Burlington Q3 Loss Widens; Revenues, Adjusted Earnings Beat Estimates

(RTTNews) - Burlington Stores, Inc. (BURL) Tuesday said it recorded a wider net loss for the third quarter, as marginal rise in revenues was overshadowed by a major debt extinguishment loss. On an adjusted basis profit topped Street expectations and so did revenues.

Net loss widened to $34.21 million from $16.86 million in the previous year. Excluding certain items the company reported a profit of $11.91 million or $0.16 per share.

On average, twelve analysts polled by Thomson-Reuters estimated earnings to be $0.12. Analysts' estimates typically exclude one-time items.

During the quarter, the company recorded a loss of $70.3 million on extinguishment of debts.

Total revenues increased slightly to $1.17 billion from $1.07 billion in the previous year. Analysts projected revenues to be $1.14 billion. Looking ahead, for the fourth-quarter, the company expects to earn $1.25 to $1.28 per share on an adjusted basis on net sales growth of 7.2 - 8.2 percent.

For the year it sees adjusted earnings to be $1.65 - $1.67 per share on 7.5 -7.8 percent rise in sales. The company previously expected annual sales growth to be 6.5 - 7.2 percent.