Burlington posts results for first quarter as public company
Retail Editor 5 -- Home Textiles Today, December 10, 2013
Burlington, NJ -- Following the completion of its initial public offering in October, Burlington Stores Inc. ended its first quarter as a public company with a solid sales gain and improved EBITDA results.
Sales for the company's third fiscal quarter, ended Nov. 2, rose 10.0% to $1.06 billion. The company attributed to boost to a $53.2 million increase in sales from new stores and stores that are not old enough to be included in the comparable store sales; and a $37.0 million, or 3.9%, increase in comparable store sales.
Adjusted EBITDA rose 28.3% to $62.5 million thanks to higher total sales, gross margin improvement and cost leveraging.
Year-to-date, sales rose 9.9% to to $3.09 billion, with comps up 5.0%. Adjusted net loss narrowed to $10.8 million versus a loss of $22.8 million last year.
Tom Kingsbury , president and ceo, said the company is encouraged by it recent performance, and remains focused on "the on-going transformation of the Burlington model...[and] executing our growth drivers of improving comparable store sales, expanding our retail store base and enhancing our operating margins in the future."
Burlington Store' outlook calls for: comps to be between 2% and 3% in the fourth quarter, and pro forma fully diluted shares for fiscal 2013 to be approximately 74.8 million.
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