Burlington Stores Q4 Results Top Estimates; But Sees FY Profit Below View

(RTTNews) - Burlington Stores Inc. (BURL) reported that its fourth quarter net income increased to $185 million or $2.83 per share from $122 million or $1.80 per share for the fourth quarter of Fiscal 2021.

Adjusted net income was $194 million or $2.96 per share compared to $171 million, or $2.53 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $2.73 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Total sales increased 5% year-over-year to $2.74 billion, while comparable store sales decreased 2% compared to the fourth quarter of Fiscal 2021. Analysts expected revenue of $2.60 billion for the quarter.

For the first quarter of Fiscal 2023, the company expects adjusted earnings per share to be in the range of $0.85 to $0.95, compared to $0.54 last year. Analysts project first-quarter earnings of $0.82 per share.

The company projects total sales for the first quarter to increase in the range of 12% to 14%, comparable store sales will increase in the range of 5% to 7% versus the first quarter of fiscal 2022.

For Fiscal 2023, the company expects adjusted earnings per share to be in the range of $5.50 to $6.00. Analysts expect annual earnings of $6.65 per share.

The company projects annual total sales to increase in the range of 12% to 14% including approximately 2% from the 53rd week, on top of a 7% decrease in fiscal 2022. Comparable store sales is expected to increase in the range of 3% to 5%, on top of the 13% decrease during Fiscal 2022.

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