Off-price retailer Burlington Stores (BURL) exceeded expectations in the first quarter of fiscal 2016. Net sales increased 8.4% in the three months ended Apr. 30, from $1.2 billion in the year-ago period to $1.3 billion. The company said this included a 4.3% increase in comparable store sales, as well as a rise of $52.6 million from new and non-comparable stores. Profits increased 46 percent to $37.5 million, or $0.52 per diluted share.
Women’s clothing retailer Chico’s FAS (CHS), which operates its namesake brand as well as White House Black Market and lingerie label Soma, on Thursday pledged to improve its supply chain after weak traffic in the first quarter caused sales to fall 7.9% from $697.8 million to $643 million. Net income was $31.1 million, or $0.23 per diluted share, compared to $32.5 million, or $0.22 per diluted share, last year. New operating initiatives are expected to reduce complexity and position the retailer to be more nimble and responsive to customer demand for merchandise.
West Coast-based teen retailer Tilly’s (TLYS) reported first-quarter sales of $120.2 million that were flat compared to last year’s $120.19 million, and comps, including e-commerce sales, decreased 4.1%. Meanwhile, the retailer’s net loss was $2.7 million, or $0.10 per share, compared to profits of $1.3 million, or $0.05 per share, a year ago. Looking ahead, Tilly’s said it expects comps in the second quarter to be in the range of flat to negative 4 percent.
Sears Holdings (SHLD) is still struggling. Sales continued to fall in the first quarter, from $5.9 billion to $5.4 billion. Same-store sales at Kmart and Sears domestic stores declined 5 percent and 7.1% respectively. The company lost $471 million ($4.41 loss per diluted share) in the three months ended Apr. 30, compared to a net loss of $303 million (or $2.85 loss per diluted share) in the prior year’s first quarter.
Calvin Klein and Tommy Hilfiger helped push parent company PVH Corp. (PVH) to per-share earnings of $2.83 in the first quarter, compared to $1.37 for the prior year. Revenue increased 2 percent to $1.92 billion, up from last year’s $1.88 billion. In response, the company raised its full-year outlook to $6.45 to $6.55 earnings per share on a non-GAAP basis. Previous guidance was $6.30 to $6.50.
Madewell continues to be a bright spot for J.Crew Group, as the retailer’s namesake stores struggle. J.Crew comps decreased 8 percent in the first quarter, while sales slipped 6 percent to $480.7 million. Madewell, on the other hand, experienced a 17 percent increase in sales to $72.5 million and comps rose 6 percent. Total company revenue declined 3 percent to $567.5 million and same-store sales fell 7 percent.