Burlington Coat Factory Investments Holdings, Inc. and its operating subsidiaries, a nationwide retailer based in Burlington, New Jersey, announced its results for the first quarter ended May 1, 2010.
The Company experienced a 3.3% increase in comparative store sales during the first quarter ended May 1, 2010. Net sales for the first quarter ended May 1, 2010 were $894.7 million compared with $830.0 million for the comparative period ended May 2, 2009, a 7.8% increase. Net income amounted to $5.2 million for the first quarter ended May 1, 2010 compared with a net loss of $36.9 million for the comparative period ended May 2, 2009.
Adjusted EBITDA for the three months ended May 1, 2010 increased 32.8% to $78.2 million from Adjusted EBITDA of $58.9 million for the three months ended May 2, 2009, as calculated on a more comparable basis with the current year. Last year's Adjusted EBITDA was impacted by a change in the cadence of our markdowns, as well as the re-definition of our fiscal quarters due to our fiscal year end change. During the first quarter ended May 2, 2009, gross margin was negatively impacted by $35 million. Conversely, during the second quarter last year, gross margin was positively impacted by this amount. As a result, for the quarter ended May 2, 2009, on a more comparable basis, Adjusted EBITDA would have been $58.9 million, while, for the quarter ended August 1, 2009, Adjusted EBITDA would have been $2.5 million.
Tom Kingsbury, the Company's Chief Executive Officer, stated, “We are extremely pleased with our 32.8% increase in Adjusted EBITDA on a comparable basis, which was driven by our 7.8% overall sales growth and, most importantly, our 3.3% comparative store sales increase. This is the strongest quarterly comparative store increase in quite some time and we believe it is the result of our commitment to our top three priorities: merchandise content, the store experience and receipt management. I would like to thank our store and corporate team for contributing to this result.”
As previously reported, in order to conform to the predominant fiscal calendar used within the retail industry, we changed our fiscal year from a fiscal year comprised of the twelve consecutive fiscal months ending on the Saturday closest to May 31 to a fiscal year comprised of the twelve consecutive fiscal months ending on the Saturday closest to January 31. As a result of this change and the seasonality of the Company's business, the Company recast its prior quarterly interim financial information on the basis of the new fiscal year for comparative purposes.
Burlington Coat Factory is a nationally recognized retailer of high-quality, branded apparel at everyday low prices. We currently serve our customers through our 448 stores in 44 states and Puerto Rico.
Burlington Coat Factory Direct Corporation
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