COMPANY CONTACT
Robert L. LaPenta, Jr.
Vice
President - Chief Accounting Officer and Treasurer
(609)
387-7800 ext. 1216
FOURTH QUARTER
AND FISCAL YEAR SALES
Burlington, NJ – June 7, 2007 - Burlington Coat Factory Warehouse Corporation announced today that net sales from continuing operations for the fourth quarter ended June 2, 2007 (13 weeks) were $774.5 million compared with $819.0 million for the fourth quarter ended June 3, 2006 (14 weeks), a 5.4% decrease. The Company’s fiscal year ended June 3, 2006 was a fifty three week year. As a result, each of the first three fiscal quarters in this 2007 fiscal year began and ended one week later than the corresponding period of the prior fiscal year and the fourth fiscal quarter begun one week later and ended the same week as last year. For the thirteen weeks ended June 2, 2007 compared with the thirteen weeks ended June 3, 2006, net sales increased $13.9 million. These results reflect a 2.9% comparative store sales decrease for the quarter. March comparative store sales increased 5.3%, April comparative store sales decreased 14.0% and May comparative store sales decreased 2.3%, compared with the same periods last year. Cold weather throughout most of the United States in April impacted sales, and an earlier Easter season shifted sales from April to March this year.
Net sales from continuing operations for the twelve months ended June 2, 2007 (52 weeks) were $3.403 billion compared with $3.439 billion for the twelve month period ended June 3, 2006 (53 weeks), a 1.0% decrease. These results reflect a 2.2% comparative store sales decrease for the twelve-month period. Net sales for the fifty two weeks ended June 2, 2007, compared with the fifty two weeks ended June 3, 2006, increased $14.8 million.
During
the twelve months ended June 2, 2007, the Company opened nineteen Burlington
Coat Factory stores and three stores previously closed due to Hurricanes
Katrina and Wilma. Two Burlington Coat Factory stores were
relocated during the twelve month period to locations within the same trading
markets. Three Burlington Coat Factory
stores, one MJM Shoe store, one Super Baby Depot store and three Cohoes Fashion
stores were closed during the twelve months ended June 2, 2007. During the 2007 fiscal year, the Company converted two of its
existing Cohoes stores to Burlington Coat Factory stores.
As
of June 2, 2007, the Company operated 379 stores in 44 states, principally
under the name “Burlington Coat Factory”.
Statements
made in this press release that are forward-looking (within the meaning of the
Private Securities Litigation Reform Act 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 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 even
if experience or future changes make it clear that any projected results
expressed or implied will not be realized.