Burlington Soars After Earnings Beat Expectations, Margins Improve and November off to Solid Start

Dow Jones2023-11-21

Shares of Burlington Stores Inc. $(BURL)$ leapt over 11% toward a two-month high in premarket trading Tuesday, after the discount apparel and footwear retailer topped profit and same-store sales expectations, and said the current quarter was off to a "solid" start.

Net income for the quarter to Oct. 28 nearly tripled to $48.6 million, or 75 cents a share, from $16.8 million, or 26 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 98 cents topped the FactSet consensus of 97 cents.

Total revenue grew 12.2% go $2.29 billion, matching the FactSet consensus, while same-store sales growth of 6.0% beat expectations of a 5.9% rise, as strength in August and September offset the negative impact of unseasonably warm weather in October.

Gross margin improved 43.2% from 41.2%, while merchandise inventories fell 8% to $1.33 billion. For the fourth quarter, the company expects adjusted EPS of $3.04 to $3.19, below the current FactSet consensus of $3.21.

Total sales is expected to increase 5% to 7% from last year, while the current FactSet consensus of $3.03 billion implies 10.6% growth. The stock has tumbled 19.9% over the past three months through Monday while the S&P 500 has gained 3.4%.

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