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Burlington Burlington Stores , Inc. Reports First Quarter 2021 Earnings May 27 , 2021 All First Quarter 2021 comparisons are made versus the First Quarter 2019 • On a GAAP basis , total sales increased 35 % , net income was $ 171 million , and diluted EPS increased 118 % to $ 2.51 o Comparable store sales increased 20 % o On a non - GAAP basis , Adjusted EBIT was $ 238 million , an increase of 360 basis points as a percentage of sales o On a non - GAAP basis , Adjusted EPS increased 106 % to $ 2.59 BURLINGTON , N.J. , May 27 , 2021 ( GLOBE NEWSWIRE ) -- Burlington Stores , Inc. ( NYSE : BURL ) , a nationally recognized off - price retailer of high - quality , branded apparel , footwear , accessories , and merchandise for the home at everyday low prices , today announced its results for the first quarter ended May 1 , 2021 . Michael O'Sullivan , CEO , stated , " 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 maximize our share of this sales opportunity through strong execution of our Burlington 2.0 strategies . ” Mr. O'Sullivan continued , “ 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 . " Fiscal 2021 First Quarter Operating Results ( for the 13 - week period ended May 1 , 2021 compared with the 13 - week period ended May 4 , 2019 ) • Total sales increased 35 % compared to the first quarter of Fiscal 2019 to $ 2,191 million , while comparable store sales increased 20 % compared to the first quarter of Fiscal 2019 . • Gross margin rate was 43.3 % vs. 41.0 % for the first quarter of Fiscal 2019 , an increase of 230 basis points . • Product sourcing costs , which are included in selling , general and administrative expenses ( SG & A ) , were $ 141 million vs. $ 79 million in the first quarter of Fiscal 2019. Product sourcing costs include the costs of processing goods through our supply chain and buying costs . • SG & A was 30.3 % as a percentage of net sales vs. 31.8 % in the first quarter of Fiscal 2019. Adjusted SG & A , as defined below , was 23.7 % as a percentage of net sales vs. 26.3 % in the first quarter of Fiscal 2019 , an improvement of 260 basis points . • The effective tax rate was 19.2 % vs. 17.2 % in the first quarter of Fiscal 2019. The Adjusted Effective Tax Rate was 19.4 % vs. 18.0 % in the first quarter of Fiscal 2019 . • Net income increased 120 % to $ 171 million , or $ 2.51 per share vs. $ 78 million , or $ 1.15 per share for the first quarter of Fiscal 2019 , and Adjusted Net Income was $ 176 million , or $ 2.59 per share vs. $ 85 million , or $ 1.26 per share for the first quarter of Fiscal 2019 . • Fully diluted shares outstanding amounted to 68.0 million at the end of the quarter compared with 67.7 million at the end of the first quarter of Fiscal 2019 . • Adjusted EBITDA increased 75 % from the first quarter of Fiscal 2019 to $ 293 million , an increase of 310 basis points as a percentage of sales . Adjusted EBIT increased 103 % from the first quarter of Fiscal 2019 to $ 238 million , an increase of 360 basis points as a percentage of sales . • Given the volatility in Fiscal 2020 results caused by COVID - 19 and to assist with comparability , all first quarter Fiscal 2021 comparisons are made versus the first quarter of Fiscal 2019. For a discussion of results for the first quarter of Fiscal 2021 as compared to the first quarter of Fiscal 2020 , refer to our Quarterly Report on Form 10 - Q for the quarter ended May 1 , 2021 , which will be filed with the Securities and Exchange Commission ( the “ SEC ” ) . Inventory • Merchandise inventories were $ 768 million vs. $ 896 million at the end of the first quarter of Fiscal 2019 , a 14 % decrease , while comparable store inventories decreased 19 % . Reserve inventory was 35 % of total inventory at the end of the first quarter of Fiscal 2021 compared to 34 % at the end of the first quarter of Fiscal 2019 .