Loading...
Loading...
- Burlington Stores Inc BURL reported first-quarter FY23 sales growth of 11% year-on-year to $2.13 billion, missing the consensus of $2.17 billion. Comparable store sales increased by 4%.
- Gross margin expanded by 130 basis points Y/Y to 42.3%. Total costs and expenses rose 9.5% Y/Y to $2.1 billion.
- Adjusted EBIT was $87 million versus $59 million a year ago. Adjusted EBITDA rose 25.6% to $157 million.
- Adjusted EPS of $0.84 missed the analyst consensus of $0.92.
- The company held $539 million in cash and equivalents as of Apr 29, 2023.
- Merchandise inventories at the end of Q1 were $1.23 billion vs. $1.257 billion last year.
- "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 CEO Michael O'Sullivan.
- At the end of Q1, the company had $296 million remaining on its current share repurchase program authorization.
- Outlook: Burlington continues to expect FY23 adjusted EPS of $5.50 - $6.00 versus the Street view of $6.07.
- It continues to see FY23 sales growth of 12% - 14%, including approximately 2% from the 53rd week, on top of a 7% decrease in FY22.
- For Q2, BURL sees sales growth of 8% - 10%; Adjusted EPS of $0.35 - $0.45, below the consensus of $0.68.
- Price Action: BURL shares are trading lower by 0.24% at $166.51 on the last check Thursday.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in