The Burlington, N.J.-based retailer reported earnings of $41.3 million, or 93 cents a diluted share, for the three months ended Dec. 1, compared with year-ago earnings of $47.5 million, or $1.07. Total revenues were $750.5 million, a 1.3 percent increase over prior-year sales of $741.1 million, but fell 5.9 percent on a same-store basis.
“Comparable November sales were adversely affected by unusually warm weather, which significantly impacted our outerwear sales,” Robert L. LaPenta Jr., controller, said on a conference call. Comps slumped 13.2 percent in November.
During the six months, BCF, which currently operates 312 stores in 42 states, said it opened 17 stores and expects to open an additional 12 stores during the current fiscal year. Of these, three will be Burlington Coat Factory stores and the remaining nine will be stand-alone shoe stores, which offer moderate and designer shoes for men, women and children at discounted prices.
LaPenta said inventories at the end of the quarter was $747.6 million, 7.1 percent higher than last year due to the new stores and higher outerwear inventory resulting from double-digit comparable-store decreases in outerwear sales during the quarter.
Women’s outerwear volume dropped 20 percent, while men’s was down 23 percent. Outerwear inventory from all departments was up 25 percent over last year, he said.
Still, given world circumstances and the balmy end to the fall, one Wall Street analyst on the call said BCF gave an “impressive performance.” Helping to invigorate the top-line results were shoes, up 10 percent; sportswear, up 1 percent, and accessories, up 0.5 percent, LaPenta said.
For the six months, income fell 37.6 percent, to $20.7 million, or 47 cents a diluted share, compared with income of $33.2 million, or 75 cents. Year-ago results include a 2-cent-a-share loss due to early extinguishment of debt. Sales rose 3.9 percent, to $1.21 billion from $1.15 billion, but were down 2.6 percent on a comp basis.“122601”>“1201”>“AILEEN>“2001”>“WOMENS>