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Burlington Coat Factory announces net income for fiscal year

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Burlington-based Burlington Stores Inc., which operates 521 Burlington Coat Factory stores throughout the country, announced Thursday its net income and store sales results for its fiscal year that ended on Feb. 1, 2014.

According to the announcement, the company's net income was $70.2 million or 95 cents per share, compared to $59.6 million last year or 83 cents per share last year.

Tom Kingsbury, president and CEO said, "For the year, we achieved a comparable store sales increase of 4.7 percent, an increase in adjusted EBITDA of 15.6 percent, adjusted EBITDA margin expansion of 70 basis points, and a 17.9 percent increase in adjusted net income. "

In 2013 the company opened 21 new store, ending the year with 521 store locations.

"We remain focused on delivering great value, brands and freshness to our customers every day as well as executing our growth initiatives to improve comparable store sales, expand our retail store base and enhance our operating margins in fiscal 2014 and beyond," Kingsbury said.

With that in mind, the company expects to deliver a performance consistent with these long term goals, specifically:

  • Sales growth to increase by 2 to 3 percent.
  • Net income growth of more than 20 percent.
  • Net sales to increase between 5.8 and 6.8 percent.
  • Two new store openings in April, one in May and 22 in the fall.

To read the operating results for the fourth quarter and fiscal year, click here.

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Emily Bader

Emily Bader

Emily Bader is the copy and web editor at NJBIZ. She is a Brielle, N.J. native and a Rutgers University alum. You can contact her at emilyb@njbiz.com or @emilybader on Twitter.

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