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Burlington, N.J. – Burlington Coat Factory shrunk its net loss to $7.4 million from $16.8 million during the third quarter of fiscal 2013, compared to the same period a year earlier.
The retailer also increased net sales 10% to $1.06 billion, from $967.9 million.
Burlington said the net sales increase was primarily attributable to a $53.2 million increase in sales related to new stores and stores previously opened that are not included in same-store sales, and a $37 million, or 3.9%, increase in same-store sales.
“We are pleased to be reporting strong results in our first quarter as a public company, following the successful completion of our initial public offering in October,” said Tom Kingsbury, president and CEO. “We are continuing to improve our execution, as we delivered a 28.3% increase in adjusted EBITDA, a 10.0% overall sales growth and a 3.9% comparable store sales increase.”
Looking ahead, the retailer expects same-store sales to increase 2%-3% in the fourth quarter of fiscal 2013, compared to the prior year.