Burlington Earnings: Rapid Growth Resumes
The COVID-19 pandemic crushed sales at Burlington Stores (NYSE: BURL) last year. The pandemic's impact didn't last long for the No. 3 off-price retailer, though. Burlington returned to growth in the final quarter of fiscal 2020. Last week, the company reported that its growth rate accelerated dramatically in the first quarter of fiscal 2021, highlighting its massive long-term growth potential.
Burlington's sales reached $2.19 billion last quarter, up from around $800 million in last year's first quarter. More significantly, sales surged 35% compared to the first quarter of fiscal 2019, driven by a 20% comparable store sales gain and new store openings.
Notably, Burlington's Q1 sales performance easily outpaced the strong results of its closest rival, Ross Stores (NASDAQ: ROST). Ross Stores recorded a solid 19% increase in sales relative to the first quarter of fiscal 2019 on 13% comp sales growth.
Source Fool.com
