Apparel Retailer Burlington Stores Warns Weakness In Core Consumer Base, Stock Falls
Portfolio Pulse from Vandana Singh
Burlington Stores Inc reported Q2 FY23 sales growth of 9% Y/Y to $2.175 billion, almost in line with the consensus of $2.17 billion. Comparable store sales increased by 4%. Adjusted EPS of $0.60 surpassed the consensus of $0.43. However, the company warned of weakness in its core consumer base and narrowed its full-year comparable store sales guidance to a range of 3% to 4%. The company also lowered its FY23 adjusted EPS forecast to $5.60-$5.90, down from prior guidance of $5.50 - $6.00. Following the news, BURL shares fell by 6.59%.
August 24, 2023 | 2:02 pm
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Burlington Stores reported strong Q2 FY23 results but warned of weakness in its core consumer base and lowered its FY23 guidance. This led to a 6.59% drop in its stock price.
Burlington Stores reported strong Q2 FY23 results, with sales growth and EPS surpassing expectations. However, the company warned of weakness in its core consumer base and lowered its FY23 guidance. This negative outlook likely led to the drop in its stock price.
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