Burlington Stores (BURL.US) stock plunges over 10% during today's session after the department store company posted disappointing quarterly figures.
- Burlington earned $2.53 per share on revenue of $2.60 billion, while analysts expected earnings of $3.25 per share on $2.78 billion in sales.
- For the year, the company reported net income of $408.8 million, or $6 per share, swinging to a profit in the period. Revenue was reported as $9.32 billion.
- Burlington said it experienced lower traffic to stores due to several external factors, partially driven by the late delivery of some critical receipts in December.
- Company plans to open 120 new stores and relocate or shut down 30 stores. Financial outlook for the current year was not provided due to the uncertainty surrounding the pace of the recovery of consumer demand and the ongoing COVID-19 pandemic.
Burlington Stores (BURL.US) stock launched today's session with a bearish price gaps, however sellers managed to halt declines around major support zone at $201.80 which is marked with lower limit of the 1:1 structure, previous price reactions and 61.8% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
