Burlington Stores reported better-than-expected second-quarter results with profit that more than doubled as consumers shopped its stores for deals.
The off-price retailer, which is opening about 100 stores in its current fiscal year, also raised its full-year guidance, said it remains confident in the outlook for our business for the balance of fiscal 2024.
Burlington reported net income of $73.8M, or $1.15 a share, for the quarter ended 3 August, up from $30.9M, or 47 cents a share, in the year-ago period. Adjusted earnings were $1.24 a share; way ahead of analysts’ estimates of $0.96 a share.
Revenue rose 13 per cent to $2.47bn from $2.17bn, topping estimates of $2.42bn. Comparable sales increased five per cent.
“We saw very strong margin improvement and earnings growth during the second quarter,” said CEO Michael O’Sullivan. “Our Adjusted EBIT Margin and Adjusted EPS increased 160 basis points and 98 per cent, respectively. This strong performance was driven by the ahead of plan sales, as well as a significant increase in gross margin and faster than expected progress in our supply chain efficiency initiatives.”
