Here is a summary of Burlington Stores, Inc.'s Q1 2023 earnings call, which took place on May 25:
- Burlington Stores, Inc. reported 4% comp store sales growth in Q1 2023, which was lower than their guidance of 5%-7%.
- The slowdown in sales was driven by two external factors
- lower tax refunds and cooler weather leading up to Easter.
- Burlington Stores, Inc. is managing their business cautiously and is ready to chase a stronger trend if it continues.
- The company is expecting 2%-4% comp store sales growth in Q2, with the potential for a stronger trend.
- Burlington Stores, Inc. has been pursuing a comprehensive program to transform into a more flexible, nimble and efficient off-price business, with a greater focus on delivering value to shoppers.
- Burlington plans to open 70-80 net new stores in 2023 and believes retail bankruptcies will strengthen their new store pipeline.
- The company has significantly grown their merchandising headcount, investing in and developing new tools, systems, and processes to support and leverage their merchandising talent, referred to as Merchandising 2.0.
- Burlington has been focusing on expanding different product categories based on consumer trends and pulling back in certain areas.
- Burlington is optimistic about hitting its full-year comp guidance of 3% to 5%, based on Q1 results and anticipated tailwinds.
- The company has a younger, lower-income, and more urban core customer base and sees opportunities to broaden its reach in these demographics.
This is an AI generated summary. There may be inaccuracies.
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