Burlington Q1 adj EPS $1.42 (+68% YoY); raises FY24 adj EPS outlook to $7.35-$7.75

Burlington Stores, Inc.

2024-Q1 EPS reported $1.22 revenue$2,361,553,000

Q1 total sales $2,357M (+11% YoY); comp store sales +2% (at high end of guidance).
GAAP net income $79M ($1.22 EPS) vs $33M ($0.50) last year; adjusted net income $91M ($1.42 EPS) up 68%.
Gross margin improved 120 bps to 43.5%; adjusted EBIT margin +170 bps; merchandise margin +90 bps on lower markdowns.
FY24 adj EPS guidance raised to $7.35-$7.75 from $6.24 (52-wk basis); assumes comp store sales +0% to 2%.
Repurchased 312,238 shares for $63M during Q1; $442M remaining on authorization.

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