Second-quarter net income at Burlington Stores Inc. increased 87.1 percent to $20.4 million, from $ 10.9 million in the year ago period.
Net sales for the quarter ended July 30 increased 9.7 percent to $1.26 billion from $1.14 billion . This increase includes a 5.4 percent increase in comparable store sales, as well as an increase of $51.8 million from new and non-comparable stores. Comparable-store sales rose 5.4 percent. There was also a 40 basis point improvement in gross margin to 39.6 percent.
“These results were driven by the continued improvement in the execution of our off-price operating model,” said
Tom Kingsbury, chief executive officer. “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.”
Adjusted net Income increased 90.1 percent to $28.2 million, or $0.39 per share versus $0.19 per share last year.