• Wed. Nov 29th, 2023

Burlington’s Stock Surges Amidst Strong Earnings and Rising Customer Spending Despite Inflation Worries


Nov 22, 2023

In recent news, Burlington Stores reported strong earnings and comparable store sales that mirrors the performance of other “off-price” retailers. CEO Michael O’Sullivan highlighted a strong trend in August and September, with November also off to a solid start. This positive performance was attributed to gains in gross margin, merchandise margin, and freight expense. The discount apparel and footwear chain exceeded expectations with third-quarter fiscal 2023 earnings per share of $0.98 and a 6% increase in comparable store sales. Revenue also increased by 12% to $2.29 billion, in line with estimates.

Earlier this month, Ross Stores also reported stronger-than-expected results, further affirming the trend of consumers seeking more affordable prices in the face of inflation. As a result of Burlington Stores’ strong performance, its shares reached the highest level since August, although they remained in negative territory for the year. This indicates the potential for continued growth and success in the coming months as more consumers seek out lower price options for their shopping needs.

Leave a Reply