Burlington Stores Shares Surge 24 percent Since Q3 Report

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Burlington Stores (NYSE:BURL) gained more than 24% since the company’s reported Q3 results on Tuesday on positive commentary and despite EPS and revenue miss. EPS was $0.43, missing the Street estimate of $0.52. Revenue came in at $2.04 billion, worse than the Street estimate of $2.06 billion.
The company took meaningful steps during the quarter to sharpen value and improve its product mix and has seen an improvement in trends from mid-October through November.
The company expects Q4/23 EPS in the range of $2.45-$2.75, compared to the Street estimate of $2.61. Comparable store sales are expected to decrease from 9% to 6%.
For fiscal 2023, the company expects EPS to be in the range of $3.77-$4.07, compared to the Street estimate of $4.00. Comparable store sales are seen in the range of negative 15% to 14%.

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