BURLINGTON, N.J. — Burlington Stores Inc. said it plans to increase its total number of stores by about 100 across the U.S. this year, according to its latest quarterly earnings report .
The off-price chain reported second-quarter sales of $2.7 billion, a 10% increase from last year. Comparable store sales, which is a key retail metric that measures performance at existing locations, rose 5%. Net income reached $94 million, up from $74 million a year ago.
“This was a high-quality earnings beat driven by ahead of plan sales, higher merchandise margin, lower freight expense and leverage on SG&A (Selling, General and Administrative) expenses,” Burlington CEO Michael O’Sullivan said in the earnings report. “We see a clear link between our very strong second quarter sales and earnings resul