Burlington Stores stock rose 3% despite mixed quarterly results

Burlington Stores (BURL.US) a nationally recognized off-price retailer of high-quality, branded apparel, footwear, accessories, and merchandise for the home at everyday low prices, today announced its results for the second quarter ended August 1, 2020.Company reported quarterly loss of 56 cents per share, while analysts' expected a loss of $1.04 per share. Revenue came in slightly below estimates. Total sales decreased 39% to $1,010 million. Sales in re-opened stores dropped 14% from a year earlier.
Company's CEO Michael O’Sullivan stated “We expect our trend to strengthen as we continue to replenish our store inventory levels but we see a lot of risk in Q3. In this uncertain environment, we plan to manage our business conservatively. We have plenty of liquidity and we will use this to support opportunistic buys of fall merchandise and of pack and hold inventory that we will flow to stores next year.”

Burlington Stores (BURL.US) stock price is currently testing the local resistance at $203.00 per share which is additionally strengthened by 200 MA (red line). Should buyers manage to break above it, an upward move towards resistance at $224.61per share may be on the cards. However, should sellers regain control, the nearest support lies at the upward trendline. Source: xStation5

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Burlington Stores stock rose 3% despite mixed quarterly results

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