BCF Profits, Comps Climb in 2Q
By Staff -- Home Textiles Today, 1/9/2006
Burlington, N.J. — Bounding back from a loss in the first fiscal quarter, Burlington Coat Factory Warehouse Corp. parlayed stronger sales into a second quarter profit of $45.4 million, up 8.8 percent from a prior-year profit of $41.7 million.
Sales at the off-price retailer, the parent of Luxury Linens, rose by 8.4 percent, to $945.4 million from $872.0 million last year, helped by new store openings. Same-store sales improved by 5.3 percent.
The profit marks a turnaround from a loss of $15.9 million during the historically unprofitable first fiscal quarter.
| Qtr. 11/26 (x000) | 2005 | 2004 | % change |
| Sales | $945,409a | $872,025 | 8.4 |
| Operating income (EBIT) | 100,468 | 87,819 | 14.4 |
| Net income | 45,371b | 41,695b | 8.8 |
| Per share (diluted) | 1.01 | 0.93 | 8.6 |
| Average gross margin | 37.7% | 38.1% | — |
| SG&A expenses | 28.0% | 28.9% | — |
| Six months | |||
| Sales | 1,596,257a | 1,446,205 | 10.4 |
| Operating income (EBIT) | 98,791 | 80,899 | 22.1 |
| Net income | 29,464b | 23,015b | 28.0 |
| Per share (diluted) | 0.66 | 0.52 | 26.9 |
| Average gross margin | 36.5% | 36.9% | — |
| SG&A expenses | 31.3% | 32.3% | — |
| (loss) a. Net sales, excluding miscellaneous revenue of $8.5 million during the second quarter and $7.9 million during the prior-year quarter; for the six months, excluding $15.8 million in miscellaneous revenue, and $14.3 million during the 2004 period. b. Second quarter results include miscellaneous income of $2.6 million, compared with a prior-year loss of $4.8 million; and a $2,000 loss on non-marketable securities. Six-month results include miscellaneous income of $2.5 million, compared with a prior-year loss of $5.6 million; and a $2,000 loss on non-marketable securities, compared with a year-before gain of $1,000. |
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