Apparel retailer Burlington Stores, Inc. (BURL) posted robust results for the fiscal third quarter (ended October 28) yesterday, which led to a 20.7% intraday increase in its stock price. Its total revenue increased 12.2% year-over-year to $2.29 billion. Its adjusted net income and adjusted EPS came in at $63.83 million and $0.98, up 127.8% and 127.9% from the prior-year quarter, respectively.
However, amid broader weakness in recent retail earnings, the company seems to have taken a cautious stance regarding its outlook. For fiscal 2023, the company expects its total sales to increase by approximately 11% and comparable store sales by about 3%, more or less aligned with its last quarter’s outlook.
