Burlington Beats Top-Line and Bottom-Line Estimates; Initiates Q3 and Raises FY24 Outlook

seekingalpha08-29

Burlington press release (NYSE:BURL): Q2 Non-GAAP EPS of $1.24 beats by $0.28.Revenue of $2.46B (+13.4% Y/Y) beats by $40M.Comparable store sales growth of 5%.The Adjusted Effective Tax Rate was 26.0%...

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this assumes comparable store sales will increase in the range of 2% to 3%, on top of the 4% increase for the 52-weeks ended January 27, 2024;Capital expenditures, net of landlord allowances, to be approximately $750 million;To open approximately 100 net new stores;Depreciation and amortization to be approximately $350 million;Adjusted EBIT margin to increase in the range of 50 to 70 basis points versus the 52 weeks ended January 27, 2024; this Adjusted EBIT margin increase excludes approximately $9 million of expenses related to the acquired Bed Bath & Beyond leases in Fiscal 2024 versus $18 million incurred in Fiscal 2023;Net interest expense to be approximately $40 million;Adjusted Effective Tax Rate to be approximately 26%; andAdjusted EPS in the range of $7.66 to $7.96 vs. $7.71 consensus (prior $7.35 to $7.75), which excludes $0.11, net of tax, of expenses, associated with the acquired Bed Bath & Beyond leases. This assumes a fully diluted share count of approximately 64 million shares.For the third quarter of Fiscal 2024 (the 13 weeks ending November 2, 2024), the Company expects:Total sales to increase in the range of 10% to 12% vs. estimated growth of 10.44% Y/Y; this assumes comparable store sales will increase in the range of 0% to 2% versus the third quarter of Fiscal 2023;Adjusted EBIT margin to increase in the range of 60 to 80 basis points versus the third quarter of Fiscal 2023;Adjusted Effective Tax Rate to be approximately 25%; andAdjusted EPS in the range of $1.45 to $1.55 vs. $1.37 consensus, as compared to $1.10 in Adjusted EPS last year; prior year period excludes $7 million, net of tax, of expenses related to the acquired Bed Bath & Beyond leases.Burlington Stores shares gained 2.4% in premarket trading.","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":3,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2463233157"}