Burlington Stores beat Wall Street fourth-quarter earnings and revenue estimates.
Net income was $227.5 million, or $3.53 per diluted share on a 14-week basis versus $185.2 million, or $2.83 per diluted share for the 13-week quarter in the year past. Adjusted net income was $235.7 million, or $3.66 per diluted share, versus $193.7 million, or $2.96 per diluted share, the company reported.
Burlington beat a Zacks Investment Research analyst consensus estimate for earnings per adjusted diluted share of $3.28, as did revenues, forecast for $3.04 billion.
On a 13-week basis, adjusted net income, excluding approximately $4 million of expenses, net of tax, associated with the acquisition of Bed Bath & Beyond leases, was $238 million, or $3.69 per diluted share versus $194 million, or $2.96 per diluted share, in the year before.
Comparable store sales increased 2% in the quarter year over year, the company stated. Total sales increased 14% on a 14-week basis to $3.12 billion compared to the 13-week period in the year previous. On a 13-week basis, total sales increased 9% to $2.98 billion. Total revenues increased to $3.13 billion from $2.74 billion.
Full year net income was $339.6 million, for $5.23 per diluted share, versus $230.1 million, or $3.49 per diluted share, in the year past. Adjusted net income was $393.4 million, or $6.06 per diluted share, versus $280.8 million, or $4.26 per diluted share, in the year before.
On a 53-week basis, total sales increased 12% to $9.71 billion from the 52-week period in the year earlier. On a 52-week basis, total sales increased 10% compared to prior year.
In announcing the financial results, Michael O’Sullivan, CEO, stated, “Our performance in the fourth quarter exceeded our guidance. On a 13-week basis, total sales increased 10%, comparable store sales grew 2%, adjusted operating margin expanded by 110 basis points, and adjusted EPS increased 25%. This completed a strong year for our business. On a 52-week basis, comparable store sales grew 4%, adjusted operating margin improved 130 basis points, and adjusted EPS increased 46%. We hit a major milestone, opening our 1,000th store, and we significantly strengthened our pipeline for new store openings through the previously announced acquisition of Bed Bath & Beyond leases.”
He added that, in looking ahead through 2024, “we remain confident in the comparable store sales and margin assumptions we shared in November. There is a lot of uncertainty in the external environment, so we are planning our business flexibly, and we are ready to chase if the sales trend is stronger. Although it makes sense to be cautious in the short term, we are very excited about the long-term outlook for our business. As discussed in November, we believe we have the potential to reach $16 billion in total sales and $1.6 billion in adjusted operating income in the next five years.”
