Q3 2024 Burlington Stores Inc Earnings Call Transcript
Key Points
- Total sales increased by 11% in the third quarter, driven by the new store opening program.
- Comp store sales for the third quarter increased by 1%, despite warmer weather impacting sales.
- Margin performance improved with an 80 basis point increase, driven by higher merchant margin and supply chain savings.
- The new store pipeline is strong, with 147 new stores opened this year, exceeding expectations.
- The company is optimistic about the holiday season and Q4, with November sales running ahead of plan.
- Warmer temperatures negatively impacted Q3 comp sales by 300 basis points, particularly affecting cold weather merchandise.
- Major hurricanes in Q3 further impacted comp sales by an additional point.
- The fourth quarter EBIT margin is expected to decrease by 50 to 80 basis points due to transitory headwinds.
- There is uncertainty regarding the impact of potential tariffs and economic policies on future performance.
- The 53rd-week calendar shift negatively impacts Q4 total sales, margin, and earnings.
Hello, and welcome to the Burlington Stores, Inc. third-quarter 2024 earnings webcast and conference call. Please note that this call is being recorded. (Operator Instruction) Thank you.
I'd now like to hand the call over to David Glick, Group Senior Vice President, Investor Relations and Treasurer. You may now begin.
Thank you, operator, and good morning, everyone. We appreciate everyone's participation in today's conference call to discuss Burlington's fiscal 2024 third-quarter operating results. Our presenters today are Michael O'Sullivan, our Chief Executive Officer; and Kristin Wolfe, our 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 be available until December 3, 2024.
We take no responsibility for inaccuracies that may appear in transcripts of this call by third parties. Our
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