Burlington Coat Factory Warehouse Corporation Monday reported its net income for the fourth quarter ended 1 June 2002 was $8.87 million compared with net income of $1.75m for the same three months last year.

Net sales for the fourth quarter ended 1 June 2002 were $601.59m compared with sales of $526.64m for the previous year's fourth quarter.

During the fourth quarter, total sales increased 14.2 per cent, and comparative store sales increased 5.0 per cent. The company said earnings were up due to the increase in comparative store sales as well as an increase in gross margins as a percentage of sales.

For the year ended 1 June 2002, net income was $66.86m or $1.51 per share. This compares with income before extraordinary loss from early extinguishment of debt of $71.84m for the year ended 2 June 2001. Sales for the year were $2,577.206m compared with $2,400.289m for the prior year.

Total sales increased 7.4 per cent. Comparative store sales for the year ended 1 June 2002 decreased 0.3 per cent due to lower outerwear sales as the result of warmer weather during the winter months.

During the year, the company opened 29 new stores, closed 5 stores, relocated 7 stores and expanded or remodelled an additional 12 locations.