Burlington Stores, Inc. announced its third quarter fiscal year 2024 results on November 26, 2024, reporting a 41% growth in Adjusted EPS and an 80 basis point increase in Adjusted EBIT Margin. CEO Michael O’Sullivan noted that while warmer temperatures from mid-September slowed sales, excluding cold weather categories, comparable store sales growth was 4%.
The company's profitability improvements were driven by a higher Gross Margin and effective leverage on Supply Chain expenses. Management proactively controlled inventory and receipts, particularly for cold weather merchandise, resulting in a strong inventory position for the upcoming holiday season.
For the fourth quarter of Fiscal 2024, Burlington expects comparable store sales growth of 0% to 2%. The full Fiscal Year 2024 guidance projects total sales growth of 10% to 11%, comparable store sales growth of 3% to 4%, an Adjusted EBIT Margin increase of 90 to 100 basis points, and Adjusted EPS between $8.70 and $9.00.
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