admin For the second quarter, Burlington Stores, Inc. reported sales increase of 9 percent to 2,170 million dollars, while comparable store sales increased 4 percent compared to the second quarter of fiscal 2022.
The company’s sales for the first six months increased 10 percent, net income increased 126 percent to 64 million dollars or 98 cents per share.
Commenting on the trading update, Michael O’Sullivan, the company’s CEO, stated: “Our comparable store sales growth for the second quarter was 4 percent, which was at the high end of our guidance range, while margin and earnings performance were significantly ahead of our guidance.”
“Based on the underlying year-to-date comp trend we are narrowing our full-year comparable store sales guidance to a range of 3 percent to 4 percent versus 2022,” added O’Sullivan.
Burlington Stores posts rise in profit
Gross margin was 41.7 percent, an increase of 280 basis points. Net income was 31 million dollars or 47 cents per share and adjusted net income was 39 million dollars or 60 cents per share.
Second quarter adjusted EBITDA was 141 million dollars, an increase of 90 basis points as a percentage of sales and adjusted EBIT was 68 million dollars, an increase of 100 basis points.
For the first half period, adjusted EBIT increased by 53 million dollars to 154 million dollars, an increase of 100 basis points, adjusted net income of 94 million dollars increased 59 percent, while adjusted EPS was 1.44 dollars, an increase of 62 percent.
Burlington Stores reveals sales outlook
For the full fiscal year, the company now expects sales to increase approximately 11 percent to 12 percent and comparable store sales will increase in the range of 3 percent to 4 percent.
The company plans to open 70 to 80 net new stores during the year.
The company expects adjusted EBIT margin to increase 60 to 80 basis points versus last year and adjusted EPS to be in the range of 5.37 dollars to 5.67 dollars.
For the third quarter, the company expects sales to increase in the range of 13 percent to 15 percent; this assumes comparable store sales will increase in the range of 5 percent to 7 percent.
Adjusted EBIT margin to increase 130 to 180 basis points and adjusted EPS in the range of 86 cents to 1.01 dollars.
