What happened

Shares of Burlington Stores (NYSE:BURL) traded up more than 16% on Thursday morning after the retailer reported better-than-expected second-quarter results and raised guidance for the full year. It's the second consecutive quarterly beat for the discounter, which is having success resonating with consumers in what has been a difficult market for some retailers.

So what

After markets closed Wednesday,Ā Burlington Stores reported adjusted second-quarter earnings of $1.36 per share on revenue of $1.66 billion, topping consensus estimates for $1.14 per share in earnings on $1.63 billion in revenue. Comparable-store sales increased by 3.8% in the quarter, and merchandise margins increased by 30 basis points and offset increased freight costs.

A group of friends shopping together.

Image source: Getty Images.

The company also raised its full-year fiscal 2019 guidance to earnings of $7.14 to $7.22 per share, an increase of $0.21 per share over previous guidance and well ahead of the $6.99-per-share consensus. Burlington expects to open 50 new stores this year and to generate 2% to 2.5% growth in comparable-store sales for the year.

In a statement, CEO Tom Kingsbury noted that comparable-store inventory decreased by 7% year over year, "putting us in a very good position to take advantage of the abundant values available in the marketplace."

Now what

Burlington Stores, which was a relative afterthought just a few years ago, has been among the top consumer goods stocks of late. Shares of Burlington are now up 38% since mid-March and have climbed 146% over the past three years.

The standout development in the quarter was the 3.8% comparable-store sales growth and the expectation for continued growth there for the rest of the year. If Burlington Stores can deliver on that guidance, the stock can continue to push higher from here.