Burlington Stores, Inc. reports recurring business updates as a national off-price retailer of branded apparel, footwear, accessories and home merchandise. Company news commonly covers quarterly and annual earnings, total and comparable-store sales, merchandise margin, freight and SG&A leverage, adjusted EBIT margin, adjusted EPS and fiscal-year guidance.
Updates also address the retailer's store-opening program, weather effects on seasonal traffic, tariff and merchandise-margin considerations, bankruptcy-acquired lease expenses, public conference calls and governance changes such as board and committee appointments. The company's operating commentary is centered on its off-price merchandising model and broad categories including women's and men's apparel, kids and baby, beauty, footwear, home, toys, gifts and coats.
Burlington Stores, Inc. (NYSE: BURL) reported its first quarter 2024 earnings, showing an 11% increase in total sales to $2,357 million and a net income of $79 million. The company's diluted EPS was $1.22, and comparable store sales rose by 2%. On a non-GAAP basis, adjusted EPS saw a 68% rise to $1.42, and adjusted EBIT margin improved by 170 basis points. Gross margin rate increased to 43.5% from 42.3% in the previous year. Looking forward, Burlington has raised its FY24 adjusted EPS guidance to $7.35-$7.75 and expects total sales to grow by 8% to 10%. CEO Michael O’Sullivan expressed satisfaction with the quarter's performance, noting significant earnings growth and margin improvement. Moreover, the company repurchased 312,238 shares for $63 million and ended the quarter with $1,521 million in liquidity. For the next quarter, Burlington anticipates a 9% to 11% sales increase and adjusted EPS of $0.83 to $0.93.
Burlington Stores, a nationally recognized off-price retailer, will release its first quarter fiscal year 2024 results on May 30, 2024, before the U.S. stock market opens. A conference call to discuss these results will follow at 8:30 a.m. ET. The U.S. toll-free dial-in number is 1-800-715-9871 with passcode 3047342. International participants can dial 1-646-307-1963. A live webcast will also be available on the company's investor relations website. Additionally, a replay of the call will be accessible starting at 11:30 a.m. ET on May 30, 2024, through June 6, 2024, at 11:59 p.m. ET. Burlington will continue to share material information via SEC filings, press releases, public calls, webcasts, and through its website and social media channels.
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