Burlington Stores (BURL) Reports Q1 Loss Per Share of 4.76

Burlington Stores (NYSE: BURL) reported Q1 EPS of ($4.76), may not compare to the analyst estimate of ($1.03). Revenue for the quarter came in at $798 million versus the consensus estimate of $956.42 million.

• On a Non-GAAP basis, Adjusted EPS was ($4.76), which includes a $272 million charge, or $2.77 per share, against aged inventory.

Outlook:

Given the uncertainty surrounding the pace of the recovery of consumer demand, the Company is not prepared to give sales and earnings guidance for Fiscal 2020 (the 52-weeks ending January 30, 2021) at this time.

The following Fiscal 2020 guidance items have been re-issued and reflect actions taken during the first quarter of 2020:

• Capital expenditures, net of landlord allowances, are now expected to be approximately $260 million; this compares to a previous outlook of $400 million;
• The Company now expects to open 64 new stores, while relocating or closing 26 stores, for a total of 38 net new stores in Fiscal 2020. This compares to a previous plan of 80 new stores and 54 net new stores. A total of 16 new stores have been shifted from Fall 2020 to Spring 2021;
• Depreciation & amortization, exclusive of favorable lease costs, is now expected to be approximately $230 million vs. previous outlook of $235 million; and
• Interest expense, net of non-cash interest of $24 million on convertible notes, is expected to be $80 million vs. previous guidance of $45 million.

For earnings history and earnings-related data on Burlington Stores (BURL) click here.

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