Burlington Stores swings to profit, plans 25 net new stores

Burlington, N.J.— Burlington Stores Inc. is in the black.

The company swung to a net income of $10.9 million in the second quarter of fiscal 2015 from a net loss of $6.47 million the same quarter of last year. Decreases in stock option and interest expenses, as well as some impairment charges, helped bring Burlington to profitability.

Net sales rose 10% to $1.14 billion from $1.04 billion, while same-store sales grew 5.6%.

Burlington plans to open a net of 25 new stores by the end of the fiscal year, including 22 store openings and one closing in the third quarter.

“We believe we are well positioned for the fall season and remain focused on delivering great value, highly desirable brands, an improved store experience and fresh product to our customers every day,” President and CEO Tom Kingsbury said.

For the third quarter Burlington expects net sales to grow 6 to 7% and same-store sales to rise 203%. For the full fiscal year, the retailer expects net sales growth of 6.5 to 7% and same-store sales increase of 2.5 to 3%.