Burlington Stores up on improved Q3 margins

Burlington Stores

21/11/2023 14:13

** Shares of discount retailer Burlington Stores  BURL.N  up
16.19% at $158.85 premarket
    ** Co's margins improve and profit beat expectations in Q3
    ** "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 and freight expense up 50 basis
points
    ** Expects FY adj. EPS of $5.52-$5.67, including a $0.20
expense tied to its recent purchase of Bed Bath & Beyond 
    ** Last week peers, Ross Stores  ROST.O  and TJX Cos  TJX.N 
raised third-quarter sales and profit expectations
    ** YTD stock down ~33%, up to last close
    
    
    

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