Burlington, N.J. -- Burlington Coat Factory credited the unusually cold winter experienced by many parts of the country, which dampened the first quarter results of many retailers, for helping to drive its strong financial performance during the first quarter.
The retailer reported net income of $11.1 million, a substantial improvement from $842,000 in the first quarter of the prior year, primarily driven by sales growth and improved gross margin rate which was in turn partially offset by increased selling and administrative expenses.
Meanwhile, net sales increased 8.4% to roughly $1.1 billion, compared to $982 million the previous year. Same-store sales increased 3.4%.
“We are very pleased with our $10.3 million increase in adjusted net Income during the quarter, which was driven by our 8.4% overall sales growth and, most important, our 3.4% comparative store sales increase,” said Tom Kingsbury, president and CEO of Burlington Coat Factory. “We continue to stay focused on delivering more fresh values to our customers on a daily basis.