Burlington Stores Inc BURL released its first-quarter financial results, which fell short of expectations.
For Q1 FY23, Burlington Stores reported sales growth of 11% year-over-year, reaching $2.13 billion, which missed the consensus of $2.17 billion. Additionally, while its comparable store sales increased, the growth was by only 4%. Analysts had expected the company to earn an adjusted earnings per share (EPS) of $0.92, but instead, Burlington Stores reported $0.84.
Burlington Stores still hopes to achieve an FY23 adjusted EPS of $5.50 to $6.00. Regarding this matter, the Street has a different view of $6.07.
Burlington shares declined by 3.8% to $160.56 on Thursday.
- Barclays analyst Adrienne Yih maintained that Burlington Stores is Overweight but lowered the price target from $221 to $213.
- Bernstein analyst Aneesha Sherman maintained that the company had an Outperform rating but reduced the price target from $230 to $200.
- Baird analyst Mark Altschwager contended that Burlington Stores was Outperforming, but he lowered its price target from $270 to $250.
- Wells Fargo analyst Ike Boruchow maintained the overweight rating for Burlington Stores, lowering the price target from $275 to $250.
- B of A Securities analyst Lorraine Hutchinson maintained that the company was an attractive Buy, but decreased the price target from $250 to $240.
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