Burlington Stores Inc. (NYSE: BURL ) delivered robust first-quarter results for fiscal year 2024, with significant growth in total sales and adjusted earnings per share (EPS). The company reported an 11% increase in total sales compared to the same period last year and a 2% rise in comparable store sales.
The growth momentum was particularly strong in March and April, with a combined comparable sales increase of 4%. Burlington's EBIT margin expanded by 170 basis points, and adjusted EPS surged by 68% from the previous year. The positive performance has prompted Burlington to raise its full-year margin and adjusted EPS guidance, despite a modest reduction in the sales outlook.
Key Takeaways Burlington Stores Inc. reported an 11% increase in total sales and a 2% increase in comparable store sales for Q1 FY2024. Adjusted EPS grew by 68%, with the company raising its full-year margin and EPS guidance.
14 net new stores were opened in Q1, with plans to open 100 net new stores throughout the year. Burlington expects full-year comparable sales to be flat to 2% and has adjusted its total sales outlook to an 8% to 10% increase. Executives cited tax refunds and trade-down traffic as factors contributing to increased sales.
Supply chain efficiencies and cost savings initiatives are expected to continue driving margin improvements. The company plans to retire $156 million in convertible notes and continue its share repurchase program. Burlington opened 32 Bed, Bath & Beyond stores in fis.
