FINANCE

As many mall-based specialty retailers continue to struggle, off-pricers continue to flourish and expand. And Burlington Stores is no exception.   Burlington's net income in the quarter, ended April 29, increased to $52.4 million, or $.73 per diluted share, which beat Wall Street expectations of 70 cents. In the year-ago period, the retailer reported net income of $37.5 million.   

Chico's FAS gave a downbeat outlook amid first quarter earnings and sales that missed Wall Street estimates.    The women's apparel retailer reported net income of $33.6 million, or $0.26 per diluted share, in the period ended April 30, compared to net income of $31.1 million, or $0.23 per diluted share, in the year-ago period. Analysts had estimated earnings per share of 29 cents for the quarter.  

A tough February couldn't keep Tilly's down, which reported better-than-expected results for its first quarter.    The teen apparel and footwear retailer narrowed its loss in the first quarter to $161,000, or 1 cent a share, compared with a net loss of $2.7 million, or 10 cents a share, in the year-ago period. Its results were better than expected.    Net sales inched up 0.6% to $120.9 million, better easily beating the Street. Same-store sales rose 0.6%.  

Williams-Sonoma Inc. on Wednesday reported better-than-expected quarterly results, fueled by a strong performance at its millennial-targeted West Elm division.    The home furnishings retailer's first-quarter earnings were $39.6 million, or 45 cents a share, compared with $39.6 million, or 44 cents a share, in the year-ago period. On an adjusted basis, the company earned 51 cents a share. Analysts had forecast earnings of 49 cents a share.   

Even with a double-digit sales increase, Lowe's Companies still managed to disappoint analysts with first quarter profit and comparable sales that missed their estimates.   Sales rose 10.7% to $16.9 billion, up from $15.2 billion in 2016. Same-store sales rose 1.9%, below the 2.6% increase expected by analysts polled by Consensus Metrix.  

Twenty retail executives traveled to the nation's capitol on Wednesday to voice their opposition to the proposed border adjustment tax (BAT).   

Although overall sales at Lowe's increased by double digits, the somewhat softer comparable numbers and the decline in net income have taken a little of the shine off first quarter performance.  

Advance Auto Parks turned in a disappointing performance in its first quarter.   The chain reported earnings of $1.46 per share, down from $2.16 per share in the year-ago period. Adjusted EPS was $1.60, far short of the $2.16 per share FactSet consensus.