Burlington Stores Inc. reported a lower fourth-quarter profit on a sales gain of 1.3 percent.
For the three months ended Feb. 1, net income was down 6.4 percent to $63.6 million from $67.9 million. The company did not provide earnings per share on a GAAP basis. On an adjusted basis, net income was $81 million, or $1.07 a diluted share, compared with $82.4 million, or $1.15, in the year-ago quarter.
Total revenues for the quarter rose 1.3 percent to $1.34 billion from $1.33 billion. Total revenues included a 1.3 percent gain in net sales to $1.33 billion from $1.32 billion. Same-store sales rose 4 percent in the period. The financial year ended was a 52-week period, compared with 2012 when it was a 53-weeks long.
Tom Kingsbury, president and chief executive officer, said, "These results benefited from strong fourth quarter comps of 4 percent as we continued to improve the execution of our off-price model. We remain focused on delivering great value, brands and freshness to our customers every day as well as executing our growth initiatives to improve comparable store sales, expand our retail store base and enhance our operating margins in fiscal 2014 and beyond.”
For the first quarter ending May 3, the company is projecting a same-store sales gain of 2 to 3 percent, with adjusted net income per diluted share between 19 to 23 cents, compared with 8 cents in the first quarter of fiscal year 2013.
For the full year, net sales is projected to rise between 5.8 to 6.8 percent. The company said fiscal 2014 adjusted net income per diluted share is expected between $1.25 and $1.35.
Burlington completed its public offering in October 2013.
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