Screenshot: Burlington
Burlington Stores reported first-quarter results that cleared its own guidance and raised its full-year outlook, marking the company's 14th consecutive quarter of double-digit earnings-per-share growth.
For the three months ending May 2, net sales climbed to $2.85 billion, a 14% year-over-year gain, with same-store sales posting a 6% increase. On a GAAP basis, earnings came to $114.7 million, translating to $1.79 per diluted share, versus $100.8 million, or $1.58 per diluted share, in the year-ago period. The revenue figure came in ahead of analyst consensus estimates of roughly $2.8 billion, according to The Wall Street Journal.
Stripping out costs tied to bankruptcy-acquired leases and certain other items, per-share earnings on an adjusted basis reached $2.10, up from $1.67 in the prior-year quarter, a 26% advance. The gross margin rate came in at 44.1% of net sales, 30 basis points wider than a year ago, with merchandise margin contributing a 20-basis-point lift and lower freight costs adding another 10 basis points.
The updated full-year adjusted EPS target of $11.45 to $11.80 represents between 13% and 16% growth over last year's $10.17 result. Management characterized the guidance revision as a direct translation of first-quarter outperformance into the annual outlook, with no incremental benefit retained. Full-year revenue is now projected to grow 9% to 11%, with the same-store sales assumption set at a 2% to 4% gain.
