Like Its Off-Price Peers, Burlington Should Post Strong Results Despite Retail's Woes; Shares Rich
We are initiating coverage of Burlington Stores at a $145 per share valuation, assigning the off-price retailer a narrow-moat rating. With a value proposition that has shown enduring appeal despite turmoil in the broader retail sector as digital entrants grow, we contend that Burlington should post improving performance as it capitalizes on its cost and intangible advantages. Our valuation assumes mid-single-digit top-line growth against 10% average adjusted EBIT margins over the next decade. Wh...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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