USA: Burlington Coat Factory Reports Fourth Quarter Sales
Burlington Coat Factory Warehouse Corporation (NYSE) announced today that net sales for the fourth quarter ended June 3, 2000 (14 weeks) were $534.4 million compared with $455.6 million for the prior year 13 week period ended May 29, 1999. The net sales for the fourteenth week were $33.4 million this year. Total sales for the quarter, excluding the extra week, increased 10.0%. During the fourth quarter comparative store sales (14 weeks versus 14 weeks) increased 0.1%. Net sales for the twelve months ended June 3, 2000 (53 weeks) were $2,242.5 million compared with $1,988.5 million for the prior year 52 week period ended May 29, 1999. Total sales for the year, excluding the extra week this year increased 11.1%. This reflects a 2.2% comparative store sales increase (53 weeks versus 53 weeks) for the twelve months. In response to the SEC Staff Accounting Bulletin No. 101 regarding Revenue Recognition, certain reclassifications and adjustments to sales relative to leased departments and layaway sales will be reflected at the time our Fourth Quarter earnings are released. The above reported sales do not incorporate these reclassifications and adjustments. During the year the Company opened 23 new stores, closed 4 stores, relocated 4 stores and expanded an additional 6 locations resulting in a 10.7% increase in total square feet. Burlington Coat Factory operates 282 stores in 42 states, primarily under the name "Burlington Coat Factory".
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