Off-price retailer Burlington Stores recently reported a solid second quarter performance, with results driven by a 3.8% comparable store sales increase.
Total sales in the second quarter ended August 3 increased 10.5% to $1.656 billion, while comparable store sales increased 3.8%. New and non-comparable stores contributed an incremental $115 million in sales during the quarter.
Net income in the second quarter increased 19% to $85 million, or $1.26 per share vs. $1.03 last year. Adjusted net income increased 16% to $91 million, or $1.36 per share, vs. $1.15 last year. This increase in adjusted net income was driven primarily by higher sales growth, as well as leverage on fixed expenses, disciplined expense management and profit improvement initiatives.
Tom Kingsbury, executive, chairman, Burlington, stated, “We are very pleased with our second quarter results, driven by our 3.8% comparable store sales increase and 10.5% overall sales growth, which resulted in a 19% increase in adjusted EPS, well ahead of our guidance. In addition, based on our disciplined inventory management, our comparable store inventory decreased 7%, putting us in a very good position to take advantage of the abundant values available in the marketplace. I would like to thank our store, supply chain and corporate teams for contributing to these strong results.”