Burlington Stores Raises FY24 Outlook: Adj EPS from $7.35-7.75 to $7.66-$7.96 vs $7.69 Est; Sales Guidance from $10.51B-10.70B to $10.59B-$10.70B vs $10.60B Est

Author: Benzinga Newsdesk | August 29, 2024 06:54am

For the full Fiscal Year 2024 (the 52-weeks ending February 1, 2025), the Company now expects: 

 

• Total sales to increase in the range of 9% to 10% on top of the 10% increase for the 52-weeks ended January 27, 2024; this assumes comparable store sales will increase in the range of 2% to 3%, on top of the 4% increase for the 52-weeks ended January 27, 2024;
• Capital expenditures, net of landlord allowances, to be approximately $750 million; 
• To open approximately 100 net new stores; 
• Depreciation and amortization to be approximately $350 million; 
• Adjusted EBIT margin to increase in the range of 50 to 70 basis points versus the 52 weeks ended January 27, 2024; this Adjusted EBIT margin increase excludes approximately $9 million of expenses related to the acquired Bed Bath & Beyond leases in Fiscal 2024 versus $18 million incurred in Fiscal 2023;
• Net interest expense to be approximately $40 million; 
• Adjusted Effective Tax Rate to be approximately 26%; and
• Adjusted EPS in the range of $7.66 to $7.96, which excludes $0.11, net of tax, of expenses, associated with the acquired Bed Bath & Beyond leases. This assumes a fully diluted share count of approximately 64 million shares.

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