Off-price retailer, Burlington Stores Inc., has released Q2 comps for fiscal 2021.
Fiscal 2021 Q2 Operating Results:
- Total sales increased 34% compared to the second quarter of Fiscal 2019 to $2,213 million, while comparable store sales increased 19% compared to the second quarter of Fiscal 2019.
- Gross margin rate was 42.2% vs. 41.4% for the second quarter of Fiscal 2019, an increase of 80 basis points.
- Product sourcing costs, which are included in selling, general and administrative expenses (SG&A), were $146 million vs. $82 million in the second quarter of Fiscal 2019.
- Net income increased 21% to $103 million, or $1.50 per share vs. $85 million, or $1.26 per share for the second quarter of Fiscal 2019, and Adjusted Net Income was $133 million, or $1.94 per share vs. $91 million, or $1.36 per share for the second quarter of Fiscal 2019.
“We are pleased with our second quarter results, which showed continued strong momentum in sales growth and margin expansion. Once again, we demonstrated our improved ability to chase the trend through our Burlington 2.0 strategies. We are getting stronger as a business and as a team,” said Michael O’Sullivan, Chief Executive Officer.
“Looking further out, we remain very excited by the market share opportunities ahead of us. Our 34% total sales growth year-to-date reinforces our confidence in this opportunity. Meanwhile, we believe that many of the prevailing expense headwinds are being driven by short-term market conditions. We continue to expect significant margin expansion, as these conditions normalize, over the next few years,” added O’Sullivan.
Source: Burlington Press Release
Photo Credit: Glassdoor
About Burlington Stores, Inc.
Burlington Stores, Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2020 net sales of $5.8 billion. The Company is a Fortune 500 company and its common stock is traded on the New York Stock Exchange under the ticker symbol “BURL.” The Company operated 792 stores as of the end of the second quarter of Fiscal 2021, in 45 states and Puerto Rico, principally under the name Burlington Stores. The Company’s stores offer an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers’ prices, including women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats.
For more information about the Company, visit www.burlington.com.