Burlington Stores Inc (NYSE:BURL) on Thursday reported mixed second-quarter financial results and issued third-quarter adjusted EPS guidance below estimates.

Total revenue rose about 11% year over year to $3.002 billion, missing the $3.020 billion estimate. Adjusted earnings increased 38% to $2.37 per share, beating the $2.18 estimate. The figure excludes tariff refunds and certain costs tied to leases acquired through bankruptcy proceedings.

For the third quarter, Burlington expects adjusted earnings of $1.60 to $1.70 per share, below the $2.03 estimate. The company projected sales of $2.954 billion to $3.009 billion, compared with the $2.981 billion estimate.

Michael O’Sullivan, CEO, said, “We are pleased with our strong financial performance in the second quarter, Total sales grew 11% on top of a strong 10% increase last year. Comp store sales increased 2% on top of 5% last year, for a solid 7% two-year stack. Excluding the impact of tariff refunds, Adjusted EPS grew 38% versus the second quarter of last year, on top of a 39% increase in the prior year. This was driven by a 100 basis point increase in our operating margin. This represented our 15th consecutive quarter of double digit EPS growth, reflecting our ability to consistently convert sales growth into margin expansion and exceptional earnings growth.”

Burlington shares rose 0.6% to $291.65 in pre-market trading

These analysts made changes to their price targets on Burlington following earnings announcement.

• Morgan Stanley analyst Alex Straton maintained the stock with an Overweight rating and lowered the price target from $438 to $432.
• Bernstein analyst Aneesha Sherman maintained the stock with an Outperform rating and cut the price target from $365 to $355.

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