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Burlington Stores, Inc. (NYSE:BURL) reported better-than-expected fourth-quarter financial results on Thursday.
Revenue growth of 14% Y/Y to $3.126 billion, beating the consensus of $3.07 billion. Comparable store sales increased by 2%, ahead of management guidance of -2% to 0%. On a 13-week basis, Adjusted EPS rose 25% Y/Y to $3.69, above guidance of $3.10-$3.25, and surpassed the consensus of $3.30, according to data from Benzinga Pro.
Michael O’Sullivan, CEO, said, “Looking ahead to 2024, we remain confident in the comparable store sales and margin assumptions we shared in November. There is a lot of uncertainty in the external environment, so we are planning our business flexibly, and we are ready to chase if the sales trend is stronger.”
Burlington expects adjusted EPS of $7.00-$7.60 (vs. consensus of $7.08) and sales growth of 9% to 11%, with comparable store sales to increase approximately 0% to 2% for FY24. For the first quarter, the company expects comparable store sales to increase 0% to 2% and adjusted EPS of $0.95 to $1.10 (vs. street view of $1.09).
Burlington shares gained 7.5% to close at $221.26 on Thursday.
These analysts made changes to their price targets on Burlington after the company reported quarterly results.
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Posted In: BURL