Burlington Stores to Accelerate Expansion
Last week, Burlington Stores (NYSE: BURL) reported solid results for the third quarter of fiscal 2021. While cost pressures caused adjusted earnings per share (EPS) to fall compared to the third quarter of 2019, sales grew significantly, as consumers continue to shift spending toward off-price retailers to save money.
Moreover, Burlington's management expects favorable industry conditions to create a huge runway for store growth. As a result, the company announced that it will dramatically accelerate its expansion plans over the next couple of years.
Burlington's net sales reached $2.3 billion in the third quarter: up 38% year over year. More significantly, sales surged 30% compared to Q3 2019 on a 16% comp sales gain.
Source Fool.com
