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Burlington Burlington Stores , Inc. Reports Second Quarter 2021 Earnings August 26 , 2021 All Second Quarter 2021 comparisons are made versus the Second Quarter 2019 • On a GAAP basis , total sales increased 34 % , net income was $ 103 million , and diluted EPS increased 19 % to $ 1.50 ● Comparable store sales increased 19 % • On a non - GAAP basis , Adjusted EBIT was $ 183 million , an increase of 110 basis points as a percentage of sales • On a non - GAAP basis , Adjusted EPS increased 43 % to $ 1.94 BURLINGTON , N.J. , Aug. 26 , 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 second quarter ended July 31 , 2021 . Michael O'Sullivan , CEO , stated , " We are pleased with our second quarter results , which showed continued strong momentum in sales growth and margin expansion . Once again , we demonstrated our improved ability to chase the trend through our Burlington 2.0 strategies . We are getting stronger as a business and as a team . " Mr. O'Sullivan continued , " The environment remains uncertain , and the trend is difficult to predict . We will continue to manage our business flexibly so we can chase the trend or pull back if necessary . In addition , we are seeing a huge imbalance between supply and demand in global logistics systems . This is driving up freight and supply chain expenses and it will put significant pressure on our margins for the balance of the year . " Mr. O'Sullivan concluded , " Looking further out , we remain very excited by the market share opportunities ahead of us . Our 34 % total sales growth year - to - date reinforces our confidence in this opportunity . Meanwhile , we believe that many of the prevailing expense headwinds are being driven by short - term market conditions . We continue to expect significant margin expansion , as these conditions normalize , over the next few years . " Fiscal 2021 Second Quarter Operating Results ( for the 13 - week period ended July 31 , 2021 compared with the 13 - week period ended August 3 , 2019 ) • Total sales increased 34 % compared to the second quarter of Fiscal 2019 to $ 2,213 million , while comparable store sales increased 19 % compared to the second quarter of Fiscal 2019 . • Gross margin rate was 42.2 % vs. 41.4 % for the second quarter of Fiscal 2019 , an increase of 80 basis points . • Product sourcing costs , which are included in selling , general and administrative expenses ( SG & A ) , were $ 146 million vs. $ 82 million in the second quarter of Fiscal 2019. Product sourcing costs include the costs of processing goods through our supply chain and buying costs . • SG & A was 31.7 % as a percentage of net sales vs. 32.1 % in the second quarter of Fiscal 2019. Adjusted SG & A , as defined below , was 24.9 % as a percentage of net sales vs. 26.6 % in the second quarter of Fiscal 2019 , an improvement of 170 basis points . • The effective tax rate was 17.1 % vs. 11.6 % in the second quarter of Fiscal 2019. The Adjusted Effective Tax Rate was 19.6 % vs. 12.8 % in the second quarter of Fiscal 2019 . • Net income increased 21 % to $ 103 million , or $ 1.50 per share vs. $ 85 million , or $ 1.26 per share for the second quarter of Fiscal 2019 , and Adjusted Net Income was $ 133 million , or $ 1.94 per share vs. $ 91 million , or $ 1.36 per share for the second quarter of Fiscal 2019 . • Fully diluted shares outstanding amounted to 68.4 million at the end of the quarter compared with 67.3 million at the end of the second quarter of Fiscal 2019 . • Adjusted EBITDA increased 44 % from the second quarter of Fiscal 2019 to $ 246 million , an increase of 80 basis points as a percentage of sales . Adjusted EBIT increased 55 % from the second quarter of Fiscal 2019 to $ 183 million , an increase of 110 basis points as a percentage of sales . First Six Months Fiscal 2021 Results • Total sales increased 34 % compared to the first six months of Fiscal 2019. Net income increased 69 % compared to the same period in Fiscal 2019 to $ 274 million , or $ 4.01 per share vs. $ 2.40 per share in the prior period , an increase of 67 % . Adjusted EBIT increased 79 % , or $ 185 million compared to the first six months of Fiscal 2019 , to $ 421 million , an increase of 240 basis points as a percentage of sales . Adjusted Net Income of $ 309 million was up 75 % vs. the prior period , while Adjusted EPS was $ 4.53 vs. $ 2.62 in the prior year period , an increase of 73 % . Given the volatility in Fiscal 2020 results caused by COVID - 19 and to assist with comparability , all second quarter and first six months Fiscal 2021