Burlington Stores' FY, Q4 Nets Fall
March 20, 2014,
BURLINGTON, N.J.-Although the company's top line picked up momentum in both periods, Burlington Stores posted declines of 36.2 percent and 6.4 percent in fiscal-year and fourth-quarter net income, respectively.
Net income for the year totaled $16.2 million, and for the fourth quarter was $63.6 million (the company posted a net loss for the first three quarters of the year of $47.4 million). Net sales for the year ending on Feb. 1 reached $4.4 billion, up 7.2 percent and including an increase of 4.7 percent in same-store sales. For the quarter, net sales were $1.3 billion, gaining 1.3 percent in total and 4 percent in same-store sales.
Much of the dropoff in fourth-quarter net occurred because of a more than four-fold increase in income tax expense, to $16.2 million. Selling, general and administrative expenses in the quarter edged up 1.8 percent in dollars and 16 basis points as a percentage of sales, to 27.8 percent. Gross margin rose 28 basis points to 42.1 percent.
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