Burlington Stores (NYSE: BURL) reported Q1 EPS of $2.59, $1.76 better than the analyst estimate of $0.83. Revenue for the quarter came in at $2.19 billion versus the consensus estimate of $1.77 billion.

All First Quarter 2021 comparisons are made versus the First Quarter 2019

• On a GAAP basis, total sales increased 35%, net income was $171 million, and diluted EPS increased 118% to $2.51
• Comparable store sales increased 20%
• On a non-GAAP basis, Adjusted EBIT was $238 million, an increase of 360 basis points as a percentage of sales
• On a non-GAAP basis, Adjusted EPS increased 106% to $2.59

Michael O’Sullivan, CEO, stated, “We are pleased with our first quarter results. There were numerous factors that contributed to improved traffic and consumer spending in the quarter – including the latest stimulus checks, the pace of the vaccine roll-out, and pent-up consumer demand. We were able to chase the very strong trend and maximize our share of this sales opportunity through strong execution of our Burlington 2.0 strategies.”

Mr. O’Sullivan continued, “The second quarter is off to a good start, but the go-forward sales trend remains very difficult to predict. Meanwhile, expense headwinds in supply chain and freight have continued to deteriorate, and these are likely to weigh on our operating margin throughout the balance of the year.”

Outlook

Given the uncertainty surrounding the pace of the recovery of consumer demand and the ongoing COVID-19 pandemic, the Company is not providing sales or earnings guidance for Fiscal 2021 (the 52-weeks ending January 29, 2022) at this time.

The Company is updating the following Fiscal 2021 guidance items:

• Capital expenditures, net of landlord allowances, is expected to be approximately $470 million;
• The Company expects to open 100 new stores, while relocating or closing 25 stores, for a total of 75 net new stores in Fiscal 2021;
• Depreciation & amortization, exclusive of favorable lease costs, is expected to be approximately $260 million;
• Interest expense is now expected to be approximately $68 million, subject to the successful redemption described above of the $300 million outstanding of our Senior Secured Notes; and
• The effective tax rate is now expected to be approximately 23% to 24%.

For earnings history and earnings-related data on Burlington Stores (BURL) click here.