US: Burlington Coat Factory Q3 loss narrows as sales rise
- Q3 loss narrowed to $14.2m
- Sales increased 7.7% to $967.9m
- Comparative store sales up 2.1%
US apparel retailer Burlington Coat Factory has seen its third-quarter net loss narrow on the back of rising sales.
Net loss narrowed to US$14.2m for the quarter to 27 October, compared to a $13.4m loss last year.
The company, which operates 497 stores, saw net sales increase 7.7% to $967.9m against $898.7m the prior year. Comparative store sales climbed 2.1% on top of a 1.5% rise the year before.
Commenting on the sales increase last month, CEO Tom Kingsbury said: "We continue to be very pleased with our inventory management which once again has resulted in reduced comparative store inventories, faster inventory turns and reduced aged goods."
For the first nine months of the year, net loss narrowed to $42.6m, compared to a loss of $64.1m the same period last year. Sales rose 7.4% to $2.81bn during the nine months, compared to $2.62bn the prior year.
A 7.2% rise in sales has helped Burlington Coat Factory swing to a full-year profit, with the retailer saying it is "very excited" about the year ahead....
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