Burlington Stores Inc. (NYSE:BURL) saw its shares shed over 4% in pre-market trading after the discount clothing retailer’s third quarter sales number slightly missed market expectations and its fourth quarter outlook disappointed.
The NYSE-listed firm posted net income of US$44.9mln, or 65 US cents a share for the third quarter, up from US$32.4mln, or 45 US cents a share a year earlier, with adjusted earnings per share of 70 US cents ahead of the consensus forecast of 66 US cents.
Burlington’s sales rose by 7.1% to US$1.438mln but that was a touch below the consensus of US$1.439bn, while same-store sales rose 3.1%, matching consensus.
The company said it now expects its fourth quarter sales to rise by 11% to 12%, with same-store sales seen up 2% to 3%, against consensus of 2.9%.
It added that its adjusted fourth quarter EPS is expected to be in the range of US$2.02 to US$2.06, which is lower than the current consensus for EPS of US$2.10.
For the full year, the company expects sales to rise 8.1% to 8.4% and for same-store sales to be up 2.3% to 2.6%, against consensus for 2.6%.
The group said full year adjusted EPS is expected to be in the range of US$4.23 to US$4.27 against consensus of US$4.25.
In pre-market New York trading, Burlington shares were 4.2% lower at US$102.06.