Burlington Stores Inc. soared the most in more than a year after posting second-quarter profit that beat analysts’ estimates and raising its forecast for earnings this year.
Profit in the quarter through Aug. 1 was 19 cents a share, excluding some items, Burlington, based in the New Jersey city of the same name, said Thursday in a statement. Analysts estimated 12 cents.
Chief Executive Officer Tom Kingsbury is working to entice price-conscious shoppers by improving stores and adding fresh, desirable brands. Burlington saw particular success in its home and shoes categories last quarter, the company said on its earnings conference call. The company also is cutting expenses to improve profit and plans to continue opening stores, with a target of 1,000 overall.
Adjusted profit in the current fiscal year will be $2.27 to $2.32 a share, the company said. That’s up from a previous forecast of $2.15 to $2.25 and tops analysts’ $2.25 average projection.
The shares rose 12 percent to $53.35 at the close in New York, the biggest one-day gain since March 2014. Burlington has advanced 13 percent this year.