Burlington Stores reported strong earnings and comparable store sales, mirroring the performance of other “off-price” retailers benefiting from shoppers seeking lower prices. The discount apparel and footwear chain exceeded expectations with third-quarter fiscal 2023 earnings per share of $0.98 and a 6% increase in comparable store sales. Revenue also increased by 12% to $2.29 billion, in line with estimates.

The trend of consumers seeking more affordable prices has been confirmed by the strong performance of Burlington Stores, which has attributed its positive results to gains in gross margin, merchandise margin, and freight expense. CEO Michael O’Sullivan highlighted a strong trend in August and September, with November also off to a solid start. As a result, shares jumped over 20% on Tuesday following the news.

Earlier this month, Ross Stores also reported stronger-than-expected results, further affirming the trend of consumers seeking more affordable prices in the face of inflation. This indicates the potential for continued growth and success in the coming months for both chains.