Burlington's Struggles in Heritage Categories Continue, but Long-Term Outlook Remains Intact
We do not plan a large change for our $142 per share valuation for narrow-moat Burlington after it posted first-quarter earnings. Our reaction is more tepid than the mid-single-digit percentage gain in the shares’ trading price; we were more optimistic than most about the cadence of the firm’s improvement efforts. While assortment challenges should pressure second-quarter sales to a greater extent than we forecast, we still believe Burlington can unlock value as it optimizes. Our long-term outlo...Burlington Stores is a holding company. Through its indirect subsidiary, Burlington Coat Factory Warehouse Corporation sells merchandise including: women's ready-to-wear apparel, accessories, footwear, menswear, youth apparel, baby, home, coats, beauty, toys and gifts. The company operates stores under the names Burlington Stores, Cohoes Fashions, Super Baby Depot, MJM Designer Shoes and an online store. Cohoes Fashions provides products similar to those offered by Burlington Stores. MJM Designer Shoes provides moderately priced designer and fashion shoes. The Super Baby Depot stores provides baby clothing, accessories, furniture and other merchandise in the middle to higher price range.
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