Burlington Stores Inc., an off-price retailer of high-quality, branded apparels, has announced its results for the fourth quarter and fiscal year ended January 28, 2017. During the fiscal under review, net sales increased 9.2 per cent, and net income increased 43.5 per cent.
In the quarter under review, net sales increased 9.4 per cent, or US $ 144.9 million, to US $ 1,685.7 million. This growth was driven by a 4.6 per cent increase in comparable store sales and US $ 82.1 million in sales from new and non-comparable stores.
Commenting on the results, Tom Kingsbury, Chief Executive Officer stated, “We are very pleased that we ended the year on a high note, continuing our favourable momentum from the first three quarters of 2016. For the year, we delivered 9.2 per cent total sales growth, a 100 basis point expansion in Adjusted EBITDA margin rate, and a 40 per cent increase in Adjusted Net Income per Share. In addition, we ended the year with reductions in both comparable store and aged inventories. I want to thank our entire organization for their contributions to our strong results.”
Also Read – Burlington Stores’ net sales up 9.1%
The retailer expects net sales to increase in the range of 7.5 per cent to 8.5 per cent in 2017 while comparable store sales to increase in the range of 2 per cent to 3 per cent.
