US off-price retailer Burlington's Q1 FY21 sales jump 35% to $2.2 bn

Burlington Stores, a US-based off-price retailer of high-quality, branded apparel, has reported 35 per cent sales growth to $2.2 billion in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to sales of $801.5 million in the corresponding period of previous fiscal. The company’s net income for Q1 was $171.0 million (Q1 FY20: loss $333.7 million).

 

Burlington Stores, a US-based off-price retailer of high-quality, branded apparel, has reported 35 per cent sales growth to $2.2 billion in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to sales of $801.5 million in the corresponding period of previous fiscal. The company's net income for Q1 was $171.0 million (Q1 FY20: loss $333.7 million).#

“We are pleased with our first quarter results. There were numerous factors that contributed to improved traffic and consumer spending in the quarter – including the latest stimulus checks, the pace of the vaccine roll-out, and pent-up consumer demand. We were able to chase the very strong trend and maximise our share of this sales opportunity through strong execution of our Burlington 2.0 strategies,” Michael O’Sullivan, CEO at Burlington Stores, said in a press release.

 

Burlington Stores, a US-based off-price retailer of high-quality, branded apparel, has reported 35 per cent sales growth to $2.2 billion in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to sales of $801.5 million in the corresponding period of previous fiscal. The company's net income for Q1 was $171.0 million (Q1 FY20: loss $333.7 million).#

Cost of sales for Q1 FY21 was $1.2 billion ($782.2 million), while selling, general and administrative expenses were $664.8 million ($485.0 million). Total costs and expenses were $1.2 billion ($1.3 billion).

 

Burlington Stores, a US-based off-price retailer of high-quality, branded apparel, has reported 35 per cent sales growth to $2.2 billion in its first quarter (Q1) of FY21 ended on May 1, 2021, compared to sales of $801.5 million in the corresponding period of previous fiscal. The company's net income for Q1 was $171.0 million (Q1 FY20: loss $333.7 million).#

“The second quarter is off to a good start, but the go-forward sales trend remains very difficult to predict. Meanwhile, expense headwinds in supply chain and freight have continued to deteriorate, and these are likely to weigh on our operating margin throughout the balance of the year,” O’Sullivan concluded.