Burlington Coat Factory Comparative stores sales fall

April 16, 2008 - United States Of America

Burlington Coat Factory Investments Holdings Inc and its operating subsidiaries, a nationwide retailer based in Burlington, New Jersey, announced its results for the third quarter ended March 1, 2008.

For the three months ended March 1, 2008 compared with the three months ended March 3, 2007, net sales decreased $0.2 million to $987.1 million. Comparative store sales decreased 6.0% during the three month period ended March 1, 2008.

The decrease in comparative store sales is primarily attributed to weakened consumer demand and temporarily low or out of stock issues in certain limited divisions during the three month period ended March 1, 2008.

For the three month period ended March 1, 2008, net income amounted to $26.8 million compared with $31.1 million during the three month period ended March 3, 2007. The decrease in net income is primarily attributable to a decrease in other revenue and an increase in selling and administrative expenses, partially offset by improved markup on purchases and increased other income for the three month period ended March 1, 2008.

Consolidated net sales decreased $16.5 million (0.6%) to $2,612.4 million for the nine month period ended March 1, 2008 compared with the nine month period ended March 3, 2007.

Comparative stores sales decreased 5.8% for the nine month period ended March 1, 2008 due primarily to weakened consumer demand, unseasonably warm weather during September and October, and temporarily low or out of stock issues in certain limited divisions throughout the nine months ended March 1, 2008.

Net Loss amounted to $0.4 million for the nine month period ended March 1, 2008 compared with a net loss of $9.0 million for the nine month period ended March 3, 2007. The decrease in net loss of $8.6 million is due primarily to improved markup on purchases and decreases in depreciation expense, amortization expense and interest expense, and an increase in other income.

These improvements were partially offset by lower other revenue income and increases in selling and administrative expense and impairment charges for the nine month period ended March 1, 2008.

During the first nine months of fiscal 2008, the Company opened nineteen Burlington Coat Factory Stores, relocated three Burlington Coat Factory Stores to locations within the same trading market and closed two MJM Designer Shoe Stores.

The Company currently operates 397 stores under the names "Burlington Coat Factory Warehouse" (“BCF”) (379 stores), "Cohoes Fashions"(2 stores), "MJM Designer Shoes" (15 stores), and "Super Baby Depot" (1 store).