EX-99 2 secondqtrsales.htm PRESS RELEASE FOR IMMEDIATE RELEASE

 

 

 

FOR IMMEDIATE RELEASE

COMPANY CONTANCT:

Robert L. LaPenta, Jr.
Vice President - Chief Accounting Officer and Treasurer
(609) 387-7800 ext. 1216

BURLINGTON COAT FACTORY REPORTS
SECOND QUARTER SALES AND NET INCOME
AND DECEMBER SALES

Burlington , NJ - January 5, 2005 - Burlington Coat Factory Warehouse Corporation (NYSE-BCF) today reported its net income and sales for the second quarter ended November 27, 2004 and its comparative store sales for the five weeks ended January 1, 2005.

For the three months ended November 27, 2004, net income from continuing operations was $41.7 million, or $.93 per share. This compares with net income from continuing operations of $27.8 million, or $.62 per share, for the corresponding period ended November 29, 2003.

Sales for three months ended November 27, 2004 were $875.7 million compared with sales of $786.7 million during the corresponding period ended November 29, 2003. Comparative store sales for the quarter increased 4.8%. Total sales for the quarter increased 11.3% over the comparative quarter of the prior fiscal year.

Sales for the six months ended November 27, 2004 were $1.453 billion compared with sales of $1.312 billion during the corresponding period ended November 29, 2003. Comparative store sales for the six months increased 4.0%. Total sales for the comparative six months increased 10.7% over the comparative six months of the prior fiscal year.

During the six months ended November 27, 2004 the Company opened six Burlington Coat Factory stores, three free standing MJM Designer Shoe stores and one Super Baby Depot store. An additional three Burlington Coat Factory stores were relocated during the current fiscal year to locations within the same trading market. Two store locations, previously operated as Decelle stores, were converted to Cohoes Fashions stores. The Company anticipates opening an additional four Burlington Coat Factory stores, one MJM Designer Shoe store and one Super Baby Depot store during the remainder of the current fiscal year. In addition, two stores are expected to be relocated to new locations within the same trading market.

For the five weeks ended January 1, 2005, total sales were $544.0 million, a 16.2% increase over the comparative period of the prior year, including a comparative store sales increase of 10.1%.

Burlington Coat Factory operates 360 stores in 42 states principally under the name "Burlington Coat Factory".

The Company will be holding a conference call regarding the second quarter results at 10:00 am EDT on Thursday, January 6, 2004.

Statements made on the 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.

BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(All amounts in thousands, except share data)

 

Six Months Ended

 

   November 27, 2004

   November 29, 2003

REVENUES:

       
         

 Net Sales

 $1,452,559    

100.00%

 $1,312,132    

100.00%

 Other Income

    20,276    

1.40%

    13,454    

1.03%

         
 

 1,472,835    

101.40%

 1,325,586   

101.03%

         

COSTS AND EXPENSES:

       

 Cost of Sales (Exclusive of
    Depreciation)


   916,710    


63.11%


   819,919    


62.49%

 Selling and Administrative Expenses

   471,224    

32.44%

   444,899    

33.91%

 Depreciation

    43,472    

2.99%

    38,613    

2.94%

 Interest Expense

    3,572    

0.24%

     2,467    

0.19%

 

1,434,978    

98.79%

 1,305,898    

99.52%

         

Income From Continuing Operations
 Before Provisions for Income Tax


    37,857    


2.61%


    19,688    


1.50%

 Income Tax Expense

    14,802    

1.02%

     7,620    

0.58%

         

Net Income From Continuing Operations

     23,055    

1.59%

     12,068    

0.92%

         

Net Loss From Discontinued
 Operations, Net of Tax


        --    


0.00%


    (2,012)   


-0.15%

Net Income

   $23,055    

1.60%

   $10,056    

0.78%

         

Net Unrealized Gain on Non-
 Marketable Securities, Net of Tax


        1    


0.00%


         --   


0.00%

         

Total Comprehensive Income

   $23,056    

1.60%

   $10,056    

0.77%

         

Basic and Diluted Earnings Per Share:

       

Basic Net Income From Continuing
 Operations


     $0.52
    

 


     $0.27
    

 

Basic Net Loss From Discontinued
 Operations, Net of Tax


      0.00    

 


    ($0.04)   

 

Basic Net Income

     $0.52    

 

     $0.23    

 
         

Diluted Net Income From Continuing
 Operations


 $0.52    

 


 $0.27    

 

Diluted Net Loss From Discontinued
 Operations, Net of Tax


      0.00    

 


    ($0.04)   

 

Diluted Net Income

     $0.52    

 

     $0.23    

 

       

Basic Weighted Average Shares
 Outstanding


44,640,819
    

 


44,555,166
    

 

Diluted Weighted Average Shares
 Outstanding


44,731,072
    

 


44,644,431
    

 

Dividends Per Share

     $0.04    

 

     $0.03    

 
         


BURLINGTON COAT FACTORY WAREHOUSE CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(unaudited)
(All amounts in thousands, except share data)

 

Three Months Ended

 

   November 27, 2004

   November 29, 2003

REVENUES:

       
         

 Net Sales

 $ 875,708    

100.00%

 $ 786,659    

100.00%

 Other Income

    13,124    

1.50%

     7,406    

0.94%

         
 

   888,832    

101.50%

   794,065    

100.94%

         

COSTS AND EXPENSES:

       

 Cost of Sales (Exclusive of
    Depreciation)


   542,643    


61.97%


   486,975    


61.90%

 Selling and Administrative Expenses

   253,407    

28.94%

   240,092    

30.52%

 Depreciation

    22,476    

2.57%

    19,888    

2.53%

 Interest Expense

    1,769    

0.20%

     1,686    

0.21%

 

  820,295    

93.67%

   748,641    

95.17%

         

Income From Continuing Operations
 Before Provisions for Income Tax


    68,537    


7.83%


    45,424    


5.77%

 Provision for Income Tax

    26,798    

3.06%

    17,581    

2.23%

         

Net Income From Continuing Operations

     41,739    

4.77%

     27,843    

3.54%

         

Net Loss From Discontinued
 Operations, Net of Tax


        0    


0.00%


      (720)   


-0.09%

Net Income

   $41,739    

4.77%

   $27,123    

3.45%

         

Net Unrealized Loss on Non-
 Marketable Securities, Net of Tax


       --    


0.00%


        (2)   


0.00%

         

Total Comprehensive Income

   $41,739    

4.77%

   $27,121    

3.45%

         

Basic and Diluted Earnings Per Share:

       

Basic Net Income From Continuing
 Operations


     $0.93
    

 


      $.62
    

 

Basic Net Loss From Discontinued
 Operations, Net of Tax


      0.00    

 


    ($0.01)   

 

Basic Net Income

     $0.93    

 

     $0.61    

 
         

Diluted Net Income From Continuing
 Operations


 $0.93    

 


 $0.62    

 

Diluted Net Loss From Discontinued
 Operations, Net of Tax


      0.00    

 


    ($0.01)   

 

Diluted Net Income

     $0.93    

 

     $0.61    

 

       

Basic Weighted Average Shares
 Outstanding


44,645,790
    

 


44,562,907
    

 

Diluted Weighted Average Shares
 Outstanding


44,752,652
    

 


44,662,796
    

 

Dividends Per Share

        --    

 

        --