2025-05-29-Bernstein-伯灵顿百货公司（BURL）_第一季度表现良好_维持财年指引_13页_741kb

Burlington Stores Inc Q1 2025 Performance Summary:
Q1 results showed strong top-line growth, with total revenue up 6% (meeting the mid-point of the 5-7% guide) and a beat on margins and EPS. Gross profit margin expanded to 43.8%, driven by improved merchandising and reduced freight costs, while adjusted EBIT margin reached 5.8%, exceeding the 4.6%-5% guide by 320 basis points. Inventory grew 15% overall, but comparable store inventories decreased year-over-year.

FY2025 and Q2 Guidance:
FY2025 guidance remains unchanged, with maintained comp growth at 0-2%, total sales growth at 6-8%, and net new store openings at 100. Adjusted EPS is revised to $8.31-$8.91, factoring in bankruptcy-related lease costs, down from previous estimates. Q2 comp growth is expected at 0-2%, with adjusted EBIT margin at 4.1-4.4% and EPS at $1.08-$1.18. Management noted that stable tariff levels won't disrupt margins, as impacts can be offset elsewhere.

Balance Sheet and Shareholder Actions:
Liquidity remains healthy, ending the quarter with $1.1 billion in capital, including $371 million cash and $748 million available under an ABL facility. The company repurchased 445,000 shares for $105 million, with $500 million remaining under its share authorization.

Valuation and Risks:
Bernstein's rating is "Outperform" with a price target of $380 per share. Downside risks include broader market valuation, faster store saturation, and wage increases.