Burlington Stores Inc

BURL: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$721.35	Qqygsj	Mkyqyqqcn

Burlington Earnings: Sluggish End to Period, but Turnaround Work Should Pay Off; Shares Attractive

Zain Akbari

May 25, 2023

Our $211 per share valuation of narrow-moat Burlington should not change much after it announced first-quarter (ended April 29) earnings, with soft results offsetting a time value of money-related adjustment. We are encouraged that the firm’s turnaround efforts (particularly in bolstering its merchandising capabilities) continue and still believe they should support mid-single-digit top-line growth and high-single-digit adjusted operating margins, on average, over the next 10 years. We see the shares as attractive for long-term investors willing to stomach turnaround-related volatility.

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