Burlington Stores (NYSE:BURL) has announced better-than-expected second-quarter results. Still, its shares fell almost 2% in pre-open Thursday.
Earnings per share (EPS) for the quarter were $0.60, beating the analyst estimate of $0.43 by $0.17. The company reported revenue of $2.17 billion for the quarter, slightly exceeding the consensus estimate of $2.16B. Comparable store sales increased 4%.
Michael O’Sullivan, CEO, stated, “Our comparable store sales growth for the second quarter was 4%, which was at the high end of our guidance range, while margin and earnings performance were significantly ahead of our guidance. Our strategies to deliver great value to our customers are working, and we have been helped in the execution of these strategies by very strong availability of great off-price merchandise.”
For Q3, Burlington expects its total sales to increase in the range of 13-15%, including comparable store sales rising 5-7%. Analysts were expecting an FQ3 outlook for comparable sales to rise 5.7%.
The adjusted EPS is expected to be in the range of $0.86 to $1.01, ahead of the expected $0.84. Excluding expenses associated with the recently acquired Bed Bath & Beyond leases, adjusted EPS is expected to be in the range of $0.97 to $1.12.