Burlington Stores reports net loss of 334 million dollars

Burlington Stores, Inc., for the first quarter ended May 2, 2020 reported total sales decrease of 51 percent to 798 million dollars. The company’s gross margin rate was 2 percent vs. last year’s rate of 41 percent, driven primarily by a 272 million dollars inventory charge against aged inventory due to extended store closures. Net loss was 334 million dollars or loss of 5.09 dollars per share vs. net income of 78 million dollars or 1.15 dollars per share for the first quarter last year, and adjusted net income represented a loss of 312 million dollars or loss of 4.76 dollars per share vs. 85 million dollars or 1.26 dollars per share last year. The company said in a statement that adjusted EBITDA decreased 613 million dollars from last year’s first quarter to 445 million dollars and adjusted EBIT decreased 617 million dollars below the prior year period to 499 million dollars.