US: Burlington Coat Factory narrows Q2 loss
- Loss narrowed to US$19.5m from $31.3m
- Sales grew 11.5% to $963.7m versus $864.2m
- Comparable store sales rose 7.8%
- Gross margin improved 50 basis points
Off-price retailer Burlington Coat Factory has seen its second-quarter loss narrow, helped by sales growth and higher margins.
President and CEO Tom Kingsbury said: "We are proud of our second quarter results including our 68.1% increase in adjusted EBITDA during the quarter, 11.5% overall sales growth and, most importantly, our 7.8% comparative store sales increase."
For the first half, meanwhile, the company's net loss was $20.2m, down from $35.2m in the same period of the prior year. Sales were up 9.9% to $2.03bn from $1.85bn last year.
Burlington Announces Second Quarter and Year-To-Date Fiscal 2013 Operating Results
- Comparative store sales increased 7.8% and 5.5% for the three and six months ended August 3, 2013 on top of 2.9% and 1.7% increases in the prior year periods.
- Total Net Sales increased 11.5% and 9.9% during the three and six months ended August 3, 2013 versus last year.
- Adjusted EBITDA increased 68.1%, or $19.0 million, and 36.5%, or $33.8 million during the three and six months ended August 3, 2013, respectively versus last year.
- Adjusted Net Income (Loss) improved $13.9 million and $24.1 million during the three and six months ended August 3, 2013, respectively, versus last year.
BURLINGTON, N.J.--(BUSINESS WIRE)--Burlington Coat Factory Investments Holdings, Inc. and its operating subsidiaries (the Company), a nationwide retailer based in Burlington, New Jersey, today announced its results for the second quarter and year to date ended August 3, 2013.
“We are proud of our second quarter results including our 68.1% increase in Adjusted EBITDA during the quarter, 11.5% overall sales growth and, most importantly, our 7.8% comparative store sales increase. I would like to thank our store and corporate teams for contributing to these results.”
Second Quarter Fiscal 2013 Operating Results
Comparative store sales increased 7.8% and total net sales increased 11.5% to $963.7 million for the three months ended August 3, 2013 compared with last year.
Adjusted EBITDA for the three months ended August 3, 2013 increased 68.1%, or $19.0 million, to $46.9 million compared with $27.9 million for the three months ended July 28, 2012. The increase in the Company’s Adjusted EBITDA was driven by our 11.5% total sales increase and a 60 basis point increase in gross margin rate.
Adjusted Net Loss improved $13.9 million during this year’s second quarter to a loss of $8.0 million. This improvement was driven by improved operating results during this year’s quarter, primarily our 7.8% comparative store sales gain and the gross margin rate increase.
Year to Date Fiscal 2013 Operating Results
Comparative store sales increased 5.5% and total net sales increased 9.9% to $2,028.7 million for the six months ended August 3, 2013 compared with last year.
Adjusted EBITDA increased 36.5%, or $33.8 million, to $126.5 million for the six months ended August 3, 2013 compared with last year. The increase was driven by the sales improvement realized during the quarter and a 50 basis point improvement in gross margin rate.
Adjusted Net Income amounted to $3.0 million for the six months period versus a $21.1 million Adjusted Net Loss last year. The improvement is reflective of our sales and margin gains.
Tom Kingsbury, President and Chief Executive Officer stated, “We are proud of our second quarter results including our 68.1% increase in Adjusted EBITDA during the quarter, 11.5% overall sales growth and, most importantly, our 7.8% comparative store sales increase. I would like to thank our store and corporate teams for contributing to these results.”
Second Quarter Fiscal 2013 Conference Call
The Company will hold a conference call for investors on Friday, September 13, 2013 at 10:00 am Eastern Time to discuss the Company’s second quarter 2013 operating results. Due to the quiet period associated with the Form S-1 filing by Burlington Stores, Inc. (f/k/a Burlington Holdings, Inc.), the indirect parent of the Company, there will not be a question and answer session at the end of the conference call.
To listen to the conference call, please dial 1-877-407-0789. The conference call will be recorded and available for replay beginning at 1:00pm on September 13, 2013 and will be available through September 14, 2013. To access the replay, please dial 1-877-870-5176, then the access number, 10000261. Additionally, a replay of the call will be available for 30 days on the Company’s website (www.burlingtoncoatfactory.com).
About Burlington Coat Factory
Burlington Coat Factory is a nationally recognized retailer of high-quality, branded apparel at everyday low prices. The Company currently serves its customers through its 503 stores in 44 states and Puerto Rico. For more information about Burlington Coat Factory, visit our website at www.burlingtoncoatfactory.com.
Original source: http://www.businesswire.com/news/home/20130913005113/en/Burlington-Announces-Quarter-Year-To-Date-Fiscal-2013-Operating
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