Burlington Coat Factory shrinks net loss
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.
Lumber Liquidators raises 2013 outlook; plans 30-40 stores in 2014
Toano, Va. – Lumber Liquidators has raised its full year 2013 outlook. Based on year-to-date results and current trends, the company now expects net sales in the range of $994 million to $1 billion, up from a previous range of $985 million to $995 million, with the fourth quarter ranging from $252 million to $258 million.
Lumber Liquidators also expects to open a total of 29-30 new stores during 2013 and increase net store sales 15% to 16%, up from a previous range of 14% to 15%, with the fourth quarter ranging from 13% to 15%.
In addition, for full year 2014 Lumber Liquidators expects to open a total of 30 to 40 new store locations and remodel a total of 25 to 35 existing stores, all in the expanded showroom format. The retailer also expects net sales in the range of $1.15 billion to $1.2 billion, and a same-store net sales increase in the high single to low-double digits.
Office Depot chooses Boca Raton
Office Depot has chosen Boca Raton, Fla., for its global headquarters.
The company took several factors into account, including the cost to operate each headquarters location, lease obligations and sublease considerations, tax implications, government incentives, ability to add associates and incorporate functions in the current space, and people-related costs.
“Selecting the headquarters location is a critical step toward integrating our two companies,” said chairman and CEO Roland Smith. “Both Florida and Illinois have many positive attributes, but our analysis concluded that Boca Raton provides the best platform for us to achieve planned synergies, leverage assets to drive improved profitability, and launch a compelling vision for the future.
“We appreciate the significant efforts from legislators in Illinois and the generous support we have received from the State of Florida, Palm Beach County and City of Boca Raton,” Smith added. “We would like to thank Florida Governor Rick Scott, Illinois Governor Pat Quinn and the countless others involved in providing the information necessary for us to make this important decision.”
The company will remain in its current 625,000-sq.-ft. corporate campus located at 6600 North Military Trail in Boca Raton, which has ample space to accommodate associates who relocate from Illinois.
“With the location of our headquarters now decided, we will quickly move forward to build a world-class leadership team and organization focused on exceeding the expectations of consumers and businesses, becoming a more appealing partner to our vendors, and driving value for our shareholders,” Smith added. “To do that, we will select the best talent available from both locations.”
Office Depot plans to maintain a presence in Naperville throughout the transition and accompanying integration activities. Office Depot and OfficeMax retail store locations, customer service centers, warehouses and distribution centers will not be affected by the selection of the headquarters location, according to the company.