Burlington Stores rises after Q2 results, FY forecast raise

Burlington Stores

29/08/2024 12:28

** Burlington Stores  BURL.N  shares rise 3% to $280.99
premarket
    ** Co raises its adj. EPS forecast for FY24 between
$7.66-$7.96/shr, midpoint of which is above analysts' estimates
of $7.69/shr - LSEG
    ** Co reports Q2 revenue of $2.46 bln, marginally above
estimates of $2.41 bln
    ** It expects its Q3 adj. EPS to be in a range of
$1.45-$1.55/shr, beating estimates of $1.36/shr
    ** "Our adjusted EBIT margin and adjusted EPS (in Q2)
increased 160 basis points and 98%, respectively," CEO Michael
O'Sullivan said 
    ** FY capital expenditure, net of landlord allowances, to be
approximately $750 million; to open approximately 100 net new
stores - BURL  
    ** 18 of 21 brokerages rate the stock "buy" or higher, 3
"hold"; their median PT is $279 - LSEG data
    ** YTD, BURL up 40.3%

 (Reporting by Abhinav Parmar in Bengaluru)
 ((Abhinav.parmar@thomsonreuters.com))