• Linkdin
Maximize your media exposure with Fibre2Fashion's single PR package  |   Know More

Burlington Stores Q3 FY'13 revenues up 10%

10 Dec '13
3 min read

Burlington Stores, Inc., a nationally recognized off-price retailer of high-quality, branded apparel at everyday low prices, announced its results for the third quarter and year-to-date ended November 2, 2013.

Third Quarter Fiscal 2013 Operating Results

Total net sales increased 10.0% to $1,064.5 million in the third quarter compared with last year. This increase was primarily attributable to a $53.2 million increase in sales related to new stores and stores previously opened that are not included in our comparable store sales, and a $37.0 million, or 3.9%, increase in comparable store sales.

Gross margin rate increased by 40 basis points to 39.0% in the third quarter compared with the prior year, driven by improved merchandise margin.

Selling and administrative expenses as a percentage of sales improved to 34.1% during the third quarter from 34.6% last year. The improvement was primarily related to the leverage benefit of our 3.9% comparable store sales increase during the quarter.

Adjusted EBITDA for the third quarter increased 28.3%, or $13.8 million, to $62.5 million compared with $48.7 million last year, representing an 80 basis point improvement in Adjusted EBITDA margin rate for the quarter. The increase in the Company’s Adjusted EBITDA was driven by our 10.0% total sales increase and improvements in both gross margin rate and SG&A leveraging.

Adjusted Net Loss increased $1.6 million during the third quarter to a loss of $3.3 million. Pro Forma Adjusted Net Loss per share increased to ($0.05) during the third quarter, compared to ($0.02) last year. This increase was driven by a reduction of our income tax benefit of $6.5 million and increased interest expense of $5.3 million.

Year to Date Fiscal 2013 Operating Results

Comparable store sales increased 5.0% and total net sales increased 9.9% to $3,093.2 million for the nine months ended November 2, 2013 compared with last year.

Gross margin increased by 50 basis points to 38.0% compared with last year, driven by improved merchandise margin.

Selling and administrative expenses as a percentage of sales improved to 32.9% from 33.6% last year. The improvement was primarily related to the leverage benefit of our 5.0% comparable store sales increase.

Adjusted EBITDA increased 33.6%, or $47.6 million, to $188.9 million compared with last year, representing a 110 basis point improvement in Adjusted EBITDA margin rate for the year to date period. The increase in the Company’s Adjusted EBITDA was driven by our 9.9% total sales increase and improvements in both gross margin rate and SG&A leveraging.

Adjusted Net Loss was $10.8 million, compared to a loss of $22.8 million last year. Pro Forma Adjusted Net Loss per share improved to ($0.15) during the first nine months of Fiscal 2013, compared to ($0.32) last year. The improvement is reflective of our sales and margin gains.

While our overall inventory balance increased $57.4 million to $902.4 million at November 2, 2013, our comparative store inventory decreased 5.6%. The overall increase in our inventory balance was primarily driven by 23 net new stores opened since October 27, 2012 as well as increased pack and hold inventory.

Burlington Stores

Leave your Comments

Esteemed Clients

Woolmark Services India Pvt. Ltd.
Weitmann & Konrad GmbH & Co. KG
VNU Exhibitions Asia
USTER
UBM China (Shanghai)
Tuyap Tum Fuarcilik Yapim A.S.
TÜYAP IHTISAS FUARLARI A.S.
Tradewind International Servicing
Thermore (Far East) Ltd.
The LYCRA Company Singapore  Pte. Ltd
Thai Trade Center
Thai Acrylic Fibre Company Limited
X
Advanced Search