Burlington Stores (NYSE:BURL) has announced impressive results for the second quarter of 2024, showcasing a robust 13% growth in total sales and a 5% increase in comparable store sales.
The retailer reported a net income of $74 million, resulting in a notable increase in diluted earnings per share (EPS) to $1.15, a significant rise from the figures posted last year.
The company's adjusted EBITDA for the quarter stood at $205 million, up from $143 million in the same period last year, marking a 170 basis-point improvement as a percentage of sales.
Burlington also reported an improvement in its gross margin rate, which rose to 42.8% from 41.7% in the second quarter of fiscal 2023—an increase of 110 basis points.
Ending the quarter with robust liquidity, Burlington Stores reported $1,476 million, comprising $660 million in unrestricted cash and $816 million available through its asset-based lending (ABL) facility.
Looking forward, the company has set an optimistic sales forecast for the full year of 2024, expecting a total sales increase of 9% to 10%.
This projection includes an anticipated 2% to 3% rise in comparable store sales.
After the earnings announcement, Burlington Stores' share price fell more than 2% in premarket trading, reaching $272.89.