On Thursday, Shares of Burlington Stores Inc (NYSE:BURL), gained 11.61% to $53.35.
Burlington Stores, declared its results for the second quarter and six months ended August 1, 2015.
Fiscal 2015 Second Quarter Operating Results (for the 13-week period ended August 1, 2015 contrast with the 13 week period ended August 2, 2014):
- Comparable store sales raised 5.6%, which follows a comparable store sales enhance of 4.7% in the Fiscal 2014 second quarter driven by improved execution of the Company’s off-price business model.
- Net sales raised 9.6%, or $100.6 million, to $1,144.2 million. This enhance comprises the 5.6% enhance in comparable store sales, as well as an enhance of $46.7 million from new and non-comparable stores.
- Gross margin expanded by 100 basis points to 39.2% from 38.2% in the second quarter of Fiscal 2014. This more than offset an approximate 50 basis point enhance in product sourcing costs that are comprised of in selling, general and administrative expenses (SG&A).
- SG&A, less product sourcing costs and advisory fees, as a percentage of net sales was 28.4%, which represented a 60 basis point improvement from 29.0% in the second quarter of Fiscal 2014. This improvement was driven by improved leverage in store payroll and occupancy.
- Adjusted EBITDA raised 29.8%, or $17.3 million, to $75.4 million. Sales growth, SG&A leverage and gross margin expansion led to a 100 basis point expansion in Adjusted EBITDA as a percentage of net sales.
- Depreciation and amortization expense, exclusive of net favorable lease amortization, raised $1.7 million to $35.8 million.
- Interest Expense reduced $10.9 million to $14.6 million from last year, driven by interest savings realized as a result of the 2014 term loan refinancing in addition to savings related to principal payments made over the last twelve months on the Company’s term loan credit facility.
- Adjusted tax expense was $10.2 million contrast with an adjusted tax benefit of $0.6 million last year. The adjusted effective tax rate was 40.8% vs. 39.9% last year. The enhance in the effective tax rate was the result of a one-time discrete item recorded during the quarter, offset partially by state credits accessible to the Company for its new corporate headquarters in Fiscal 2015.
- Adjusted Net Income was $14.9 million vs. a loss of $(0.9) million last year, or $0.19 per share vs. $(0.01) last year. Fully diluted shares outstanding were 76.5 million at the end of the quarter contrast with 74.0 million basic shares outstanding last year.
Burlington Stores, Inc. operates as a retailer of branded apparel products in the United States. The company offers fashion-focused merchandise, counting womens ready-to-wear apparel, menswear, youth apparel, baby products, footwear, accessories, home décor and gifts, and coats.
Shares of Office Depot Inc (NASDAQ:ODP), inclined 2.60% to $7.88, during its last trading session.
Staples Inc. said its plans to take over competitor Office Depot Inc. remain on plan despite regulators’ recent opposition to consolidation in other industries, according to WSJ.
The update came as the office-supply chain’s second-quarter profit fell 56% from a year earlier, hurt by lower foot traffic at stores and dwindling sales of office basics, such as ink and toner. WSJ Reports
The company also said it anticipates lower sales in its fiscal third quarter, which covers much of the back-to-school sales season. Shares in Staples fell three cents to $14.12 on the Nasdaq Stock Market on Wednesday. WSJ added.
Office Depot, Inc., together with its auxiliaries, supplies office products and services. The company’s North American Retail division sells an assortment of merchandise, counting office supplies, technology products and solutions, business machines and related supplies, facilities products, and office furniture under various brands through its chain of office supply stores.
At the end of Thursday’s trade, Shares of Zions Bancorporation (NASDAQ:ZION), gained 3.97% to $28.80.
U.S. Bancorp and Zions Bank, declared a renewable-energy tax-equity syndication agreement that will provide financing for the Red Horse 2 wind and solar project near Tucson, Arizona, owned by an associate of D. E. Shaw Renewable Investments L.L.C.
U.S. Bancorp launched its new renewable-energy investment syndication earlier this year, allowing first time and practiced investors to take part in the renewable-energy tax-equity market. With this agreement, Zions Bank is co-investing with U.S. Bancorp and benefitting from U.S. Bancorp’s underwriting, structuring, and ongoing asset administration.
The investment will assist finance the installation of the 71-megawatt project about 65 miles east of Tucson. The more than $200 million project is predictable to generate enough electricity to power 13,500 homes in the service territory of Tucson Electric Power Co. The utility has a 20-year contract to purchase power from the project, which will reduce carbon dioxide emissions by nearly 5 million metric tons over 30 years, or the equivalent of removing more than 1 million cars from the road.
Zions Bancorporation, a financial holding company, provides a range of banking and related services in Arizona, California, Colorado, Idaho, Nevada, New Mexico, Oregon, Texas, Utah, Washington, and Wyoming.
Finally, PPG Industries, Inc. (NYSE:PPG), ended its last trade with 2.18% gain, and closed at $95.13.
PPG Industries, declared that it has reached a definitive agreement to acquire the remaining interest in Chemfil Canada Limited, a joint venture of PPG and Madinal Enterprises. The transaction is predictable to close in the third quarter, subject to customary closing conditions. Financial terms were not revealed.
Chemfil Canada produces pretreatment products, in addition to some general industrial chemicals, for automotive original equipment manufacturers (OEMs) and industrial customers in Canada.
The acquisition will enhance PPG’s pretreatment presence and capabilities in Canada, and after closing the attained products and services will be offered under the PPG name. Also at the conclusion of the transaction, an associate of Madinal Enterprises will own the Windsor production facility and certain non-pretreatment business and product lines that will continue to use the Chemfil name.
“Acquiring the pretreatment business of Chemfil Canada will enable PPG to further strengthen its pretreatment offering and services in this area for global automotive OEM and industrial customers,” said Cindy Niekamp, PPG senior vice president, automotive coatings. “PPG looks forward to enhancing supply capabilities for Chemfil customers and providing them with access to PPG’s full portfolio of coatings products.”
PPG Industries, Inc. manufactures and distributes coatings, specialty materials, and glass products. The company’s Performance Coatings segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty coatings for signs; sealants, coatings, maintenance cleaners, and transparencies for commercial, military, regional jet and general aviation aircraft, and transparent armor for specialty applications; and chemical administration services.
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