USA: Burlington Coat Factory Widens Q1 Loss To $17m
The New Jersey-based operator of almost 340 stores reported a net loss for the quarter ended August 30 of $17.1 million, or 38 cents per share, versus a net loss of $16.1m, or 36 cents, in the year-ago period.
Sales rose to $529.6m from $506.1m last year while same-store sales slipped 1.6 per cent.
"Historically, the company's stores have lost money during the first fiscal quarter," it said in a statement, adding it plans to open 16 to 20 new stores and relocate eight stores during the remainder of the current fiscal year.
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