Burlington Stores (BURL) shareꦚs flew higher when the off-price apparel retailer posted better-than-expected results and strong guidance on reduced inventories and a pickup in demand later in the first quarter. 

The company reported quarterly net income of $78.5 million, more than double the same period in 2023. Adjusted 澳洲幸运5官方开奖结果体彩网:earnings per share (EPS) came in at $1.42, and revenue was up 11% to $2.36 billion. Both exceeded forecasts. 澳洲幸运5官方开奖结果体彩网:Comparable store sales rose 2%.

Overall 澳洲幸运5官方开奖结果体彩网:gross margin improved to 43.5% from 42.3% a year ago. Merchandise gross margin rose 90 澳洲幸运5官方开奖结果体彩网:basis points (bps) as the company cut ba💟ck on promotions, while freight expense improvements added 30 bps. 

Burlington Inventories Dropped From Year Ago

Merchandise inventories dr🌼opped 7% to $1.14 billion from $1.23 billion a year earlier, and comparable store inventories fell 6%.

澳洲幸运5官方开奖结果体彩网:Chief Executive Officer (CEO) Michael O’Sullivan noted that the quarter “got off to a slow start in February,” which he said was likely caused by bad weather and delayed tax refunds. However, sales trends picked up from there,𝐆 with comparable🍨 store sales rising 4% during March and April combined.

The company sees full-year adjusted EPS of $7.35 to $7.75, with the midpoint above analysts' estimates. 

Shares of Burlington Stores soared 18.6% as of 1:10 p.m. ET Thursday to $237.66, their highest level since early 2022.