Driven by strong comparable store sales, Burlington Stores boosted its sales in both the fourth quarter and fiscal year.
In the fourth quarter ended February 3, total sales increased 14.9% over the prior year period to $1.9 billion. The company reported a 5.9% increase in comparable store sales. Benefiting from the tax reform measures, net income increased 92% over the prior year period to $241 million, or $3.47 per share versus $1.77 per share last year;
For the fiscal year, total sales increased 9.3% to $6 billion. Net income increased 78% to $385 million, and earnings per share increased to $5.48. The company posted a comparable store sales increase of 3.4% for the fiscal year.
Tom Kingsbury, CEO, Burlington, said, “We are extremely pleased to report strong fourth quarter results, driven by a 5.9% comparable store sales increase, which was on top of last year’s 4.6% increase. On a 13-week basis, we achieved a 22% increase in Adjusted EPS excluding the estimated impact of the 2017 tax reform. This result was driven by overall sales growth of 10% and an improvement of 50 basis points in both Adjusted EBITDA and EBIT margin. We also passed several significant milestones in fiscal 2017, as we surpassed $6 billion in total sales, expanded our adjusted EBIT margin by 90 basis points to 8.6%, and achieved record low aged inventory and record high comparable store inventory turnover levels.”