Q1 2024 Burlington Stores Inc Earnings Call Transcript
Key Points
- Total sales in Q1 grew by 11% compared to the first quarter of 2023, indicating strong market share gains.
- Comp store sales for the first quarter increased by 2%, surpassing the guidance of flat to 2%.
- EBIT margin increased by 170 basis points, and adjusted EPS was up 68% over last year.
- The company opened 14 net new stores in Q1 and is on track to open 100 net new stores this year.
- Supply chain efficiency initiatives showed faster-than-expected progress, contributing to strong margin expansion.
- February sales trend was softer than anticipated due to disruptive winter weather and slower tax refunds.
- The company remains cautious about Q2 guidance, projecting flat to 2% comp growth despite recent positive trends.
- Adjusted SG&A costs in Q1 were 60 basis points higher than last year, partly driven by expenses related to Bed Bath & Beyond leases.
- The company expects some modest deleverage in supply chain in Q2 due to the start-up and training costs of the new distribution center.
- There is a potential risk of needing to introduce markdowns later in the year to maintain competitive value.
Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to Burlington Stores, Inc. first-quarter 2024 earnings and webcast. (Operator Instructions)
I would now like to turn the conference over to David Glick, Senior Vice President. Please go ahead.
Thank you, operator, and good morning, everyone. We appreciate everyone's participation in today's conference call to discuss Burlington's fiscal 2024 first quarter operating results. Unless otherwise indicated, our discussion of results for the 2024 first quarter exclude the impact of certain expenses associated with the acquisition of Bed, Bath & Beyond leases.
Our presenters today are Michael O'Sullivan, our Chief Executive Officer, and Kristin Wolfe, EVP and Chief Financial Officer. Before I turn the call over to Michael, I would like to inform listeners that this call may not be transcribed, recorded or broadcast without our express permission. A replay of the call will
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