Burlington Stores has updated its comparable store sales guidance for the second quarter ending Aug. 2 and launched a debt refinancing transaction.
Based on the company’s results quarter to date and its estimates for the remainder of July, comparable store sales for the quarter are expected to increase between 3% and 4% — not as much as last year’s second quarter comparable-stores sales increase of 7.8%, but better than its previous estimates of 2% to 3%.
For the full year, the company expects operating margin rates consistent with previous guidance, as compared to the prior fiscal year.
The company is also seeking commitments from lenders under a new senior secured credit facility for an aggregate principal amount of $1.2 billion and currently expects the new senior secured credit facility to comprise a single tranche of term loans maturing in 2021. In addition, the company is renewing its current asset-based lending facility for an additional five years and expects to benefit from current market pricing.