Burlington Shops posts Q3 FY20 gross sales of $1,665 mn


Burlington Shops, an off-price retailer of high-quality, branded attire and footwear, posted 6 per cent gross sales decline to $1,664.7 million in its third quarter (Q3) FY20 ended on October 31, 2020 in comparison with gross sales of $1,774.9 million in identical interval earlier fiscal. Firm web earnings for Q3 dropped to $eight.zero million (Q3 FY19: $96.four million).

 

“We had been happy with the progress we made within the third quarter. After a difficult begin in August, our comparable retailer gross sales pattern improved considerably to minus four per cent within the mixed September and October interval. In the course of the quarter, there have been early indicators of progress with our Burlington 2.zero off-price full potential technique, as we chased the gross sales traits, took benefit of nice opportunistic buys, and turned our inventories quickly,” Michael O’Sullivan, CEO at Burlington Shops, mentioned in a press launch.

 

Gross margin fee was 45.zero per cent throughout Q3 FY20 (42.four per cent) pushed by a mix of decrease markdowns and better markup, which had been partially offset by larger freight prices. Promoting, common and administrative bills had been as much as $645.2 million ($583.6 million).

 

“Sadly, the outlook stays unsure and unpredictable, in reality the state of affairs throughout the nation with Covid-19 seems to be deteriorating. The fourth quarter has gotten off to a weak begin with November month-to-date comparable retailer gross sales working down within the low double digits,” O’Sullivan mentioned. “On this unsure setting, we are going to proceed to plan and handle our enterprise conservatively.”

Fibre2Fashion Information Desk (JL)

Burlington Shops, an off-price retailer of high-quality, branded attire and footwear, posted 6 per cent gross sales decline to $1,664.7 million in its third quarter (Q3) FY20 ended on October 31, 2020 in comparison with gross sales of $1,774.9 million in identical interval earlier fiscal. Firm web earnings for Q3 dropped to $eight.zero million (Q3 FY19: $96.four million).





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