Off-price retailer Burlington Stores posted lower than expected sales during its fourth quarter, although overall the company reported a solid fiscal year.
Total sales for the 13-week fourth quarter period ended February 2 increased 2.8% over last year’s 14-week period to $1.9 billion. Comparable store sales increased 1.3% on a shifted basis, on top of last year’s 5.9% comparable store sales increase. Net income was $184 million, or $2.70 per share, versus $241 million, or $3.47 per share, on a 14-week basis last year.
For the full fiscal year, total sales increased 9.2% to $6.6 billion. The company posted a 3.2% increase in comparable store sales on a shifted basis, on top of last year’s 3.4% comparable store sales increase. Net income was $415 million, or $6.04 per share, versus $385 million, or $5.48 per share last year.
Tom Kingsbury, CEO, Burlington Stores, stated, “Despite our fourth quarter sales performance coming in below our expectations, we nevertheless exceeded our adjusted EPS guidance through disciplined expense management. It is important to note that the fourth quarter represented our most difficult fiscal 2018 one and two year quarterly comparable store sales comparisons. While we are disappointed with how the year ended from a sales perspective, we did have a solid fiscal 2018 on both the top and bottom line. We remain confident in our business model and long-term prospects for growth, and still expect fiscal 2019 adjusted EPS to increase low double digits on a comparable basis versus fiscal 2018.”