Burlington Stores attracted large numbers of shoppers over the holiday season, as the off-price retailer reported a jump in sales and profit for the fourth quarter.
For the fourth quarter ended Jan. 30, the company said adjusted net income per share rose 26% to $2.31 vs. $1.83 in the prior year quarter.Revenue increased 3.5% to $1.55 billion. Same-store sales increased 2.1%.
"We are pleased with our 26% increase in adjusted net income per share, which was driven by our 5.9% total sales growth, expansion in AEBITDA margin, and share repurchase activity," saidTom Kingsbury, president and CEO. "In addition, we ended the year with reductions in both comparable store and aged inventories and began fiscal 2016 with strong product offerings and significant open-to-buy to capitalize on the many opportunities we see in the market place.”
The retailer also said it plans to open 25 new stores this year, but did not provide details on what the total footprint would be.
Burlington has seen a turnaround in recent years, with off-price being one of the more resilient sectors in retail following the financial crisis.
For the fiscal 2016, the company currently expects:
Net sales to increase in the range of 6.5% to 7.5%;
Comparable store sales to increase between 2.5% to 3.5%; and
Adjusted Net Income per share in the range of $2.62 to $2.72.