Updated from 9:05 AM.
Shares of Burlington Stores (BURL) were soaring 15.38% to $85.59 on heavy trading volume early Tuesday afternoon after the off-price retailer reported third-quarter results that topped analysts' expectations and lifted its full-year forecast.
The Burlington, N.J.-based company posted adjusted earnings of 51 cents per share, handily beating analysts' estimates of 33 cents per share. Revenue climbed 9.1% to $1.34 billion year-over-year, while analysts had projected $1.32 billion.
Comparable-store sales rose 3.7%, better than analysts' expectations for growth of 3.3%.
"We are very pleased with our third-quarter results, which exceeded our sales and earnings guidance, continuing our strong momentum from the first half of the year. Our ability to execute our off-price model by delivering fresh product, compelling value, and sought after brands continues to serve us well," CEO Tom Kingsbury said in a statement.
For 2016, Burlington now sees earnings per share between $3.11 and $3.15, up from its prior outlook of $2.92 to $2.96. Analysts surveyed by FactSet are projecting full-year earnings of $2.98 per share.
Full-year net sales are forecast to increase between 8.4% and 8.7% and comparable-store sales are estimated to rise 3.9% to 4.2%.
However, fourth-quarter guidance fell short of Wall Street's projections. Burlington expects adjusted earnings per share between $1.63 and $1.67 for the current period, below analysts' estimates of $1.69 per share. Comparable-store sales are expected to increase between 2.5% and 3.5%.
More than 4.59 million of the company's shares changed hands so far today vs. its average 30-day volume of 1.43 million shares.