Burlington Stores Q2 Profit, Revenue Rise; Cuts Annual Outlook

(RTTNews) - Burlington Stores, Inc. (BURL), an off-price retailer, Thursday reported higher earnings for the second quarter helped by growth in revenue. The company, however, cut its outlook for the full year.

Net income was $30.89 million or $0.47 per share for the second quarter, higher than $11.97 million or $0.18 per share in the same quarter a year ago, helped by revenue growth.

Excluding one-time items, adjusted earnings were $39 million or $0.60 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.43 per share. Analysts' estimates typically exclude special items.

Sales for the quarter increased 9% to $2.174 billion from $1.988 billion last year. The consensus estimate was for $2.17 billion.

For the full year, the company now expects sales to increases in the range of 11%-12%, down from 12%-14% guided earlier. Burlington sees adjusted EPS for the full year excluding the expected incremental expenses associated with the recently acquired Bed Bath & Beyond leases to be in the range of $5.37-$5.67, lower than the previously-provided range of $5.50-$6.00. Analysts expect the company to report earnings of $5.89 per share on sales growth of 11.8% for the year.

For the third quarter, Burlington expects sales to increase in the range of 13%-15%. Adjusted EPS excluding incremental expenses is expected in the range of $0.86-$1.01. The consensus estimate for earnings stands at $0.84 per share.