Burlington Stores sales increased 11 percent to 2,357 million dollars, while comparable store sales increased 2 percent.
Gross margin rate as a percentage of net sales was 43.5 percent for the first quarter, an increase of 120 basis points. Net income rose to 79 million dollars or 1.22 dollars per share, while adjusted net income increased to 91 million dollars or 1.42 dollars per share.
Commenting on the results, Michael O’Sullivan, Burlington Stores CEO, stated: “We are very pleased with how our sales trends developed in the first quarter. The quarter got off to a slow start in February, likely due to disruptive weather and delayed tax refunds, but then our sales trend picked up. Based on our first quarter performance, we are increasing our margin and earnings guidance for the year.”
Adjusted EBITDA increased to 217 million dollars in the first quarter, an increase of 180 basis points as a percentage of sales. Adjusted EBIT rose to 135 million dollars, an increase of 170 basis points as a percentage of sales.
For the full fiscal year 2024, the company now expects sales to increase in the range of 8 percent to 10 percent, which assumes comparable store sales will increase in the range of 0 to 2 percent.
Adjusted EBIT margin is expected to increase in the range of 40 to 60 basis points and adjusted EPS in the range of 7.35 dollars to 7.75 dollars.
The company plans to open approximately 100 net new stores.
For the second quarter, total sales are forecasted to increase in the range of 9 percent to 11 percent; which assumes comparable store sales will increase in the range of 0 to 2 percent, adjusted EBIT margin is expected to increase 30 to 50 basis points and adjusted EPS to be in the range of 83 cents to 93 cents.
