Burlington Stores, an off-price retailer of high-quality, branded apparel and footwear, posted 39 per cent sales decline to $1,012.3 million in its second quarter (Q2) FY20 ended on August 1, 2020 compared to sales of $1,662.0 million in same period previous fiscal. Company incurred a net loss of $46.7 million compared to income of $84.5 million in Q2 FY19.
Burlington Stores, an off-price retailer of high-quality, branded apparel and footwear, posted 39 per cent sales decline to $1,012.3 million in its second quarter (Q2) FY20 ended on August 1, 2020 compared to sales of $1,662.0 million in same period previous fiscal. Company incurred a net loss of $46.7 million compared to income of $84.5 million in Q2 FY19.#
“The second quarter had some highs and some lows. The pace of our re-opening sales significantly exceeded our expectations, and we turned our aged spring merchandise very rapidly,” Michael O’Sullivan, CEO at Burlington Stores, said in a press release.
Burlington Stores, an off-price retailer of high-quality, branded apparel and footwear, posted 39 per cent sales decline to $1,012.3 million in its second quarter (Q2) FY20 ended on August 1, 2020 compared to sales of $1,662.0 million in same period previous fiscal. Company incurred a net loss of $46.7 million compared to income of $84.5 million in Q2 FY19.#
Selling, general and administrative expenses for the period were $491.5 million ($531.8 million).
Burlington Stores, an off-price retailer of high-quality, branded apparel and footwear, posted 39 per cent sales decline to $1,012.3 million in its second quarter (Q2) FY20 ended on August 1, 2020 compared to sales of $1,662.0 million in same period previous fiscal. Company incurred a net loss of $46.7 million compared to income of $84.5 million in Q2 FY19.#
Company in its future outlook suggested that it now expects to open 62 new stores, while relocating or closing 26 stores, for a total of 36 net new stores in FY20.
Burlington Stores, an off-price retailer of high-quality, branded apparel and footwear, posted 39 per cent sales decline to $1,012.3 million in its second quarter (Q2) FY20 ended on August 1, 2020 compared to sales of $1,662.0 million in same period previous fiscal. Company incurred a net loss of $46.7 million compared to income of $84.5 million in Q2 FY19.#
“We expect our trend to strengthen as we continue to replenish our store inventory levels but we see a lot of risk in Q3. In this uncertain environment, we plan to manage our business conservatively,” O’Sullivan said.
Fibre2Fashion News Desk (JL)
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