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Burlington Tops Estimates In Q3

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.”