Burlington Coat Factory Investments Holdings Inc. said second-quarter profits declined more than 20 percent but instituted a cost-cutting program that it expects will reduce costs by more than $45 million during the back half of the year.
In the three months ended Nov. 29, the Burlington, N.J.-based off-price chain’s net income fell 21.6 percent to $18.2 million from $23.2 million in the 2007 quarter, despite an almost $6 million reduction in interest expense against last year’s period and a $6.8 million impairment charge in the year-ago quarter.
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