Burlington Stores Inc. (ticker symbol BURL) experienced a slight decline of 1.6% in premarket trades on Thursday. This came after the company released its impressive second-quarter financial results, which revealed a significant increase in net income and a promising outlook for the third quarter.
Second-Quarter Performance
During the second quarter, Burlington Stores witnessed a remarkable surge in net income, more than doubling to $30.9 million, or 47 cents a share, compared to $12 million, or 18 cents a share, in the same quarter last year. When adjusted for certain factors, the company’s profit for the quarter reached 60 cents a share – surpassing the consensus estimate of 44 cents a share provided by FactSet analysts.
Additionally, Burlington Stores’ revenue for the second quarter rose to $2.17 billion from $1.98 billion, aligning closely with the analyst estimate of $2.166 billion.
Promising Third Quarter Projections
Looking ahead to the third quarter, Burlington Stores anticipates a positive trend in their earnings. The company is projecting adjusted earnings between 97 cents and $1.12 per share for this period, exceeding the analyst expectation of 84 cents per share.
Full-Year 2023 Forecast
Burlington Stores has also revised its adjusted earnings forecast for the full-year 2023. The company now expects earnings in the range of $5.60 to $5.90 per share, compared to the analyst projection of $5.80 per share.
These developments showcase Burlington Stores’ continued growth and strength in the retail industry. Despite the slight decline in stock value, investors can find confidence in the company’s robust financial performance and optimistic outlook for the future.