Burlington Stores Inc. (NYSE:BURL) has pointed to solid trading heading into the holiday season, as third quarter sales growth came in as expected.
Reporting on the three months to October, Burlington said comparable store sales had increased by 6%, in line with guidance of 5% to 7%.
Net income sat at $49 million as a result, up on the $17 million recorded in the third quarter of 2022, equating to $0.75 per share earnings, versus $0.26 last time.
Following unseasonably warm weather in late October, Burlington said cooler conditions in November had helped the retailer to a strong start during the fourth quarter.
“We feel very good about how we are set up for holiday,” chief executive Michael O’Sullivan commented as a result.
“That said, the critical high-volume weeks are still ahead of us and we recognize that there is a lot of uncertainty in the external environment,” he added.
Looking ahead to 2024, Burlington said sales would grow as much as 11% as a net of 100 new stores are opened throughout the year.
For the whole of 2023 meanwhile, Burlington anticipated total sales would increase by 11%, with adjusted earnings per share sitting in between $5.52 to $5.67.