Burlington Stores Inc. (BURL) beat market estimates on revenue and earnings for the third quarter of 2018 and raised its full-year outlook. The stock rose 7.7% during premarket hours on Wednesday.
Total revenue was $1.64 billion compared to $1.44 billion in the same period last year. Of this, net sales amounted to $1.63 billion, reflecting a growth of 13.7% from last year. Comparable store sales increased 4.4% versus 3.1% last year.
GAAP net income grew 71% year-over-year to $77 million, or $1.12 per share. Adjusted net income rose 70% to $83 million, or $1.21 per share.
For the full year of 2018, total sales are expected to increase in the range of 10.9% to 11.2%, excluding the 53rd week impact in 2017. This guidance assumes an increase of 2-3% in shifted comparable store sales for the fourth quarter of 2018, resulting in a full-year shifted comparable store sales increase of 3.4% to 3.7%.
Adjusted EPS for 2018 is now expected to be $6.33 to $6.37 versus the previous outlook of $6.13 to $6.20. Adjusted EPS, excluding the impact of the tax reform, the accounting for share-based compensation and the revaluation of deferred tax liabilities, is expected to grow 21-22% and come in a range of $5.01 to $5.05.
For the fourth quarter of 2018, total sales are expected to grow 8% to 9% while shifted comparable sales are expected to grow 2% to 3%. Adjusted EPS is expected to come in a range of $2.71 to $2.75.