Burlington advanced in its third quarter, seeing a rise in net income, net sales and comparable store sales.
In the third quarter ended October 29, Burlington Stores recorded net income of $32.4 million, or 45 cents per diluted share, versus $15.1 million, or 20 cents per diluted share, in the year-prior period. Adjusted net income was $36.3 million, or 51 cents per share, versus $19 million, or 25 cents per share, in the period a year earlier. Adjusted earnings per share beat a MarketBeat-published analyst average estimate of 33 cents.
Net sales advanced 9.1%, or $111.7 million, to $1.34 billion, bolstered by a 3.7% increase in comparable store sales.
Tom Kingsbury, Burlington CEO, said, “We are very pleased with our third quarter results, which exceeded our sales and earnings guidance, continuing our strong momentum from the first half of the year. Our ability to execute our off-price model by delivering fresh product, compelling value, and sought after brands continues to serve us well. In the quarter, we delivered our 15th consecutive quarter of positive comparable store sales.”
Burlington operates 592 stores.
