With Macy's set to close more than 60 of its US stores, BMO Capital Markets predicts that New Jersey-based Burlington Stores — known for cheaper-than-department-store prices — could see a 15-cent boost to its earnings per share as its locations pick up sales Macy's will leave behind.
Burlington owns 47 locations within a five-mile radius of the planned store closures, which accounts for 8% of its square footage.
By comparison, the footprints of its closest competitors, TJX (behind T.J. Maxx and Marshalls) and Ross (behind Ross Dress for Less) are only 5%. BMO predicts respective 1-cent and 7-cent rises for those companies based on the Macy's closures. [CNBC]
