11:19 AM EDT, 05/30/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and the first paragraph.)

Burlington Stores' ( BURL ) shares were up nearly 19% in recent Thursday trading after the company posted better-than-expected fiscal Q1 results and raised its fiscal 2024 adjusted earnings outlook.

The off-price retailer reported fiscal Q1 adjusted diluted earnings of $1.35 per share, up from $0.84 per share a year earlier.

Analysts polled by Capital IQ expected $1.05.

Revenue for the quarter ended May 4 was $2.36 billion, up from $2.14 billion a year earlier.

Analysts surveyed by Capital IQ expected $2.34 billion.

The company raised its fiscal 2024 adjusted EPS forecast to between $7.35 and $7.75 from $7 to $7.60 previously. Analysts surveyed by Capital IQ expect $7.40.

Additionally, the company said fiscal Q2 adjusted EPS is expected in a range of $0.83 to $0.93. Analysts surveyed by Capital IQ expect $0.92.

The company expects revenue to increase by 9% to 11% for the quarter.

Price: 237.58, Change: +37.22, Percent Change: +18.58