Burlington More Than Doubles FY Net
Posted on March 4, 2016 by
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.
Looking ahead to the new fiscal year, Burlington said it expects net sales to rise by from 6.5 to 7.5 percent, with same-store sales gaining from 2.5 to 3.5 percent. The retailer “ended the year with reductions in both comparable-store and aged inventories and began fiscal 2016 with strong product offerings and significant open-to-buy to capitalize on the many opportunities we see in the market place,” said Tom Kingsbury, president and CEO.