Burlington Coat Factory Reports Second Quarter Sales and Net Income and December Sales.BURLINGTON Burlington, town, Canada Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway. , N.J. -- Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. Warehouse Corporation (NYSE NYSE See: New York Stock Exchange :BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ) today reported its net income and sales for the second quarter ended November November: see month. 26, 2005 and its comparative store sales for the five weeks ended December December: see month. 31, 2005. For the three months ended November 26, 2005, income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the was $45.4 million, or $1.01 per share. This compares with income from continuing operations of $41.5 million, or $0.93 per share, for the corresponding period ended November 27, 2004. Sales for three months ended November 26, 2005 were $945.4 million compared with sales of $872.0 million during the corresponding period ended November 27, 2004. Comparative store sales for the quarter increased 5.3%. Total sales for the quarter increased 8.4% over the comparative quarter of the prior fiscal year. Sales for the six months ended November 26, 2005 were $1.60 billion compared with sales of $1.45 billion during the corresponding period ended November 27, 2004. Comparative store sales for the six months increased 6.8%. Total sales for the comparative six months increased 10.4% over the comparative six months of the prior fiscal year. During the six months ended November 26, 2005, the Company opened eight Burlington Coat Factory stores and three free standing MJM MJM Multi-Jet Modeling (prototyping manufacturing) MJM Metropolitan Japanese Ministry MJM Married Jewish Male Designer Shoe stores. An additional five Burlington Coat Factory stores were relocated re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. during the first six months of the current fiscal year to locations within the same trading market. Two Burlington Coat Factory stores and one Luxury Linens Linens are fabric household goods, such as pillowcases and towels. Originally, many, such as bed sheets and tablecloths, were made of linen. Today, the term "linen" has come to be applied to all related products even though most are made of cotton, various synthetic store were closed during the first six months of the current fiscal year. The Company also has three Burlington Coat Factory stores that remain temporarily closed due to damage caused by Hurricanes Katrina KATRINA Keeping All the Resources in New Orleans Alive KATRINA Krewe Aiding Trash Removal In the New Orleans Area and Wilma. Two of these stores are located in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded and the other store is located in southern Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and . The Company has not yet determined when these stores will reopen re·o·pen tr. & intr.v. re·o·pened, re·o·pen·ing, re·o·pens 1. To open or be opened again: Officials reopened the airport after the snow was cleared. Schools reopen in September. . The Company anticipates opening an additional Burlington Coat Factory store during the remainder of the current fiscal year. In addition, two stores are expected to be relocated to new locations within the same trading market. For the five weeks ended December 31, 2005, total sales were $595.3 million, an 8.8% increase over the comparative period of the prior year, including a comparative store sales increase of 7.5%. During the second quarter of fiscal 2006, the Company recorded a miscellaneous loss due to hurricanes Wilma and Katrina in the amount of $3.5 million related to insurance deductibles and to the net book value of leasehold improvements Leasehold Improvement Improvements on a leased asset that increase the value of the asset. Notes: A leasehold improvement is classified as an asset that must be depreciated over time. not reimbursable re·im·burse tr.v. re·im·bursed, re·im·burs·ing, re·im·burs·es 1. To repay (money spent); refund. 2. To pay back or compensate (another party) for money spent or losses incurred. under the Company's insurance due to the fact that such leasehold improvements are expected to be replaced by the Company's landlords. The Company is insured at the selling price of inventory and the replacement cost of fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → . Burlington Coat Factory operates 367 stores (exclusive of the three stores temporarily closed due to hurricane hurricane, tropical cyclone in which winds attain speeds greater than 74 mi (119 km) per hr. Wind speeds reach over 190 mi (289 km) per hr in some hurricanes. damage) in 42 states, principally under the name "Burlington Coat Factory". The Company plans to hold a conference call regarding the second quarter results at 10:00 A.M. Eastern time on Thursday Thursday: see week. , January January: see month. 5, 2006. To listen to the call, visit the Company's website at www.burlingtoncoatfactory.com. The call will be available for replay on the Company's website. Statements made on the press release that are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. (within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995) are not historical facts and involve a number of risks and uncertainties. Among the factors that could cause actual results to differ materially are the following: general economic conditions; consumer demand; consumer preferences; weather patterns; competitive factors, including pricing and promotional activities of major competitors; the availability of desirable store locations on suitable terms; the availability, selection and purchasing of attractive merchandise on favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms; import risks; the Company's ability to control costs and expenses; unforeseen computer related problems; any unforeseen material loss or casualty; the effect of inflation; and other factors that may be described in the Company's filings with the Securities and Exchange Commission. The Company does not undertake to publicly update or revise its forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. even if experience or future changes make it clear that any projected results expressed or implied will not be realized.
