Burlington Stores boosted its comparable store sales during the holiday season as the off-price retailer wrapped up a solid fourth quarter and fiscal year.
Total sales in the fourth quarter ended February 1 increased 10.5% to $2.2 billion while comparable store sales increased 3.9%. Net income increased 12% to $206 million, or $3.08 per share versus $2.70 last year.
In the full fiscal year, total sales increased 9.3%, which included a comparable store sales increase of 2.7% on top of last year’s 3.2% comparable store sales increase. Net income increased 12% over the prior year period to $465 million, or $6.91 per share versus $6.04 last year.
Michael O’Sullivan, CEO, Burlington Stores, said, “We are pleased with our fourth quarter results, driven by a solid 3.9% comparable store sales increase. Overall we generated a 10.5% sales increase, which resulted in a 40 basis point increase in Adjusted EBIT margin, and a 15% increase in adjusted EPS, ahead of both our original and recently updated guidance. In addition, our inventory management made further progress during the fourth quarter, as our comparable store inventory decreased 15%, putting us in a very opportunistic inventory position as we enter fiscal 2020.”