Burlington More Than Doubles FY Net
March 4, 2016,
BURLINGTON, N.J.-With significant decreases in expenses, Burlington Stores’ fiscal year net income leaped by 128.2 percent, finishing at $150.5 million.
The bottom line benefited from a 1.2 percent drop in selling, general and administrative expenses (which also declined 136 basis points as a percentage of sales, to 27.4 percent). In addition, costs related to debt amendments and secondary offerings fell from $2.4 million to $247,000, and an expense related to stock option modification was slimmed by more than half to $1.4 million.
Net sales for the year, which ended on Jan. 30, rose 5.9 percent to $5.1 billion, including a 2.1 percent pickup in same-store sales. In the fourth quarter, net income totaled 98.8 million, up 4.1 percent from the prior year’s fourth quarter, as sales increased by 3.7 percent to $1.5 billion.