Why Off-Price Retailer Burlington Stores Shares Are Jumping Today
Portfolio Pulse from Vandana Singh
Burlington Stores Inc (NYSE:BURL) reported Q3 FY23 revenue growth of 12% year-over-year to $2.289 billion, slightly missing consensus estimates. Comparable store sales rose by 6%, and adjusted EPS was $0.98, within guidance. Gross margin improved, and inventories decreased compared to last year. CEO Michael O'Sullivan expressed optimism for the holiday season but acknowledged external uncertainties. The company raised its FY23 adjusted EPS outlook and expects sales growth of approximately 11%. BURL shares surged 21.4% following the report.
November 21, 2023 | 5:28 pm
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POSITIVE IMPACT
Burlington Stores reported strong Q3 results with revenue growth and a positive outlook for the holiday season, leading to a significant share price increase of 21.4%.
The positive earnings report, with revenue growth and a raised EPS forecast, has likely contributed to investor confidence, resulting in a sharp increase in BURL's stock price. The company's performance and optimistic outlook for the holiday season suggest a positive short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100