BURLINGTON STOCK SOARS ON SECOND QUARTER RESULTS
Off price apparel retailer Burlington Stores has seen its stock price soar since reporting more favorable-than-expected second quarter results. In early Friday morning trading, the stock had climbed to near-record levels of 81.85 per share.
Earlier in the week, the New Jersey-based chain reported second quarter earnings of 39 cents, far above estimates. Net sales for the quarter increased 9.6 percent, to nearly $1.26 billion, while same-store sales grew 5.4 percent. Net income increased 87 percent to $20.4 million. The stellar results came on top of major first quarter improvements
“These results were driven by the continued improvement in the execution of our off-price operating model,” said CEO Tom Kingsbury. “Our consistently strong performance has also enabled us to take advantage of favorable interest rates resulting in the re-pricing of our term loan on July 29, 2016. We believe we are well positioned for the fall season and remain focused on delivering great value, relevant brands, fresh product and an improved store experience for our customers every day. I would like to thank our store and corporate teams for these results.”
