Revenue during the quarter grew 8.91 percent to $1,349.05 million from $1,238.67 million in the previous year period. Gross margin for the quarter expanded 132 basis points over the previous year period to 41.45 percent. Total expenses were 95.44 percent of quarterly revenues, down from 96.98 percent for the same period last year. This has led to an improvement of 154 basis points in operating margin to 4.56 percent.

Operating income for the quarter was $61.54 million, compared with $37.37 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $109.58 million compared with $82.54 million in the prior year period. At the same time, adjusted EBITDA margin improved 146 basis points in the quarter to 8.12 percent from 6.66 percent in the last year period.

Tom Kingsbury, chief executive officer stated, "We are very pleased with our third quarter results, which exceeded our sales and earnings guidance, continuing our strong momentum from the first half of the year. Our ability to execute our off-price model by delivering fresh product, compelling value, and sought after brands continues to serve us well. In the quarter, we delivered our 15th consecutive quarter of positive comparable store sales. I would like to thank all of our associates for their contributions to our third quarter and year to date results."

For fiscal year 2016, Burlington Stores, Inc forecasts revenue to grow in the range of 8.40 percent to 8.70 percent. The company expects diluted earnings per share to be in the range of $3.11 to $3.15 on adjusted basis.

For the fourth-quarter 2016, Burlington Stores, Inc expects diluted earnings per share to be in the range of $1.63 to $1.67 on adjusted basis. 

The company has spent $137.54 million cash to meet investing activities during the nine month period as against cash outgo of $149.51 million in the last year period.

The company has spent $137.07 million cash to carry out financing activities during the nine month period as against cash inflow of $49.31 million in the last year period.

Cash and cash equivalents stood at $32.80 million as on Oct. 29, 2016, up 13.70 percent or $3.95 million from $28.85 million on Oct. 31, 2015.

Working capital drops significantly
Burlington Stores, Inc has witnessed a decline in the working capital over the last year. It stood at $27.22 million as at Oct. 29, 2016, down 75.83 percent or $85.39 million from $112.61 million on Oct. 31, 2015. Current ratio was at 1.03 as on Oct. 29, 2016, down from 1.11 on Oct. 31, 2015.

Cash conversion cycle (CCC) has decreased to 23 days for the quarter from 30 days for the last year period. Days sales outstanding were almost stable at 3 days for the quarter, when compared with the last year period.

Days inventory outstanding has decreased to 47 days for the quarter compared with 107 days for the previous year period. At the same time, days payable outstanding went down to 74 days for the quarter from 79 for the same period last year.