. The increase in the Company's Adjusted EBITDA of $22.8 million was the result of cost reductions realized during the last two quarters of Fiscal 2009 and sales growth from new stores. During the third and fourth quarters of Fiscal 2009, the Company reduced its cost structure in excess of $70 million.
Tom Kingsbury, President and Chief Executive Officer stated, “We are extremely pleased with our 8.4% increase in Adjusted EBITDA given the macroeconomic environment that existed during this last year. Once again, I would like to thank the entire store and corporate team for contributing to this result. As we transition into Fiscal 2010, the ongoing success of our expense reduction and inventory management initiatives provides us with significant financial flexibility. For example, our available ABL borrowing capacity is at the highest level since the Bain acquisition.”
As of September 4, 2009, the Company operates 433 stores under the names “Burlington Coat Factory Warehouse” (415 stores),“MJM Designer Shoes” (fifteen stores), “Cohoes Fashions” (two stores), and “Super Baby Depot” (one store) in 44 states and Puerto Rico.
Burlington Coat Factory is a nationally recognized retailer of high-quality, branded apparel at everyday low prices.
Burlington Coat Factory
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