© Reuters
By Sam Boughedda
Investing.com — Burlington Stores Inc (NYSE:) announced its results for the first quarter on Thursday, missing estimates and providing a downbeat full-year outlook.
The off-price retailer was $1.93 billion, missing estimates of $2.03 billion and falling 12% compared to the previous year’s quarter. Meanwhile, earnings per share also fell below forecasts, coming in at $0.54 compared to the $0.63 consensus.
Furthermore, comparable store sales declined 18%.
“We are disappointed with our first quarter results,” said Burlington CEO Michael O’Sullivan.
O’Sullivan added, “We were up against 20% comp growth from 2021 so we had planned for a mid-teens comp decline, but we missed this plan.”
The company blamed the sales miss on inventories being too low and unbalanced in February and March. Meanwhile, it expects fiscal year 2022 comparable store sales to decrease in the range of -9% to -6%. In addition, adjusted earnings per share are predicted to be between $6 and $7.
Burlington initially fell premarket following the announcement but has since rallied 10.38%.
In a separate announcement Thursday, Burlington said Kristin Wolfe has been appointed Chief Financial Officer starting August 1, replacing outgoing John Crimmins.
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