Burlington Stores Q3 loss grown

Florence, N.J. – Burlington Stores Inc. increased its net loss to $34.21 million in the third quarter of fiscal 2014 from $16.86 million in the same period a year earlier amid increased expenses net loss.



By the end of fiscal 2014, Burlington Stores expects to have opened 24 new stores and closed two stores, for a total store count of 543.



Burlington Stores fared better in other financial areas. Net sales rose 9% to $1.16 billion from $1.06 billion. This growth was based in part on a same-store sales increase of 5.2%, as well as growth in sales from new stores and stores open less than a year. Tom Kingsbury, president and CEO, focused on positive sales performance in his public comments.



“We are very pleased with our third quarter performance, which was highlighted by better-than-expected net sales, comparable store sales and earnings, providing a great start to the fall season,” said Kingsbury. “Our consistent performance reflects the ongoing success of our off-price model and the continually improving execution by our team.”



Burlington Stores expects higher same-store and net sales for the fourth quarter and full fiscal year, and also raised its guidance for full-year net sales.