Burlington Stores hits 2-1/2 month high on upbeat Q3 results

Burlington Stores

21/11/2023 16:25

(Updates)
    ** Shares of discount retailer Burlington Stores  BURL.N  up
as much as 21% at $165.50, hitting a two-and-half month high 
        ** Stock headed for best day since November 2022
  
    ** BURL margins improve and profit beat Q3 expectations as
co lowered costs amid still-high inflation
    ** "November is off to a solid start, helped by cooler
weather at the beginning of the month. We feel very good about
how we are set up for holiday" - CEO Michael O'Sullivan
    ** Gross margins rise 200 basis points, while Merchandise
margin improved 150 basis points 
    ** Co expects FY adj. EPS of $5.52-$5.67, including a $0.20
expense tied to its recent purchase of Bed Bath & Beyond
    ** Stock down ~33% YTD

 (Reporting by Annett Mary Manoj)
 ((AnnettMary.Manoj@thomsonreuters.com))