Off-price retailer Burlington Stores reported a solid first quarter, boosting its net sales and income.
In the first quarter ended April 29, total sales increased 5%, or $63.9 million, to $1.3 billion. The retailer reported a 0.5% increase in comparable store sales.
Net income increased 39.6% to $52.4 million, or $0.73 per diluted share, and adjusted net income increased 36% to $56.6 million, or $0.79 per share, versus $0.57 per share last year. These improvements were driven by top line growth and margin expansion, share repurchases since the end of the first quarter last year, as well as the $0.07 benefit from the adoption of new share-based compensation accounting, the company said.
Tom Kingsbury, Burlington Stores CEO, said, “We are pleased with our expansion in operating margin as well as our 39% increase in adjusted net income per share in the first quarter. As previously disclosed, our sales performance was negatively impacted by the delayed tax refunds experienced in February. Importantly, momentum built throughout the quarter with combined March and April comparable sales rising 4.5%. It is worth noting that May is off to a solid start.”
