Burlington Stores Inc., an off-price retailer of high-quality, branded apparels, has announced its results for the third quarter ended October 29, 2016. The company’s net sales jumped 9.1 per cent to US $ 1,342.6 million.
In the period under review, the company’s net income zoomed 114.4 per cent to US $ 32.4 million. Whereas, adjusted net income increased 90.5 per cent to US $ 36.3 million. Burlington Stores’ comparable store sales noted a rise of 3.7 per cent and totalled US $ 69.8 million in sales from new and non-comparable stores.
In the first nine months of FY ’16, net sales noted a surge of 9.1 per cent to US $ 3,880.3 million. Net income increased 74.7 per cent to US $90.3 million. Furthermore, adjusted net income zoomed 62.6 per cent to US $ 106.1 million. The company’s comparable store sales increased 4.5 per cent and generated US $ 174.2 million in sales from new and non-comparable stores.
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Tom Kingsbury, CEO, Burlington Stores stated, “Our third quarter results exceeded our sales and earnings guidance, continuing our strong momentum from the first half of the year. In the quarter, we delivered our 15th consecutive quarter of positive comparable store sales.”
In the financial outlook for the fourth quarter of FY ’16, the company expects its net sales to increase in the range of 6.6 to 7.6 per cent. Comparable store sales are projected to increase in the range of 2.5 to 3.5 per cent. For the full fiscal, net sales are anticipated to increase in the range of 8.4 to 8.7 per cent. Comparable store sales are expected to increase in the range of 3.9 to 4.2 per cent. Furthermore, the company will open 25 net new stores in current year.
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