Burlington Stores Beats Q3 Expectations

Burlington Stores, Inc. BURL announced third quarter operating results Tuesday for the period ended November 1, 2014.

Net sales increased 8.7 percent from the year-ago period, or $92.8 million, to $1.157 billion, above estimates of $1.14 billion.  This increase includes a 5.2 percent increase in comparable store sales, as well as an increase of $41.5 million from new and non-comparable stores.

Adjusted diluted EPS increased to $0.16, above estimates of $0.12 and the loss per basic share of ($0.05) reported in the previous year period.
Comparable stores inventory decreased 14 percent, and turnover improved 24 percent compared to the year-ago period.

Company raised its guidance including fourth quarter expectations for comparable stores sales of 3 percent to 4 percent, adjusted diluted EPS of $1.25 to $1.28 and increased Fiscal Year 2014 outlook.

Tom Kingsbury, President and Chief Executive Officer stated, “We are very pleased with our third quarter performance, which was highlighted by better-than-expected net sales, comparable store sales and earnings, providing a great start to the fall season. Our consistent performance reflects the ongoing success of our off-price model and the continually improving execution by our team.”

Burlington Stores, Inc. traded at $44.23 in the pre-market, up 3.22 percent.