Burlington Stores, Inc. (BURL - Snapshot Report) is a rare retailer that not only beat on the earnings estimate but raised full year guidance. This Zacks Rank #1 (Strong Buy) is expected to grow earnings by the double digits both this year and next.

Burlington Stores is a off-price retailer with 570 stores in 45 states and Puerto Rico. It is more than just the old Burlington Coats stores, however.

It sells women's ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, as well as coats.

Big Beat in the Second Quarter

On Aug 25, Burlington reported fiscal 2016 second quarter results and blew by the Zacks Consensus by 9 cents as the off price model remained hot. Earnings were $0.39 compared to the Zacks Consensus of $0.30.

It has an excellent track record of beating.

Burlington hasn't missed since it went IPO in 2013.

Net sales rose 9.7% to $1.26 billion. Comparable store sales jumped 5.4% while gross margin rose 40 basis points to 39.6%.

Merchandise inventories stayed in check, falling to $745 million versus $802.3 million last year as comparable store inventory fell 7%.

Raised Full Year Guidance

Burlington is a rare retailer to also raise full year guidance based on strong trends it sees heading into the fall season.

It expects net sales to rise in the range of 7.8% to 8.3% with comparable store sales to trend between 3.6% to 4.1%.

It will also open 25 net new stores.

The analysts liked what they heard as they raised their estimates to match the company's raised guidance.

The fiscal 2016 Zacks Consensus Estimate jumped to $2.97 from $2.79 just 60 days ago. Earnings are now expected to rise 29%.

The analysts are also bullish on fiscal 2017. The Zacks Consensus Estimate jumped to $3.47 from $3.26 over the prior 2 months. That's another 17% earnings growth.

The Stock is Soaring

Shares surged on the recent great results and are now at new all time highs.

But they're not cheap. Burlington trades with a forward P/E of 28.

For investors looking for growth in the retail sector, Burlington Stores is one to keep on the short list.