Burlington Coat Factory Narrows Q2 Loss on Higher Sales
BURLINGTON, N.J.-An 11.5 percent increase in net sales helped Burlington Coat Factory to slim its second-quarter net loss from $31.3 million last year to $19.5 million this year.
Net sales totaled $963.7 million in the quarter, which ended on Aug. 3. This included a gain of 7.8 percent in same-store sales.
Gross margin finished the quarter at 38.2 percent, up 56 basis points. Selling and administrative expenses increased 7.8 percent in dollars but fell back 114 basis points as a percentage of sales, to 33.6 percent.
Tom Kingsbury, Burlington's president and CEO, said that, along with the increases in total and same-store sales, the retailer posted a 68.1 percent pickup in earnings before interest, taxes and depreciation.