Q1 Earnings Miss, Dismal Outlook, CFO Appointment: Burlington Stores' Q1 Highlights - Burlington Stores (NYSE:BURL)

Burlington Stores, Inc. BURL reported a first-quarter FY22 sales decline of 12% year-on-year to $1.93 billion, missing the consensus of $2.04 billion.
Comparable store sales decreased by 18%.
The gross margin contracted by 230 basis points Y/Y to 41%.
The total costs and expenses fell 3.5% Y/Y to $1.9 billion.
Adjusted EBIT was $59 million versus $237.88 million a year ago. Adjusted EBITDA fell 57.3% to $125.4 million.
Adjusted EPS of $0.54 missed the analyst consensus of $0.65.
The company held $633.6 million in cash and equivalents as of April 30, 2022.
"The biggest driver of this sales miss was that inventories were too low and unbalanced in February and March," said CEO Michael O'Sullivan.
He continued, "We had anticipated that 2022 would be a difficult year in retail but the economic environment, especially the impact of inflation on lower income shoppers, is having a greater impact than we had expected. We have lowered our outlook for sales."
Outlook: Burlington expects FY22 adjusted EPS of $6.00 - $7.00 versus the Street view of $7.20.
It sees FY22 comparable store sales to decrease -9% to -6%, on top of the 15% increase during FY21.
For Q2, BURL expects adjusted EPS of $0.18 - $0.31 versus the consensus of $1.07.
CFO Appointment: BURL has appointed Kristin Wolfe as its CFO, effective on or about August 1, 2022. As previously announced, the employment of John Crimmins, the company's current Chief Financial Officer, will end on August 31, 2022.
Price Action: BURL shares are trading lower by 1.47% at $154.00 in premarket on the last check Thursday.
Photo Via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs