BURLINGTON, N.J. -- Burlington Stores said Tuesday that its fiscal second-quarter loss narrowed as sales improved and its income tax expense declined.
Its performance beat analysts' estimates, and the discount retailer raised its fiscal 2014 guidance.
Shares rose in Tuesday premarket trading.
The Burlington, New Jersey, company lost $6.5 million for the three months ended Aug. 2. That compares with a loss of $25 million a year earlier.
Excluding certain items, it lost a penny per share.
Analysts, on average, expected a loss of 8 cents per share, according to a FactSet survey.
Burlington Stores' stock gained $2.32, or 6.4 percent, to $38.38 shortly before the market open.
Income tax expense fell to $4.3 million from $14.2 million.
Revenue increased to $1.05 billion from $971.5 million, beating Wall Street's estimate of $1.03 billion.
Sales at stores open at least a year, a key gauge of a retailer's health, rose 4.7 percent. This figure excludes results from stores recently opened or closed.
The company now predicts full-year adjusted earnings in a range of $1.52 to $1.58 per share. Its prior guidance was for adjusted earnings between $1.25 and $1.35 per share. Total sales are forecast to rise 6.5 percent to 7.2 percent, up from a previous outlook for a 5.8 percent to 6.8 percent rise.
Analysts expect earnings of $1.52 per share.
For the third quarter, Burlington Stores Inc. foresees adjusted earnings between 9 cents and 12 cents per share. Revenue is anticipated to climb 6.4 percent to 7.4 percent. Wall Street is calling for earnings of 11 cents per share.
No comments:
Post a Comment