Athena Technology Acquisition Corp II
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Company profile

Athena Technology Acquisition Corp. II is a blank check company. The Company is formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company has not selected any specific business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination. The Company has not commenced any operations nor generated any revenue.

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Burlington Stores shares slide premarket as sales fall short amid weak consumer and inventory overhang

7:19 am ET August 25, 2022 (MarketWatch)

Burlington Stores Inc. shares slid 9.6% in premarket trading Thursday, after the discount retailer missed second-quarter sales estimates amid a challenging macro background and offered guidance that was below consensus. The company posted net income of $12 million, or 18 cents a share, for the quarter, down from $103 million, or $1.50 a share, in the year-earlier period. Adjusted per-share earnings came to 35 cents, ahead of the 22 cent FactSet consensus. Sales fell 10% to $1.984 billion, below the $2.025 billion FactSet consensus. Same-store sales fell 17%, while FactSet expected a 14.3% decline. "There were two major external factors that contributed to this weak trend -- firstly, lower-to-moderate income shoppers continue to face tremendous economic pressure driven by the higher cost of living, and secondly, a massive overhang of inventory across the retail industry has driven a huge surge in promotional activity at other retailers," CEO Michael O'Sullivan said in a statement. The company is expecting those factors to persist into the second half and revised its guidance downward. It's now expecting full-year same-store sales to be down 15% to 13%, compared with a FactSet consensus for a 9% decline. It expects adjusted EPS of $3.70 to $4.30, compared with a FactSet consensus of $5.71. The company expects to open 90 net new stores in 2022. Shares have fallen 44% in the year to date, while the S&P 500 has fallen 13%.

-Ciara Linnane


(END) Dow Jones Newswires

August 25, 2022 07:19 ET (11:19 GMT)

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