Burlington Stores — Nov 26, 2024 release

As of the end of the third quarter of Fiscal 2024, the Company had $325 million remaining on its current share repurchase program authorization.    Outlook For the full Fiscal Year 2024 (the 52-weeks ending February 1, 2025), the Company now expects:   • Total sales to increase in the range of 9% to 10% on top of the 10% increase for the 52-weeks ended January 27, 2024; this assumes comparable store sales will increase approximately 2%, on top of the 4% increase for the 52-weeks ended January 27, 2024; • Capital expenditures, net of landlord allowances, to be approximately $750 million; • To open 101 net new stores;  • Depreciation and amortization to be approximately $350 million;  • Adjusted EBIT margin to increase in the range of 60 to 70 basis points versus the 52 weeks ended January 27, 2024; this Adjusted EBIT margin increase excludes $9 million of expenses related to the acquired Bed Bath & Beyond leases in Fiscal 2024 versus $18 million incurred in Fiscal 2023; • Net interest expense to be approximately $40 million;  • The Adjusted Effective Tax Rate of approximately 26%; and • Adjusted EPS in the range of $7.76 to $7.96, which excludes $0.11, net of tax, of expenses associated with the acquired Bed Bath & Beyond leases. This assumes a fully diluted share count of approximately 65 million shares. For the fourth quarter of Fiscal 2024 (the 13 weeks ending February 1, 2025), the Company expects:  • Total sales to increase in the range of 5% to 7%; this assumes comparable store sales will increase in the range of 0% to 2% versus the fourth quarter of Fiscal 2023; • Adjusted EBIT margin to decrease 50 to 80 basis points versus the fourth quarter of Fiscal 2023;   • An effective tax rate of approximately 26%; and  3     • Adjusted EPS in the range of $3.55 to $3.75, as compared to $3.69 in Adjusted EPS last year; prior year period excludes $4 million, net of tax, of expenses related to the acquired Bed Bath & Beyond leases. 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. Adjustmen