KSS - Why Shares of These 3 Retail Giants Are Swinging Wildly Today
2023-11-21 13:36:17 ET
Shares of several major apparel retailers and department store chains were swinging wildly today after they released their third-quarter reports ahead of the key holiday season. Among the day's most pronounced moves as of 12:15 p.m. ET were drops of 16% and 10% from American Eagle Outfitters (NYSE: AEO) and Kohl's (NYSE: KSS) , respectively, as well as a 21.9% pop from Burlington Stores (NYSE: BURL) .
Burlington Stores stock stood out today after the chain not only posted solid third-quarter results, but also raised its full-year earnings outlook and issued strong preliminary guidance for 2024. On the former, Burlington's quarterly sales grew 12% year over year to $2.285 billion, helped by a 6% increase in comparable-store sales. That translated to non-GAAP (adjusted) net income of $64 million, or $0.98 per share, up from $0.43 per share in the year-ago period. Analysts, on average, were expecting slightly lower earnings of $0.97 per share on roughly the same revenue.
Looking ahead to the rest of the year, Burlington tempered its full-year 2023 guidance to call for total sales growth of 11% (near the lower end of its previous range of 11% to 12% growth). But the company also raised its earnings outlook to call for adjusted earnings per share of $5.72 to $5.87, up from its previous guidance range for adjusted earnings of $5.60 to $5.90 per share.
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Why Shares of These 3 Retail Giants Are Swinging Wildly Today