Burlington Stores Goes from Loss to Profit in Q2
August 28, 2015,
BURLINGTON, N.J.-In a broadly upbeat second quarter, Burlington Stores transformed a net loss of $6.5 million in the year-ago second quarter into net income of $10.9 million, thanks in large part to strong performance in its home department.
Net sales in the quarter, which ended on Aug. 1, totaled $1.1 billion, up 9.6 percent from a year ago and including a gain of 5.6 percent in same-store sales. Burlington’s home department was one of its star performers, according to Tom Kingsbury, president and CEO, who noted in a conference call yesterday with financial analysts that home, bath, cosmetics, fragrances, men’s, shoes and juniors all registered solid sales in the quarter.
Also helping the bottom line, gross margin increased by 100 basis points to 39.2 percent. Selling, general and administrative expenses tacked on 9 percent in dollars but subtracted 19 basis points as a percentage of sales, to 33.4 percent.