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands, except per share data)
Three Months Ended
26-Nov-2005 27-Nov-2004
(Unaudited) (Unaudited)
REVENUES:
Net Sales $945,409 100.00% $872,025 100.00%
Other Revenue 8,517 0.90% 7,941 0.91%
----------- -----------
953,926 100.90% 879,966 100.91%
----------- -----------
COSTS AND EXPENSES:
Cost of Sales (Exclusive of
Depreciation) 588,721 62.27% 540,187 61.95%
Selling and Administrative
Expenses 264,737 28.00% 251,960 28.89%
Depreciation 22,435 2.37% 22,826 2.62%
Interest Expense 1,405 0.15% 1,778 0.20%
Other (Income) Loss, Net 2,611 0.28% (4,843) -0.56%
----------- -----------
879,909 93.07% 811,908 93.11%
----------- -----------
Income From Continuing
Operations Before Provision
for Income Tax 74,017 7.83% 68,058 7.80%
Provision for Income Taxes 28,644 3.03% 26,585 3.05%
----------- -----------
Net Income From Continuing
Operations 45,373 4.80% 41,473 4.76%
----------- -----------
Net Income (Loss) From
Discontinued Operations, Net
of Tax (Benefit) Provision -- 0.00% 222 0.03%
----------- -----------
Net Income 45,373 4.80% 41,695 4.78%
Net Unrealized Gain (Loss) on
Non-Marketable Securities,
Net of Tax (2) -0.00% -- 0.00%
----------- -----------
Total Comprehensive Income $45,371 4.80% $41,695 4.78%
=========== ===========
Basic and Diluted Earnings Per
Share:
Basic and Diluted Income Per
Share from Continuing
Operations $1.01 $0.93
Basic and Diluted (Loss) from
Discontinued Operations 0.00 0.00
----------- -----------
Basic and Diluted Net Income
Per Share $1.01 $0.93
=========== ===========
Basic Weighted Average Shares
Outstanding 44,773,412 44,645,790
Diluted Weighted Average
Shares Outstanding 44,950,161 44,752,652
Dividends Per Share $0.04 --
=========== ===========
BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(All amounts in thousands, except share data)
Six Months Ended
26-Nov-2005 27-Nov-2004
(Unaudited) (Unaudited)
REVENUES:
Net Sales $1,596,257 100.00% $1,446,205 100.00%
Other Revenue 15,841 0.99% 14,320 0.99%
----------- -----------
1,612,098 100.99% 1,460,525 100.99%
----------- -----------
COSTS AND EXPENSES:
Cost of Sales (Exclusive of
Depreciation) 1,014,056 63.53% 912,128 63.07%
Selling and Administrative
Expenses 499,251 31.28% 467,498 32.33%
Depreciation 45,063 2.82% 44,171 3.05%
Interest Expense 3,168 0.19% 3,572 0.25%
Other (Income) Loss, Net 2,492 0.15% (5,595) -0.39%
----------- -----------
1,564,030 97.98% 1,421,774 98.31%
----------- -----------
Income From Continuing
Operations Before
Provision for Income Tax 48,068 3.01% 38,751 2.68%
Provision for Income Tax 18,602 1.17% 14,695 1.02%
----------- -----------
Income From Continuing
Operations 29,466 1.85% 24,056 1.66%
Net Loss From Discontinued
Operations,
Net of Tax -- 0.00% (1,042) -0.07%
----------- -----------
Net Income 29,466 1.86% 23,014 1.60%
Net Unrealized Gain (Loss) on
Non-Marketable Securities,
Net of Tax (2) 0.00% 1 0.00%
----------- -----------
Total Comprehensive Income $29,464 1.86% $23,015 1.59%
=========== ===========
Basic and Diluted Earnings Per
Share:
Basic and Diluted Income Per
Share from Continuing
Operations $0.66 $0.54
Basic and Diluted Loss from
Discontinued Operations 0.00 (0.02)
----------- -----------
Basic and Diluted Net Income
Per Share $0.66 $0.52
=========== ===========
Basic Weighted Average Shares
Outstanding 44,773,108 44,640,819
Diluted Weighted Average
Shares Outstanding 44,952,741 44,731,072
Dividends Per Share $0.04 $0.04
=========== ===========
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion