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3-7-19 220 % gains 165 dollar PUT OPTIONS BURL drops 20 dollars intraday

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3-7-19 220 % gains 165 dollar PUT OPTIONS BURL drops 20 dollars intraday
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Burlington Stores trades sharply lower on JanQ results/guidance (BURL)

Burlington Stores (BURL 145.66, -21.52, -12.87%) is trading sharply lower today despite the company having this morning reported strong, upside EPS results for its Q4 (Jan) EPS. The company, which operates a national chain of off-price retail stores focused on apparel, home goods, baby products, and coats, reported non-GAAP EPS of $2.83, which exceeded prior guidance for $2.71-2.75. Revenue rose 3.2% year/year to $2.00 bln vs prior guidance for revenues in the range of $2.09-2.11 bln.

Same store comps are always a critical and closely-watched metric for retailers as this metric filters out the impact of adding new stores, making it a better indicator than total sales of the underlying health of a business.

Same store comps in JanQ came in at +1.3%, which was below prior guidance for comparable sales growth of +2-3%. It was also below the +4.4% comps achieved in OctQ and the +2.9% comps in JulQ. Looking ahead to Q1 (Apr), BURL expects comps of +0-2%, citing smaller tax refunds and a very late Easter this year.

On the call, BURL noted that for a number of years, it has been strategically planning down its cold weather category penetration as it strives to de-weather its business. While BURL planned for cold weather categories conservatively for JanQ, sales in these categories did fall short of expectations.

Also, BURL continues to face challenges in its ladies’ apparel business. BURL experienced merchandise content issues in these areas and also found itself inadequately positioned in certain categories. Of note, BURL says that it experienced a drop-off in sales trend in January.

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