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Comparative store sales drop at Burlington Coat
16
Dec '10
Burlington Coat Factory Investments Holdings Inc and its operating subsidiaries, a nationwide retailer based in Burlington, New Jersey, announced its operating results for the third quarter ended October 30, 2010.

Year to Date Fiscal 2010 Operating Results

Net sales increased 3.3% to $2,481.6 million for the nine months ended October 30, 2010 compared with $2,403.4 million for the nine months ended October 31, 2009. Comparative store sales decreased 0.8%.

Primarily driven by increased net sales, adjusted EBITDA increased $8.1 million, or 5.8%, to $149.3 million for the nine months ended October 30, 2010 from $141.2 million during the prior year.

Third Quarter Fiscal 2010 Operating Results

Net sales were $858.2 million for the three months ended October 30, 2010 compared with $872.4 million for the three months ended October 31, 2009, a 1.6% decrease. Comparative store sales decreased 5.6% as a result of unusually warm weather in September and October.

Adjusted EBITDA for the three months ended October 30, 2010 was $63.2 million compared with $79.7 million for the three months ended October 31, 2009. The decrease in our Adjusted EBITDA was primarily driven by a decrease in comparative store sales and planned increases in both markdowns and shrink expense. In addition, Adjusted EBITDA was negatively impacted by $4.0 million of net expenses related to new store openings, partially offset by comparative store and corporate expense reductions.

Tom Kingsbury, President and Chief Executive Officer, stated, “Following our third quarter performance, as the temperatures returned to normal seasonal levels in November, we are very pleased with the level of comparative store sales that we have achieved. We continue to believe we are well positioned for the remainder of the year. I would like to thank our store and corporate teams for contributing to our year to date 3.3% increase in net sales and our 5.8% increase in Adjusted EBITDA versus the prior period.”

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


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