Burlington Stores (BURL) Reports Q1 Loss Per Share of 4.76
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Burlington Stores, Inc. Reports First Quarter 2020 Earnings
May 28, 2020 6:45 AM EDTOn a GAAP basis, total sales declined 51%, net loss was $334 million, and EPS was ($5.09).On a Non-GAAP basis, Adjusted EPS was ($4.76), which includes a $272 million charge, or $2.77 per share, against aged inventory. This reserve covers the full cost of markdowns that are expected to be taken on this aged inventory in the second quarter.All stores were closed by March 22, 2020, but began to re-open on May 11, 2020; since re-opening, sales in re-opened stores have exceeded prior year levels.Expect to have 402 stores... More
