Shares of Burlington Stores Inc. (BURL) fell 2.5% in premarket trading Thursday, after the off-price retailer reported a wider-than-expected fiscal first-quarter loss and revenue that fell more than forecast, but said sales of stores that have reopened in May have exceeded year-ago levels. The company swung to a net loss for the quarter to May 2 of $333.7 million, or $5.09 a share, from net income of $77.8 million, or $1.15 a share, in the year-ago period. Excluding non-recurring items, the adjusted loss per share was $4.76; that loss included a $2.77 charge against aged inventory. The FactSet per-share loss consensus was $1.42. Total revenue dropped 51% to $801.5 million, below the FactSet consensus of $972.4 million. The company said all of its stores were closed by March 22 because of the COVID-19 pandemic, but stores started to reopen on May 11, and 402 stores are expected to be reopened by May 29, with most of the rest expected to reopen by mid-June. The company said it can't provide financial guidance given the uncertainties associated with the COVID-19 pandemic, but said it expects 2020 capital expenditures of about $260 million, below previous expectations of about $400 million. The stock has lost 2.8% over the past three months through Wednesday, while the S&P 500 has gained 2.8%.
-Tomi Kilgore; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
May 28, 2020 07:05 ET (11:05 GMT)
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