New stores fuel Burlington’s third-quarter results

Burlington Stores credited performance at new stores for driving net sales during the third quarter.



The company’s net sales increased 10% to $1.06 billion, from $967.9 million. The increased was fueled primarily by a $53.2 million increase in sales related to new stores and stores previously opened that are not included in same-store sales, as well as a 3.9% increase in same-store sales.



The company also shrank its net loss to $7.4 million from $16.8 million during the quarter, compared to the prior-year quarter.



“We are pleased to be reporting strong results in our first quarter as a public company, following the successful completion of our initial public offering in October,” said president and CEO Tom Kingsbury. “We are continuing to improve our execution, as we delivered a 28.3% increase in adjusted EBITDA, a 10% overall sales growth and a 3.9% comparable store sales increase.”



Looking ahead, the retailer expects same-store sales to increase from 2% to 3% in the fourth quarter of fiscal 2013, compared to the prior year.



Burlington operates a national chain of off-price retail stores offering ladies’, men’s and children’s apparel and accessories, home goods, baby products and coats. The company currently has 521 stores in 44 states and Puerto Rico.