Burlington, N.J. — Burlington Stores Inc. had an all-around strong first quarter of fiscal 2014 that included a better-than-expected net income of %11.77 million, up from a net loss of $5.56 million in year-ago period. The retailer expects to open 25 net new stores during the fiscal year, including the opening of one new store and closing of one existing store in the second quarter.
Total revenues grew 6% to $1.13 billion from $1.06 billion, and same-store sales rose 2.7%. Expanded gross margins and lower interest expense helped return Burlington to recording a profit.
During fiscal 2014, Burlington Stores expects net sales to increase in the range of 5.8% to 6.8% and same-store sales to increase between 2% to 3%. During the second quarter, the retailer expects net sales are expected to increase between 5% and 6% and same-store sales to grow 2-3%.
“We are extremely pleased with our solid results in the first quarter as we continued to build upon our momentum from 2013 with both strong sales and bottom line performance,” said Tom Kingsbury, president and CEO, Burlington Stores Inc. “We remain focused on delivering great value, brands and fresh product to our customers every day as well as executing our growth initiatives to improve comparable store sales, expand our retail store base and enhance our operating margins.”