Burlington Coat Factory Investments Holdings Inc and its operating subsidiaries, a nationwide retailer based in Burlington, New Jersey, announced its results for the fiscal year ended May 31, 2008.
The Company experienced a decrease in net sales for the 52 week period ended May 31, 2008 (“Fiscal 2008”) compared with the 52 week period ended June 2, 2007 (“Fiscal 2007”). Net sales were $3.39 billion for Fiscal 2008 and $3.40 billion for Fiscal 2007, a 0.3% decrease.
The Company experienced a 5.2% comparative store sales decrease from a year ago due primarily to weakened consumer demand similar to what other retailers are experiencing, unseasonably warm weather in September and October and temporarily low or out of stock issues in certain limited divisions throughout the fiscal year.
The Company recorded a net loss of $49.0 million for Fiscal 2008 compared with a net loss of $47.2 million for Fiscal 2007. The primary drivers of the increased net loss in Fiscal 2008 compared with Fiscal 2007 were a slight decrease in net sales and increased selling and administrative and depreciation expenses.
These items are partially offset by lower costs of sales during Fiscal 2008 compared with Fiscal 2007. Please refer to the Company's annual report on Form 10-K for Fiscal 2008 for further discussion of the Company's results.
As of August 31, 2008, we operated 417 stores under the names “Burlington Coat Factory Warehouse” (399 stores), “MJM Designer Shoes” (fifteen stores), “Cohoes Fashions” (two stores), and “Super Baby Depot” (one store) in 44 states.