US: Burlington Stores Q3 loss widens on IPO costs
- Q3 loss of US$16.9m from $7.4m
- Sales increased 10% to $1.06bn versus
- Gross margin improved 40 basis points to 39%
Off-price apparel retailer Burlington Stores has seen its third-quarter loss widen, on the back of costs related to its initial public offering (IPO).
The company today (10 December) said costs related to debt amendments and its IPO last month soared to $10.5m during the three months to 2 November, from $151,000 in the same period last year.
Burlington's sales increase, meanwhile, was attributable to a $53.2m increase in sales related to new stores and stores previously opened that are not included in our comparable store sales, and a 3.9% gain in comparable store sales.
"We remain focused on the on-going transformation of the Burlington model to be a leading destination for customers searching for on-trend, branded merchandise at a great value," said president and CEO Tom Kingsbury.
"In addition, we are focused on executing our growth drivers of improving comparable store sales, expanding our retail store base and enhancing our operating margins in the future."
Year-to-date net loss widened to $47.4m, compared to $42.6m in the same period of last year. Sales, meanwhile, rose 9.9% to $3.09bn from in the prior year.
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