On a GAAP basis, total sales increased 11%, net income was $79 million, and diluted EPS was $1.22 Comparable store sales increased 2% On a non-GAAP basis, excluding certain expenses associated with the acquisition of Bed Bath & Beyond (OTC: BBBYQ ) leases: Adjusted EBIT margin increased 170 basis points, and Adjusted EPS increased 68% to $1.42 Increasing outlook for FY24 Adjusted EPS to $7.
35-$7.75, an increase of 18% to 24% over FY23 on a 52-week basis; guidance excludes certain expenses associated with the acquisition of Bed Bath & Beyond leases BURLINGTON, N.J.
, May 30, 2024 (GLOBE NEWSWIRE) -- Burlington Stores, Inc. (NYSE: NYSE: BURL ), a nationally recognized off-price retailer of high-quality, branded apparel, footwear, accessories, and merchandise for the home at everyday low prices, today announced its results for the first quarter ended May 4, 2024. Michael O'Sullivan, CEO, stated, We are very pleased with how our sales trends developed in the first quarter.
The quarter got off to a slow start in February, likely due to disruptive weather and delayed tax refunds, but then our sales trend picked up. Comparable store sales increased 4% during the months of March and April combined. This resulted in a 2% comparable store sales increase for the quarter which was at the high end of our guidance range.
Mr. O'Sullivan continued, We were especially pleased with our margin improvement and earnings growth during the first quarter. Our Adjusted EBIT Margin and Adjusted EPS inc.
