- 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
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.