For the first quarter ended May 4, Burlington Coat Factory posted a net loss of $702,000 versus a net loss of $3.9 million in the year-earlier period. However, adjusted net income, which excludes one-time charges, was $11.1 million up $10.3 million from the year-ago first quarter, according to the company.
Comparable store sales increased 3.4% for the quarter, Burlington stated, as net sales advanced 8.4% to $1.1 billion.
The company maintained that revenue growth and improved gross margin rate, partially offset by increased selling and administrative expenses, drove the sales increase.
Tom Kingsbury, Burlington president and CEO, commented on results, noting, “We are very pleased with our $10.3 million increase in adjusted net income during the quarter, which was driven by our 8.4% overall sales growth and, most importantly, our 3.4% comparative store sales increase.”