USA: Expansion Pays Off For Burlington Coat Warehouse

Burlington Coat Factory's (NYSE:BCF) expansion has paid off, as its annual and quarterly reports showed today.Burlington Coat Factory Warehouse Corporation, which operates 282 stores in 42 states, opened 23 new stores, closed 4 stores, relocated 4 stores and expanded an additional 6 locations resulting in a 10.7 per cent increase in total square feet during the year. This has resulted in a strong rise in shares and a 10.7 per cent increase in sales this quarter. For the twelve months ended June 3, 2000, net income before the cumulative 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. 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 same 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 per cent. Comparative stores for the twelve month increased 2.2 per cent. Net income was $6,971,000 or $.16 per share compared with net income of $5,886,000 or $.13 per share last year. Net sales for the 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. Total sales for the quarter, excluding the extra week, increased 10.7 per cent. During the fourth quarter, comparative store sales increased .1 per cent. For comprehensive financial information please visit