Burlington Coat Factory

Burlington Stores Inc. saw its sales and income grow by double digits for the fiscal year and the fourth quarter, proving expectations that off-price retail is growing ahead of department store competitors.

Net income for Burlington for 2016 came in at $215.9 million, a 43.5 percent increase from the previous year, on net sales  $5.6 billion billion, a 9.2 percent increase. The fourth quarter was similarly positive for the company, with income up 27.1 percent to $125.6 million and sales up 9.4 percent to $1.69 billion.

Comp store sales for 2016 grew by 4.5 percent.

“We are very pleased that we ended the year on a high note, continuing our favorable momentum from the first three quarters of 2016,” said Tom Kingsbury, chief executive officer of Burlington.

Looking forward to the rest of 2017, Burlington expects net sales to increase further by between 7.5 and 8.5 percent and comparable store sales to grow by between 2 and 3 percent.

Earnings per share are also expected to grow to hit $3.77, up from the $3.24 for fiscal 2016.

As for the first quarter of 2017, Burlington expects an increase in net sales of up to 6 percent and comp store sales to grow by up to 2 percent. Comp stores sales in the first quarter of 2016 grew by 4.3 percent.

Burlington is also planning to open 30 new stores during 2017.

The results fold in neatly with expectations by analysts that off-price retailers like Burlington, which operates Burlington Coat Factory, and others like The TJX Cos. Inc., Ross Stores Inc. are taking over market share being yielded by department stores.

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