Burlington Stores posts Q1 FY20 sales of $798 mn

Burlington Stores, an off-price retailer of high-quality branded apparel, posted 5.1 per cent sales decline to $797.9 million in the first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $1.6 billion in same period prior year. Company reported a net loss of $333.7 million in the reported quarter compared to net income of $77.7 billion in Q1 FY19.

 

Burlington Stores, an off-price retailer of high-quality branded apparel, posted 5.1 per cent sales decline to $797.9 million in the first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $1.6 billion in same period prior year. Company reported a net loss of $333.7 million in the reported quarter compared to net income of $77.7 billion in Q1 FY19.#

“Despite the impact of the Covid-19 pandemic and the fact that our stores have been closed since March 22nd, we ended the first quarter in a strong financial and cash position,” Michael O’Sullivan, CEO at Burlington Stores, said in a press release. 

 

Burlington Stores, an off-price retailer of high-quality branded apparel, posted 5.1 per cent sales decline to $797.9 million in the first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $1.6 billion in same period prior year. Company reported a net loss of $333.7 million in the reported quarter compared to net income of $77.7 billion in Q1 FY19.#

There is clearly pent-up demand, and our customers are responding positively to our clearance strategy. That said, we do not know how long this will continue, as sales could slow down as we sell through our clearance merchandise.”

 

Burlington Stores, an off-price retailer of high-quality branded apparel, posted 5.1 per cent sales decline to $797.9 million in the first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $1.6 billion in same period prior year. Company reported a net loss of $333.7 million in the reported quarter compared to net income of $77.7 billion in Q1 FY19.#

In its outlook for full fiscal 2020, the company expects to open 64 new stores, while relocating or closing 26 stores, for a total of 38 net new stores in FY20. This compares to a previous plan of 80 new stores and 54 net new stores. A total of 16 new stores have been shifted from fall 2020 to spring 2021.