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Burlington Stores crushes Q3 earnings estimates

Burlington Stores blew past third quarter earnings estimates and raised its full year guidance.

The off-pricer reported net income of $77 million, or $1.12 a share, in the quarter ended Nov. 3, up from $45 million, or 65 cents a share, in the year-earlier period. Adjusted per-share earnings came to $1.21, easily besting analysts’ estimates of $1.06.

Revenue rose to $1.64 billion from $1.44 billion, also better than expected. Same-store sales rose 4.4%, topping the 3.1% analysts had expected.

Margins expanded by about 20 basis points, offsetting a negative 20 basis point impact from higher freight costs.

“We are very pleased with our third quarter results, driven by our 4.4% comparable sales increase, 13.7% overall sales growth, and an 80 basis point adjusted EBIT margin improvement,” said Tom Kingsbury, CEO, Burlington Stores, which operated 679 stores in 45 states. “These sales and margin results drove a 73% increase in adjusted EPS in the third quarter, well ahead of our guidance.”

The retailer raised its full-year adjusted EPS forecast to a range of $6.33 to $6.37, up from a prior range of $6.13 to $6.20. Analysts were looking for $6.22 a share.
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