Burlington Stores Inc. BURL, -9.43% stock sank 6.2% in Thursday premarket trading after the off-price retailer reported second-quarter comparable sales that missed the Street by a wide margin. Net income totaled $102.6 million, or $1.50 per share, after a loss of $46.8 million, or 71 cents per share. Adjusted EPS of $1.94 beat the FactSet consensus for $1.50. Revenue of $2.22 billion was up from $1.01 billion last year and beat the FactSet consensus for $2.07 billion. Comparable sales increased 19%, well below the FactSet consensus for 49.7% growth. “[W]e are seeing a huge imbalance between supply and demand in global logistics systems. This is driving up freight and supply chain expenses and it will put significant pressure on our margins for the balance of the year,” warned Chief Executive Michael O’Sullivan in a statement. The company did not provide a sales or earnings outlook due to uncertainty from the coronavirus. Burlington stock has gained nearly 34% for the year to date while the S&P 500 index SPX, -0.31% is up 19.7% for the period.
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