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Burlington Stores Misses Q1 EPS by 11c, Guidance Misses

May 26, 2022 07:20
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Burlington Stores (NYSE:BURL) reported Q1 EPS of $0.54, $0.11 worse than the analyst estimate of $0.65. Revenue for the quarter came in at $1.93 billion versus the consensus estimate of $2.05 billion.

GUIDANCE:

Burlington Stores sees Q2 2022 revenue of $0.18-0.31 billion, versus the consensus of $1.07 billion.

Burlington Stores sees FY2022 revenue of $6-7 billion, versus the consensus of $7.2 billion.

  • Comparable store sales to decrease in the range of -9% to -6% for Fiscal 2022, on top of the 15% increase during Fiscal 2021; this translates to a 3-year geometric comparable store sales stack of 5% to 8% versus Fiscal 2019.
  • Capital expenditures, net of landlord allowances, is expected to be approximately $730 million;
  • The Company still expects to open 120 new stores, while relocating or closing 30 stores, for a total of 90 net new stores in Fiscal 2022;
  • Depreciation and amortization, exclusive of favorable lease costs, to be approximately $285 million;
  • Adjusted EBIT margin to be down 200 to 130 basis points to last year;
  • Interest expense is expected to be approximately $65 million;
  • An effective tax rate of approximately 25% to 26%; and
  • Adjusted EPS to be in the range of $6.00 to $7.00, as compared to $6.00 on a GAAP basis and $8.41 on a non-GAAP basis last year
Burlington Stores Misses Q1 EPS by 11c, Guidance Misses
 

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