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Highlights From BofA's Consumer Conference: Burlington Stores, Kohl's, Macy's Discuss Outlook

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BofA Securities hosted multiple retail executives at its virtual Consumer Conference. Here's what executives from Burlington Stores Inc (NYSE: BURL), Kohl's Corporation (NYSE: KSS), and Macy's Inc (NYSE: M) had to say, according to notes by BofA analyst Lorraine Hutchinson.

Burlington Stores: Burlington has a path to expand its footprint beyond its long-term 2,000-store goal through smaller concepts in new markets.

Smaller stores can generate similar sales volumes to large stores but contribute superior margins.

Burlington has a multiyear plan to grow its merchandising organization faster than sales.

Kohl's: Kohl's expects to deliver margin expansion through 2023.

The company's goal of hitting a 36% gross margin is reasonable given inventory management, sourcing efficiency and other initiatives.

The recent Sephora partnership and Amazon return counter should help drive customer acquisition.

Kohl's is well-positioned to gain market share in the women's category.

Macy's: Online sales represented more than 40% of total sales in 2020.

Management is focused on retaining digital and young customers and turning them into loyal shoppers.

Macy's is demanding more upfront discounts on costs from vendors.

A $900-million cost reduction plan is permanent.

Asset sale gains will be a driver of income in 2021.

BURL, KSS, M Price Action: Shares of Burlington Stores lost 3.48% Wednesday, closing at $293.38. Kohl's shares were down 0.43% at $57.24. Macy's stock lost 0.91%, closing at $16.95.

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