Burlington Stores, Inc. Announces Launch of Debt Repricing and Updated Guidance for the Fourth Quarter and Fiscal Year Ended February 1, 2020

For the Fourth Quarter Ended February 1, 2020, the Company now expects:

• Total sales to increase 10.5% vs. previous guidance of 9% to 10%;
• Comparable store sales to increase 3.9% vs. previous guidance of 2% to 3%; and 
• Adjusted EPS in the range of $3.21 to $3.23, versus previous guidance of $3.12-$3.17

For the Full Year Ended February 1, 2020, the Company now expects:

• Total sales to increase 9.3% vs. previous guidance of 8.8% to 9.1%;
• Comparable store sales to increase 2.7% vs. previous guidance of 2.1% to 2.4%; and 
• Adjusted EPS in the range of $7.37 to $7.39, versus previous guidance of $7.28-$7.33

BURLINGTON, N.J., Feb. 10, 2020 (GLOBE NEWSWIRE) -- Burlington Stores, Inc. (NYSE: BURL), a nationally recognized off-price retailer of high-quality, branded apparel at everyday low prices, today announced the launch of a debt repricing transaction and provided updated guidance for the fourth quarter and fiscal year ended February 1, 2020.

Launch of Debt Transaction

The Company is seeking an amendment to its $961 million senior secured term loan credit facility that matures in 2024 in order to reduce the LIBOR interest rate margin from 2.00% to 1.75%, while maintaining a 0.00% LIBOR floor.

Updated Guidance

For the fourth quarter of Fiscal 2019, Adjusted EPS is expected to be in the range of $3.21-$3.23. This compares to Adjusted EPS for the prior year period of $2.83, and previous guidance of $3.12-$3.17. These estimates are based on an expected total sales increase of 10.5%, which includes an expected comparable store sales increase of 3.9%. For the full year Fiscal 2019, Adjusted EPS is expected to be in the range of $7.37-$7.39. This compares to Adjusted EPS for the prior year period of $6.44, and previous guidance of $7.28-$7.33. These estimates are based on an expected total sales increase of 9.3%, which includes an expected comparable store sales increase of 2.7%. The Company will review its operating performance in detail when it announces fourth quarter and full year Fiscal 2019 results. 

The Company has not presented a quantitative reconciliation of the forward-looking non-GAAP financial measures set out above to their most comparable GAAP financial measures because it would require the Company to create estimated ranges on a GAAP basis, which would entail unreasonable effort. Adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with reasonable certainty but may include, among others, costs related to debt amendments, loss on extinguishment of debt, and impairment charges, as well as the tax effect of such items. Some or all of those adjustments could be significant.