Off-price retailer Burlington Stores, Inc. posted adjusted net income of $81 million, or $1.07 per diluted share, for the fourth quarter ended February 1 compared with $82.4 million, or $1.15 per diluted share, in the prior-year fourth quarter. Comparable store sales advanced 4% in the fourth quarter while net sales increased 1.3% to $1.33 billion versus last year’s period, according to the retailer.
Burlington’s earnings per diluted share beat an average analyst estimate published by Analyst Ratings Network by four cents.
Year-ago fourth quarter net sales included $54 million associated with a 53rd fiscal week, Burlington maintained. Unadjusted, net income in the 2013 fourth quarter was $63.6 million versus $67.9 million in the year-earlier period.
For the full year, adjusted net income was $70.2 million, or 95 cents per diluted share, compared with $59.6 million, or 83 cents per dilured share, in fiscal 2012. Cοmps gained 4.7% as net sales increased 7.2% to $4.43 billion, Burlington stated.
Prior-year net sales included the $54 million associated with the 53rd fiscal week, the retailer noted. The 53rd week last year reduced adjusted net income by approximately $3 million, or 4 cents per diluted share, the company pointed out. Unadjusted, 2013 net income was $16.2 million versus $25.3 million, it added.
Tom Kingsbury, Burlington president and CEO, said in announcing the financial data, “We are extremely pleased with our results in the fourth quarter and for the full year, given our strong sales and bottom line performance. For the year, we achieved a comparable store sales increase of 4.7%, an increase in Adjusted EBITDA of 15.6%, Adjusted EBITDA margin expansion of 70 basis points, and a 17.9% increase in Adjusted Net Income. These results benefited from strong fourth quarter comps of 4% as we continued to improve the execution of our off-price model. 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.”