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Average inventory per store down by 12% at Burlington Coat
19
Jan '10
Burlington Coat Factory Investments Holdings, Inc. and its operating subsidiaries, a nationwide retailer based in Burlington, New Jersey, announced its results for the second quarter ended November 28, 2009.

Second Quarter Fiscal 2010 Operating Results

Net sales were $965.0 million for the three months ended November 28, 2009 compared with $1,002.4 million for the three months ended November 29, 2008, a 3.7% decrease. Comparative store sales decreased 5.2%.

Adjusted EBITDA was $111.5 million for the three months ended November 28, 2009 compared with $110.2 million for the three months ended November 29, 2008. The increase in the Company's Adjusted EBITDA of $1.3 million is primarily the result of continued cost reduction initiatives.

Year to Date Fiscal 2010 Operating Results

Net sales were $1,669.7 million for the six months ended November 28, 2009 compared with $1,709.4 million for the six months ended November 29, 2008, a 2.3% decrease. Comparative store sales decreased 5.9%.

Adjusted EBITDA was $133.5 million for the six months ended November 28, 2009 compared with $126.7 million for the six months ended November 29, 2008. The increase in the Company's Adjusted EBITDA of $6.8 million is primarily the result of continued cost reduction initiatives.

Tom Kingsbury, President and Chief Executive Officer stated, “We are pleased to report an increase in Adjusted EBITDA versus last year despite the unseasonably warm weather in November which negatively impacted overall sales. In addition to our continued emphasis on expense control, focused inventory management has allowed us to reduce our average inventory per store by 12% while simultaneously improving both the currency and content. This has us well positioned for the future.”

As of January 12, 2010, the Company operates 442 stores under the names “Burlington Coat Factory Warehouse” (424 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

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