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Comparative store sales down at Burlington Coat Factory
17 Jan '08
3 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 second quarter ended December 1, 2007.
For the three months ended December 1, 2007 compared with the three months ended December 2, 2006, net sales decreased $38.2 million (3.9%) to $946.6 million. Comparative store sales decreased 8.0% during the three month period ended December 1, 2007. The decrease in comparative store sales is primarily attributed to unseasonably warm weather in September and October and weakened consumer demand for the three month period ended December 1, 2007.
For the three month period ended December 1, 2007, net income amounted to $23.2 million compared with $11.7 million during the three month period ended December 2, 2006. The increase in net income is primarily attributable to improved markup on new purchases and decreases in depreciation expense, selling and administrative expense and interest expense offset in part by lower other revenue income and an increase in impairment charges for the three month period ended December 1, 2007.
Consolidated net sales decreased $16.3 million (1.0%) to $1,625.3 million for the six month period ended December 1, 2007 compared with the six month period ended December 2, 2006. Comparative stores sales decreased 5.6% for the six month period ended December 1, 2007 due primarily to unseasonably warm weather during Septemberand October, the impact of the implementation of the Company's cash-back merchandise return policy after the close of the first fiscal quarter of fiscal 2007, and weakened consumer demand throughout the six months ended December 1, 2007.
For the three months ended December 1, 2007 compared with the three months ended December 2, 2006, net sales decreased $38.2 million (3.9%) to $946.6 million. Comparative store sales decreased 8.0% during the three month period ended December 1, 2007. The decrease in comparative store sales is primarily attributed to unseasonably warm weather in September and October and weakened consumer demand for the three month period ended December 1, 2007.
For the three month period ended December 1, 2007, net income amounted to $23.2 million compared with $11.7 million during the three month period ended December 2, 2006. The increase in net income is primarily attributable to improved markup on new purchases and decreases in depreciation expense, selling and administrative expense and interest expense offset in part by lower other revenue income and an increase in impairment charges for the three month period ended December 1, 2007.
Consolidated net sales decreased $16.3 million (1.0%) to $1,625.3 million for the six month period ended December 1, 2007 compared with the six month period ended December 2, 2006. Comparative stores sales decreased 5.6% for the six month period ended December 1, 2007 due primarily to unseasonably warm weather during Septemberand October, the impact of the implementation of the Company's cash-back merchandise return policy after the close of the first fiscal quarter of fiscal 2007, and weakened consumer demand throughout the six months ended December 1, 2007.
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