Leading outerwear and apparel retailer Burlington Coat Factory Warehouse Corporation reported its Net Income and Sales for its fourth quarter and year ended May 28, 2005.
For the three months ended May 28, 2005, Net Income was $15.3 million or $0.34 per share compared with Net Income of $21.6 million or $0.48 per share for last year's fourth quarter. Net Income from Continuing Operations was $15.9 million or $0.35 per share compared with $22.5 million or $0.50 per share for last year's fourth quarter. Net Sales for the fourth quarter ended May 28, 2005 were $756.9 million compared with Net Sales of $678.1 million for the fourth quarter ended May 29, 2004. For the fourth quarter ended May 28, 2005 compared with the same period last year, total sales increased 11.6 percent, and comparative store sales increased 7.9 percent.
Income from Continuing Operations Before Provision for Income Taxes for the fourth quarter of fiscal 2005 decreased $9.0 million to $24.7 million from $33.7 million for the fourth quarter of fiscal 2004. This decrease was due primarily to three items. First, as compared with the fourth quarter of fiscal 2005, the fourth quarter of fiscal 2004 had a greater benefit of $2 million from the annual adjustment to reconcile the estimated shrinkage percentage used during the first three fiscal quarters to the actual shrinkage based on the year-end physical inventory. Second, the fourth quarter of fiscal 2004 benefited from the gain on the sale oftwo properties for $3.3 million. Third, in the fourth quarter of fiscal 2005, the Company incurred one-time expense charges of $7.2 million related to the pending settlement of a lawsuit, disputed freight expenses and an adjustment for changing the accrual period for personal property taxes. These three items in the fourth quarter of fiscal 2005 were offset by improved profitability from increases in comparative store sales realized during the quarter.
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