Discount retailer Burlington Stores Inc. reported on Tuesday fiscal first-quarter net income that more than doubled to $25.7 million from $11.8 million a year ago. Excluding non-recurring items, adjusted earnings per share rose to 41 cents from 25 cents, matching the FactSet consensus. Revenue edged up to $1.19 billion from $1.14 billion, just shy of the FactSet consensus of $1.22 billion. Same-store sales increased 0.8%, well below the FactSet consensus for a 4.1% increase, hurt by the timing of IRS tax refunds, lower markdown sales, increased weather-related store closures and receipt flow issues. Looking ahead, the company expects second-quarter adjusted EPS of 10 cents to 13 cents and same-store sales growth of 3% to 4%, compared with FactSet consensus estimates of 13 cents and 3.3%, respectively. Separately, the company announced a $200 million stock repurchase program, to be completed over the next 24 months. The stock, which was inactive in premarket trade, has surged 14% year to date, while the S&P 500 has gained 1%.
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