Burlington Stores stock dips despite beating profit forecasts

Burlington Stores Inc. stock
BURL,
+3.68%
was down 1.6% in premarket trades on Thursday after the retailer said its net income more than doubled and said it will beat analyst expectations for the third quarter. Burlington Stores said its second-quarter net income increased to $30.9 million, or 47 cents a share, from $12 million, or 18 cents a share, in the year-ago quarter. Adjusted second-quarter profit totaled 60 cents a share, well ahead of the FactSet consensus estimate of 44 cents a share. Revenue increased to $2.17 billion from $1.98 billion, about flat with the analyst estimate of $2.166 billion. For the third quarter, Burlington Stores is projecting adjusted earnings of 97 cents to $1.12 a share, ahead of the analyst expectation of 84 cents a share. For full-year 2023, Burlington Stores now expects adjusted earnings of $5.60 to $5.90 a share, compared to the analyst projection of $5.80 a share.