Burlington Stores Inc. BURL, +3.19% shares fell 1.8% Thursday in premarket trade after the discount clothing retailer reported fiscal first quarter profit and revenue which missed expectations. Lower tax refunds, and cooler weather, weighed on sales. The net income increased to $32.7m, or 50c per share, from $16.2m, or 24c per share, during the same period last year. Earnings per share adjusted to 84 cents, excluding nonrecurring items missed FactSet’s consensus of 92 cents. The revenue grew by 10.7%, to $2.14 Billion, which was just below the FactSet consensus estimate of $2.17 Billion. This is because same-store sales grew at a rate of 4%, instead of 6.3%, as expected. Michael Sullivan, Chief Executive Officer of the company, said that after a strong start in February and March, “the trend slowed down.” The trend weakened in March, according to Chief Executive Officer Michael Sullivan. He attributed it to two external factors: lower tax refunds as well as cooler weather before Easter. The company expects adjusted fiscal 2023 EPS between $5.50 and $6.00. This is close to the FactSet consensus estimate of $5.94. It also expects sales to grow by 12% to 14%. FactSet’s consensus for $9.78 billion suggests a 12.6% increase. Stocks have fallen 25.6% in the last three months, while S&P 500 SPX, -0.73% is up 3.7%.