US: Burlington Stores Q4 earnings tumble
- Q4 earnings fall to US$63.6m
- Gross margin up by 30 bsp
- Net sales grow 1.3%
Off-price apparel retailer Burlington Stores saw earnings fall in its fourth-quarter as higher costs offset an increase in revenues.
For the three months ended 1 February, earnings dropped to US$63.6m from $67.9m a year earlier. Excluding losses on extinguishment of debt, write-downs and other items, earnings fell to $1.07 per share from $1.15.
Gross margin, however, expanded by 30 basis points, primarily due to improved merchandising margins.
Net sales were also up, by 1.3% to $1.33bn, while comparable store sales increased 4%.
The company has forecast first-quarter adjusted earnings of $0.19 to $0.23 per share, and a same-store sales rise of 2% to 3%.
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