Why Burlington Stores Stock Jumped 17% in Early Trading Today
Share of off-price clothing retailer Burlington Stores (NYSE: BURL) rose just shy of 17% in the first hour of trading on March 4. The big news was earnings, which showed continued improvement from the worst of the coronavirus pandemic hit.
Burlington's top line was 4% higher year over year in the fourth quarter while same store sales were flat. That's pretty good given the difficult backdrop in 2020. To provide a little context, the retailer's full-year sales were lower by 21%. Earnings for the fourth quarter came in at $2.33 per share. Impressively, Burlington managed to beat Wall Street expectations on the top and bottom lines during the final stanza of the year.
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Source Fool.com
