Burlington Coat Factory Reports Fourth Quarter Sales and Net Profit.

Business Editors

BURLINGTON, N.J.--(BUSINESS WIRE)--July 26, 2000

Burlington Coat Factory Warehouse Corporation (NYSE:BCF) today reported its net profit and sales for the fourth quarter ended June 3, 2000.

For the three months ended June 3, 2000, net income was $6,971,000 or $.16 per share compared with net income of $5,886,000 or $.13 per share for the corresponding period last year. Net sales for the fourth quarter ended June 3,2000 (14 weeks) were $526,238,000 compared with sales of $446,086,000 for prior year 13 week period ended May 29, 1999.

The net sales for the additional fourteenth week were $32,500,000 this year. Total sales for the quarter, excluding the extra week, increased 10.7%. During the fourth quarter comparative store sales increased .1%.

For the twelve months ended June 3, 2000, net income before the cummulative effect of an accounting change was $62,476,000 or $1.37 per share. This compares with net income of $47,783,000 or $1.02 per share for the corresponding period last year. For the twelve months ended June 3, 2000, net income after the cumulative effect of an accounting change was $61,120,000 or $1.34 per share.

This compares with net income of $47,783,000 or $1.02 per share for the corresponding period last year. Sales for the twelve months ended June 3, 2000 (53 weeks) were $2,198,696,000 compared with $1,944,106,000 for the prior year 52 week period ending May 29, 1999. Total sales for the year, excluding the extra week this year increased 11.4%. Comparative stores for the twelve month increased 2.2%.

During the fiscal year ended June 3, 2000 the Company adopted an accounting change due to adoption of SEC Staff Accounting Bulletin No. 101 regarding Revenue Recognition. The previously reported quarters for the fiscal year ended June 3, 2000 will be restated to reflect this accounting change as of the beginning of the fiscal year. Accordingly, certain reclassifications to sales, cost of sales and other income are reflected in the Consolidated Statements of Income.

During the year the Company opened 23 new stores, closed 4 stores, relocated 4 stores and expanded an additonal 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".

    BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF INCOME


             (All amounts in thousands except share data)


                                     Twelve Months Ended
                             June 03, 2000           May 29, 1999
                               (audited)              (audited)


REVENUES:
 Net Sales               $2,198,696    100.00%  $1,944,106   100.00%
 Other Income                27,487      1.25%      24,678     1.27%
                        -----------            -----------
  Total Revenues          2,226,183    101.25%   1,968,784   101.27%
                        -----------            -----------

COSTS AND EXPENSES:
 Cost of Sales
  (Exclusive of
  Depreciation and
  Amortization)           1,406,625     63.98%   1,243,198    63.95%
 Selling and
   Administrative
   Expenses                 673,027     30.61%     608,629    31.31%
 Depreciation and
  Amortization
  Expense                    41,028      1.87%      35,046     1.80%
 Interest Expense             5,377      0.24%       5,771     0.30%
                        -----------            -----------
     Total Costs
      and Expenses        2,126,057     96.70%   1,892,644    97.35%
                        -----------            -----------
 Income Before
  Provision
  for Income Taxes          100,126      4.55%      76,140     3.92%

 Provision for
  Income Taxes               37,650      1.71%      28,357     1.46%
                        -----------            -----------
 Income Before
  Cumulative Effect
  of Accounting
  Change                     62,476      2.84%      47,783     2.46%

 Cumulative Effect of
  Accounting Change,
  Net of Income Tax          (1,356)    -0.06%          --     0.00%
                        -----------            -----------
 Net Income                 $61,120      2.78%     $47,783     2.46%
                        ===========            ===========
 Basic and Diluted
  Earnings Per Share:

 Income Before
  Cumulative Effect of
  Accounting Change           $1.37                  $1.02

 Cumulative Effect of
  Accounting Change,
  Net of Income Tax          ($0.03)                    --
                        -----------            -----------
 Net Income                   $1.34                  $1.02
                        ===========            ===========
 Weighted Average
  Shares Outstanding     45,707,520             46,876,564
                        ===========            ===========
 Dividends Per Share          $0.02                  $0.02
                        ===========            ===========




    BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
                   CONSOLIDATED STATEMENTS OF INCOME


             (All amounts in thousands except share data)


                                   Three Months Ended
                          June 03, 2000           May 29, 1999
                            (audited)                (audited)

REVENUES:
 Net Sales            $526,205      100.00%   $ 446,086      100.00%
 Other Income            8,020        1.52%       6,496        1.46%
                     ---------                ---------
     Total Revenues    534,225      101.52%     452,582      101.46%
                     ---------                ---------

COSTS AND EXPENSES:
 Cost of Sales
  (Exclusive of
  Depreciation and
  Amortization)        329,252       62.57%     277,245       62.15%
 Selling and
  Administrative
  Expenses             180,801       34.36%     156,521       35.09%
 Depreciation and
  Amortization
  Expense               11,378        2.16%       9,559        2.14%
 Interest Expense        1,417        0.27%         625        0.14%
                     ---------                ---------
     Total Costs
      and Expenses     522,848       99.36%     443,950       99.52%
                     ---------                ---------
 Income Before
  Provision for
  Income Taxes          11,377        2.16%       8,632        1.94%

 Provision for
  Income Taxes           4,406        0.84%       2,746        0.62%
                     ---------                ---------

 Net Income           $  6,971        1.32%   $   5,886        1.32%
                     =========                =========


Basic and Diluted
 Earnings Per Share:

 Net Income              $0.16                    $0.13
                     =========                =========
Weighted
 Average Shares
 Outstanding        44,568,991               46,432,030
                     =========                =========
Dividends
 Per Share                  --                       --
                     =========                =========

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