Off-pricer Q3 profit tops Street
Burlington Stores reported profit in its third quarter that topped analysts’ expectations, but the impact of hurricanes bite into its sales.
Net income increased 38% to $45 million in the quarter ended Oct. 28, or $0.65 per share vs. $0.45 last year. Adjusted net Income increased 34% to $49 million, or $0.70 per share, vs. $0.51 last year. Analysts had expected adjusted net income of $0.66 per share. The increase were driven by a number of factors, including top line growth, gross margin expansion, tight expense control, and share repurchases .
Total sales increased 7.1% to $1.43 billion, just missing estimates. Same-store sales rose 3.1%. 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 said.
"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," stated Tom Kingsbury, CEO. “I would like to thank our store, supply chain and corporate teams for contributing to these strong results.”
Burlington Stores operated 631 stores as of the end of the third quarter.
Net income increased 38% to $45 million in the quarter ended Oct. 28, or $0.65 per share vs. $0.45 last year. Adjusted net Income increased 34% to $49 million, or $0.70 per share, vs. $0.51 last year. Analysts had expected adjusted net income of $0.66 per share. The increase were driven by a number of factors, including top line growth, gross margin expansion, tight expense control, and share repurchases .
Total sales increased 7.1% to $1.43 billion, just missing estimates. Same-store sales rose 3.1%. 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 said.
"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," stated Tom Kingsbury, CEO. “I would like to thank our store, supply chain and corporate teams for contributing to these strong results.”
Burlington Stores operated 631 stores as of the end of the third quarter.