Burlington, NJ—In its first earnings reports since its successful initial public offering in October, Burlington Stores Inc. today reported a widened third quarter loss due in part to charges related to debt and its IPO. Sales, however, continued to rise.
For the quarter ended Nov. 2, Burlington Stores posted a loss of $16.9 million compared with a loss of $7.4 million a year ago. Excluding $10.5 million in debt and IPO-related costs and other items, adjusted loss was 5 cents a share. That beat analysts’ average estimate for a loss of 6 cents a share.
Net revenue was up 9.9% to $1.07 billion ahead of analysts’ estimate for $1.05 billion in sales. Comparable store sales rose 3.9%.
Gross margin increased by 40 basis points to 39% compared with the prior year, driven by improved merchandise margin.
Selling, general and administrative expenses as a percentage of sales improved to 34.1% compared with from 34.6% last year. “The improvement was primarily related to the leverage benefit of 3.9% comparable store sales increase during the quarter,” the company said.
The company, which offers off-price branded clothing, shoes, accessories and coats at its Burlington Coat Factory stores, forecast its comp stores sales will rise between 2% to 3% during fourth quarter.
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