Burlington Q3 Earnings Gain As Comps Rise

Burlington Stores reported that its net earnings for the third quarter ended October 31 were $15.1 million versus a net loss of $34.2 million in the period last year. Adjusted net income was $19 million, or 25 cents per share, versus $11.9 million, or 16 cents per share, in the year-prior quarter.

Comparable store sales advanced 2.8%, the off-pricer noted.

Third quarter net sales were $1.23 billion versus $1.16 billion in the period, Burlington reported, while total revenues were $1.24 billion versus $1.17 billion in the 2014 frame.

“We are pleased with our third quarter results, which included a 2.8% increase in comparable store sales on top of a 5.2% increase in last year’s third quarter,” stated Tom Kingsbury, Burlington president and CEO. “Adjusted net income per share surpassed our expectations due to sales growth, expansion in gross margin, leverage in SG&A and share repurchase activity.”