Sam Boughedda

Investing.com — Burlington Stores Inc. (NYSE: announced its results for the first quarter on Thursday, missing estimates and providing a downbeat full-year outlook. 

Retailers at discount prices were valued at $1.93 trillion, below the estimates of $2.03Billion and down 12% from the prior year’s quarter. Earnings per share fell to $0.54, compared with the consensus of $0.63. 

Moreover, sales in comparable stores fell 18%.

Burlington CEO Michael O’Sullivan said that the first quarter’s results were disappointing.

O’Sullivan said, “We had anticipated 20% growth in comps from 2021, so we had planned to see a decline of comps for the mid teens, but this was not what happened.”

Company blamed March’s inventory imbalances in February and March for the missed sales. It continued to operate as normal. expects fiscal year 2022 comparable store sales to decrease in the range of -9% to -6%. Additionally, the adjusted earnings per share will be $6 to $7. 

Burlington was initially down premarket, but the stock has rebounded to 10.38%. 

In a separate announcement Thursday, Burlington said Kristin Wolfe has been appointed Chief Financial Officer starting  August 1, replacing outgoing John Crimmins.