Burlington Coat Factory boosts sales, margin
HTT Staff -- Home Textiles Today, 9/14/2012 10:37:46 AM
Burlington, N.J. - A 100 basis point jump in gross margin and improved sales generated a 32.9% increase in adjusted EBITDA for Burlington Coat Factory during the second quarter.
Adjusted EBITDA for the quarter ended July 28 was $30.7 million. Sales rose 8.9% to $864.2 million, and comps were up 2.9%.
"We continue to stay focused on our inventory management which resulted in a 21% faster inventory turnover, reduced aged goods, and more fresh values for our customers," said Tom Kingsbury, president and ceo.
For the first six months of the fiscal year, adjusted EBITDA fell 2.8% to $100.6 million and gross margin was flat at 37.0% of sales. Total sales increased 7.2% to $1.8 billion, with comps up 1.7%.
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