Tuesday December 10th, 2013 - 11:15AM
For the third quarter ended November 2, Burlington Stores, Inc. posted an adjusted net loss of $3.3 million up $1.6 million from the 2012 period, and a pro forma adjusted net loss per share increase to five cents from two cent year over year. A $6.5 million reduction in income tax benefit and increased interest expense of $5.3 million drove the loss wider, the off-price retailer stated, but it was partially offset by operating results, the company stated.
In the third quarter, comparable store sales gained 3.9%, as total net sales increased 10% to $1.06 billion, it related.
Tom Kingsbury, Burlington president and CEO said in comments on the company’s financial returns, “We are pleased to be reporting strong results in our first quarter as a public company, following the successful completion of our initial public offering in October. We are continuing to improve our execution, as we delivered a 28.3% increase in adjusted EBITDA, a 10% overall sales growth and a 3.9% comparable store sales increase. We remain focused on the ongoing transformation of the Burlington model to be a leading destination for customers searching for on-trend, branded merchandise at a great value. In addition, we are focused on executing our growth drivers of improving comparable store sales, expanding our retail store base and enhancing our operating margins in the future.”
Burlington Coat Factory operates 521 stores in 44 states and Puerto Rico.