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Published
Aug 24, 2017
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Burlington beats 2Q guidance, updates full year outlook

Published
Aug 24, 2017

Burlington Stores raised on Thursday its full year 2017 outlook, following a positive second quarter and first six months of the year.

The New Jersey-based company announced in May that it expected its full year total sales to increase in range of 7.3% and 8.1%, and now it expects total sales to increase in range of 8.4% and 8.9%.


 
Total sales in the second quarter increased 8.6% to $1,363 million, driven by an increase of $70 million from new and non-comparable stores and a 3.5% increase in comparable store sales. The increase in comparable store sales was on top of a 5.4% increase in the prior year’s second quarter.
 
Net income increased 130% to $47 million, or $0.66 per diluted share, and adjusted net income increased 82% to $51 million, or $0.72 per diluted share, both driven by top line growth, margin expansion, and share repurchases since the end of the second quarter in fiscal 2016.

In addition, gross margin expanded by 110 basis points, SG&A as a percentage of sales was 27.1%, and adjusted EBITDA increased 28% to $127 million.
 
For the first half of the fiscal year, total sales increased 6.8%, including a 2.0% increase in comparable store sales. Net income increased 71% to $99 million, or $1.40 per diluted share, adjusted net income jumped 54% to $107 million and diluted adjusted EPS was $1.51.
 
Burlington reaffirmed its full year comparable sales expectations of an increase of 2% to 3%, updated its adjusted EPS guidance to expect an increase in range of $4.11 to $4.18, and plans to open 37 new stores.
 
For the third quarter, the company expects total sales to increase in range of 6.7% to 7.7%, comparable store sales to increase in range of 2% and 3%, and adjusted EPS to be in range of $0.58 and $0.61.

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