Burlington Stores Slims Q2 Loss
September 9, 2014,
BURLINGTON, N.J.-Sales gains on both a total and same-store basis helped narrow Burlington Stores' second-quarter net loss from $25 million last year to $6.5 million this year.
Net sales for the quarter, which ended on Aug. 2, rose 8.3 percent to $1 billion, while same-store sales gained 4.7 percent. The latter followed on a same-store increase of 7.8 percent in last year's second quarter.
Gross margin tacked on 48 basis points to finish the quarter at 38.2 percent. Selling, general and administrative expenses increased 7.1 percent in dollars but declined 37 basis points as a percentage of sales, to 33.5 percent.
Burlington also said it expects third-quarter net sales to rise by between 6.4 and 7.4 percent, with a same-store sales pickup of from 3 to 4 percent. For the fiscal year as a whole, net sales are projected for a 6.5-to-7.2 percent increase, along with a gain in same-store sales of about 3 percent.