Burlington boosted its net income, net sales and comps in the third quarter, topping Wall Street estimates.
In the third quarter ended October 28, Burlington Stores recorded net income of $44.9 million, or 65 cents per diluted share, versus $32.4 million, or 45 cents per diluted share, in the year-before period. Adjusted net income increased to $48.8 million, or 70 cents per diluted share, versus $36.3 million, or 51 cents per share, in the year-prior quarter. Adjusted net income topped an analyst average estimate of 65 cents published by MarketBeat.
Comparable store sales increased 3.1%, in the quarter year over year. The impact of weather-related store closures reduced incremental contribution to total sales results from new and non-comparable sales by $17 million, the company reported.
Burlington posted net sales of $1.44 billion in the fourth quarter versus $1.34 billion in the year-earlier quarter and total revenue of $144 billion versus $1.35 billion in the 2016 period.
Tom Kingsbury, Burlington CEO, said, “We are pleased to report strong third quarter results, driven by a 3.1% comparable store sales increase, which was on top of a 3.7% comparable increase in last year’s third quarter. Our overall 7.1% sales growth, along with our 115 basis point adjusted EBITDA margin improvement, enabled the company to drive a 37% increase in adjusted EPS in the third quarter, well ahead of our guidance.”