Off-price retailer Burlington Stores boosted its outlook for the fiscal year after strong sales in its first quarter.
In the first quarter ended April 30, the retailer reported that net sales increased 8.4%, or $99.6 million, to $1.28 billion. Comparable store sales increased 4.3%.
Net income increased 46% to $37.5 million, or $0.52 per diluted share. Adjusted net income increased 32.5% to $41.6 million, or $0.57 per share.
In its second quarter outlook, the company expects net sales to increase in the range of 6.3% to 7.3% and comparable store sales to increase in the range of 2.5% to 3.5%.
Based on its strong first quarter results, the company has raised its fiscal year outlook, expecting net sales to increase in the range of 7.1% to 7.6% and comparable store sales to increase between 3% to 3.5%.
Tom Kingsbury, Burlington Stores CEO, stated, “We are very pleased to report first quarter results that exceeded our top and bottom line guidance. Our performance was highlighted by an 8.4% increase in net sales, a 4.3% increase in comparable store sales and an 80 basis point expansion in adjusted EBITDA margin driven by the ongoing traction and successful execution of our off-price operating model.”
Burlington operates 540 stores in 44 states and Puerto Rico. The company said it expects to open 25 new stores in the fiscal year.