Burlington Stores Boosts Q4, FY14 Outlook

(RTTNews) - Off-price branded apparel retailer Burlington Stores, Inc. (BURL) on Friday raised its fourth quarter and fiscal year 2014 outlook based on better-than-expected holiday sales.

For the fourth quarter, the company now expects net sales to grow 9.6% to 10.1%, compared to its prior guidance of a 7.2% to 8.2% growth.

The company raised its fourth quarter adjusted earnings outlook to a range of $1.30 to $1.32 per share from its prior outlook of $1.25 to $1.28 per share.

For the full fiscal year 2014, the company now expects net sales to grow 8.2% to 8.4%, compared to its prior guidance of a 7.5% to 7.8%grwoth.

The company raised its fiscal 2014 adjusted earnings outlook to a range of $1.70 to $1.72 per share from its prior outlook of $1.65 to $1.67 per share.

Separately, the company announced the resignation and retirement of Todd Weyhrich, the Company's Executive Vice President and Chief Financial Officer and the promotion of Marc Katz, currently Executive Vice President of Merchandise Support and Information Technology to Executive Vice President and Chief Financial Officer, effective January 12.

Weyhrich served as the Company's Executive Vice President and Chief Financial Officer since 2007.

Burlington Stores shares are currently gaining 3.65% in after hours trading after closing the day's regular trading session at $48.00, down 74 cents or 1.52%.