Burlington Stores (BURL) Tops Q3 EPS by 1c

Burlington Stores (NYSE: BURL) reported Q3 EPS of $1.55, $0.01 better than the analyst estimate of $1.54. Revenue for the quarter came in at $2.53 billion versus the consensus estimate of $2.55 billion.

GUIDANCE:

Burlington Stores sees FY2025 EPS of $7.76-$7.96, versus the consensus of $7.92.

Outlook
For the full Fiscal Year 2024 (the 52-weeks ending February 1, 2025), the Company now expects:

Total sales to increase in the range of 9% to 10% on top of the 10% increase for the 52-weeks ended January 27, 2024; this assumes comparable store sales will increase approximately 2%, on top of the 4% increase for the 52-weeks ended January 27, 2024;
Capital expenditures, net of landlord allowances, to be approximately $750 million;
To open 101 net new stores;
Depreciation and amortization to be approximately $350 million;
Adjusted EBIT margin to increase in the range of 60 to 70 basis points versus the 52 weeks ended January 27, 2024; this Adjusted EBIT margin increase excludes $9 million of expenses related to the acquired Bed Bath & Beyond leases in Fiscal 2024 versus $18 million incurred in Fiscal 2023;
Net interest expense to be approximately $40 million;
The Adjusted Effective Tax Rate of approximately 26%; and
Adjusted EPS in the range of $7.76 to $7.96, which excludes $0.11, net of tax, of expenses associated with the acquired Bed Bath & Beyond leases. This assumes a fully diluted share count of approximately 65 million shares.

For the fourth quarter of Fiscal 2024 (the 13 weeks ending February 1, 2025), the Company expects:

Total sales to increase in the range of 5% to 7%; this assumes comparable store sales will increase in the range of 0% to 2% versus the fourth quarter of Fiscal 2023;
Adjusted EBIT margin to decrease 50 to 80 basis points versus the fourth quarter of Fiscal 2023;
An effective tax rate of approximately 26%; and
Adjusted EPS in the range of $3.55 to $3.75, as compared to $3.69 in Adjusted EPS last year; prior year period excludes $4 million, net of tax, of expenses related to the acquired Bed Bath & Beyond leases.

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

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