Burlington Stores misses earnings, guidance expectations By Investing.com

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Burlington Stores misses earnings, guidance expectations

Published May 25, 2023 08:37AM ET

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Burlington Stores (NYSE:BURL) dipped slightly premarket Thursday after it missed earnings and revenue expectations for the first quarter.

The off-price department store company missed Q1 EPS estimates by $0.09, coming in at $0.93 per share, while revenue for the quarter came in at $2.13 billion versus the consensus estimate of $2.18B. Comparable store sales increased by 4%.

At the time of writing, Burlington shares are down 0.5% at $166 per share.

The company's earnings were impacted by a rise in product sourcing costs, which came in at $187M compared to $157M in the first quarter of fiscal 2022.

Merchandise inventories decreased by 2%, while comparable store inventories increased by 10% compared to the first quarter of fiscal 2022.

"Our first quarter comparable sales growth came in just below guidance. We had gotten off to a very strong start but then the trend fell off in March. We believe that this weakening in the trend was driven by two external and transitory factors – lower tax refunds and cooler weather leading up to Easter," said Michael O'Sullivan, BURL's CEO.

Looking ahead, BURL's FY2024 EPS guidance also came in below expectations, between $5.50 and $6, versus the consensus of $6.07.

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