FINANCE

Burlington Coat Factory stays cool during Q1

BY Staff Writer

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.

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OPERATIONS

Starbucks counts calories

BY Dan Berthiaume

Seattle — Starbucks Coffee Company will start including calorie information on menu boards in all U.S.-based corporate and licensed stores on June 25. The retailer will post calorie counts to accompany each beverage listed on the menu boards, as well as on tags to accompany food in the bakery case. All calorie counts will reflect the item as made by standard recipe and will not include potential extra calories resulting from whipped cream, different types of milk or sweetener, or other customer options.

“Menu-labeling is yet another step to extend our commitment to wellness, ensuring our customers and partners (employees) have the information they need to make informed decisions and understand all the ways that they can customize their Starbucks beverages to be within their desired calorie range,” said Mary Wagner, senior VP of global R&D at Starbucks.

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REAL ESTATE

Englewood Construction builds Chicago area’s first Ports 1961

BY Marianne Wilson

Chicago — Englewood Construction announced its retail group has begun work on the Chicago market’s first Ports 1961, a luxury apparel retailer, in Rosemont, Ill.

“Ports 1961 chose to enter the Chicago area by locating within Fashion Outlets of Chicago,” said William Di Santo, president of Lemont, Ill.-based Englewood Construction. “The retail world is anxiously awaiting the August 1 opening of this world-class fashion outlet mall in Rosemont.”
Fashion Outlets of Chicago will be home to more than 120 leading designer and top brand retail stores.

Englewood is building the 2,162-sq.ft. Ports 1961 store, which marks the third Ports 1961 in the United States. Santa Monica, Calif.-based Montalbo Architects Inc. is designing the space. Ports 1961 has a location in New York City, and a store in the new Livermore Premium Outlets, in the East Bay area of San Francisco.

Also within the 530,000-sq.ft. Fashion Outlets of Chicago, Englewood has performed 20,000 square feet of prep work for one of the anchor tenants: Saks Fifth Avenue OFF 5th.

Englewood has also begun two other retail projects: a 1,509-sq.-ft. build out of a Motherhood Maternity store in Huntington Beach, Calif., and a 1,068-sq.-ft. build out of a Marbles – The Brain Store in the Westfield Old Orchard Mall in Skokie, Ill.

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