Burlington Stores Q2 comparable sales increase 19 percent

Burlington Stores, Inc. reported total sales increase of 34 percent compared to the second quarter of fiscal 2019 to 2,213 million dollars, while comparable store sales increased 19 percent.

“The environment remains uncertain, and the trend is difficult to predict. We are seeing a huge imbalance between supply and demand in global logistics systems. This is driving up freight and supply chain expenses and it will put significant pressure on our margins for the balance of the year,” said Michael O’Sullivan, the company’s CEO.

Highlights of Burlington Stores’ Q2 results

The company’s gross margin rate was 42.2 percent against 41.4 percent for the second quarter of Fiscal 2019, an increase of 80 basis points.

Net income increased 21 percent to 103 million dollars or 1.50 dollars per share and adjusted net income was 133 million dollars or 1.94 dollars per share compared to 91 million dollars or 1.36 dollars per share for the second quarter of Fiscal 2019.

Adjusted EBITDA increased 44 percent to 246 million dollars, an increase of 80 basis points as a percentage of sales. Adjusted EBIT increased 55 percent to 183 million dollars, an increase of 110 basis points as a percentage of sales.

Burlington Stores posts H1 sales increase of 34 percent

Total sales for the first six month period increased 34 percent compared to the first six months of fiscal 2019.

Net income increased 69 percent to 274 million dollars or 4.01 dollars per share against 2.40 dollars per share in the prior period, an increase of 67 percent. Adjusted EBIT increased 79 percent or 185 million dollars to 421 million dollars, an increase of 240 basis points as a percentage of sales.

Adjusted net Income of 309 million dollars was up 75 percent, while adjusted EPS was 4.53 dollars against 2.62 dollars in the prior year period, an increase of 73 percent.

The company still expects to open 100 new stores, while relocating or closing 25 stores, for a total of 75 net new stores in fiscal 2021.