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BURL · Burlington Stores, Inc.

13 filings

10-K

BURL 10-K Annual Reports

Burlington Stores, Inc. - 13 annual reports

Filing record · 2016–202610-K1110-Q328-K106

2026
Burlington Stores, Inc. Annual Report, Year Ended Jan 31, 2026
Burlington Stores, Inc. reported strong performance for the fiscal year ended January 31, 2026, with net sales increasing by 8.8% to $11.55 billion, driven by both new store openings and a 2% increase in comparable store sales. The company's strategic focus on merchandising improvements, store experience enhancements, and supply chain efficiency contributed to a gross margin expansion to 43.8%. Despite inflationary pressures and a competitive retail environment, Burlington demonstrated resilience, with net income rising to $610.2 million from $503.6 million in the prior year. The company continues its aggressive store expansion strategy, aiming for a long-term target of 2,000 stores, with plans to open approximately 110 net new stores in Fiscal 2026. Investments in supply chain modernization and a disciplined approach to capital allocation, including a $500 million share repurchase authorization, underscore management's commitment to driving shareholder value. Burlington is well-positioned to navigate the dynamic retail landscape by focusing on its off-price value proposition and adapting to evolving customer preferences.
Mar 19, 2026
2025
Burlington Stores, Inc. Annual Report, Year Ended Feb 1, 2025
Burlington Stores, Inc. (BURL) reported strong performance for the fiscal year ended February 1, 2025 (Fiscal 2024), with net sales increasing by 9.3% to $10.62 billion. This growth was driven by a 4% increase in comparable store sales and the opening of 101 net new stores, bringing the total store count to 1,108. The company achieved higher net income of $503.6 million, a significant increase from the prior year, primarily due to robust sales and an improved gross margin rate of 43.2%. Burlington's strategic initiatives focusing on chasing sales trends, optimizing inventory, and enhancing its store base and operational efficiencies appear to be yielding positive results. The company also continued its store expansion strategy, with a long-term target of 2,000 stores, and plans to open approximately 100 net new stores in Fiscal 2025. Financially, Burlington demonstrated improved liquidity, with cash and cash equivalents increasing by $69.3 million during Fiscal 2024. The company also managed its debt effectively, extending its Term Loan Facility maturity to 2031 and reducing interest rate margins. While the company repurchased $241.9 million of its common stock under its $500 million share repurchase program, it currently does not anticipate paying dividends, opting to reinvest earnings back into the business for growth initiatives. Burlington faces ongoing risks related to macroeconomic conditions, competition, and supply chain disruptions, but its strategic focus on value and store expansion positions it to navigate these challenges.
Mar 17, 2025
2024
Burlington Stores, Inc. Annual Report, Year Ended Feb 3, 2024
Burlington Stores, Inc. reported a strong fiscal year ended February 3, 2024, with net sales increasing by 11.8% to $9.7 billion. This growth was primarily driven by the opening of 80 net new stores and a 4% increase in comparable store sales. The company demonstrated improved profitability, with net income rising significantly to $339.6 million from $230.1 million in the prior year. Gross margin expanded to 42.5% from 40.4%, largely due to better merchandise margins and improved freight costs. Looking ahead, Burlington Stores plans to continue its growth trajectory by opening approximately 100 net new stores annually through Fiscal 2028, aiming for a long-term store target of 2,000 locations. The company is also focused on enhancing operating margins through various initiatives including optimizing markdowns, supply chain efficiency, and cost management. Despite inflationary pressures impacting its core customer, the company is optimistic about potential benefits from moderating inflation and a slowing economy that could drive more value-conscious shoppers to its stores. Financially, the company ended the year with $925.4 million in cash and cash equivalents and maintained a solid liquidity position. Burlington also continued its share repurchase program, buying back approximately $231.9 million worth of its common stock during the fiscal year. The company is well-positioned for continued expansion and profitability, leveraging its off-price model to attract value-seeking consumers.
Mar 15, 2024
2023
Burlington Stores, Inc. Annual Report, Year Ended Jan 28, 2023
Burlington Stores, Inc. (BURL) reported its fiscal year 2022 results, highlighting a 13% decrease in comparable store sales, impacted by economic pressures on its core customer base and broader retail promotional activity. Despite this sales decline, the company continued its expansion strategy, opening 91 new stores to reach a total of 927 locations by the end of the fiscal year. Net income decreased to $230.1 million from $408.8 million in the prior year, primarily due to lower sales and a reduced gross margin rate, which was affected by higher markdowns and increased freight costs. The company remains focused on driving profitability through initiatives like chasing sales trends, optimizing inventory levels, investing in merchandising capabilities, and challenging operating expenses. Burlington's long-term strategy includes expanding its store base to a target of 2,000 stores, leveraging a smaller store prototype. Financially, the company maintained a strong liquidity position with $872.6 million in cash and cash equivalents at year-end and $795.7 million available under its credit facility. BURL also continued its share repurchase program, buying back $302.7 million of its common stock during the fiscal year. The company's long-term debt stands at $1.46 billion. While facing macroeconomic headwinds and competitive pressures, Burlington is investing in its store experience and operational flexibility to navigate the current retail landscape and pursue its growth objectives.
Mar 13, 2023
2022
Burlington Stores, Inc. Annual Report, Year Ended Jan 29, 2022
Burlington Stores, Inc. (BURL) reported strong recovery in Fiscal Year 2021, a period marked by a significant rebound from the challenges of COVID-19 experienced in Fiscal Year 2020. Net sales increased by 61.8% to $9.3 billion, and the company returned to profitability with a net income of $408.8 million, a substantial improvement from the prior year's net loss of $216.5 million. This performance was driven by the reopening of stores, increased comparable store sales, and a disciplined approach to managing expenses and inventory. The company's strategic initiatives for Fiscal Year 2022 focus on driving comparable store sales growth through trend chasing and leaner inventories, expanding its retail footprint with a long-term target of 2,000 stores, and enhancing operating margins through improved flexibility and expense management. Burlington also continues to invest in its merchandising capabilities and store experience. Despite ongoing macroeconomic uncertainties and supply chain pressures, the company demonstrated resilience and a clear strategy for continued growth and profitability.
Mar 16, 2022
2021
Burlington Stores, Inc. Annual Report, Year Ended Jan 30, 2021
Burlington Stores, Inc. (BURL) experienced a challenging fiscal year ended January 30, 2021, primarily due to the significant impact of the COVID-19 pandemic. The company temporarily closed all its stores and distribution centers in March 2020, resuming operations later in the year. This disruption led to a net loss of $216.5 million for the fiscal year, a stark contrast to the net income of $465.1 million in the prior year. The pandemic also impacted sales, resulting in a 20.8% decrease in net sales compared to Fiscal 2019. Despite the adverse effects of COVID-19, Burlington took proactive steps to manage its financial flexibility, including managing operating expenses, negotiating rent deferrals, suspending its share repurchase program, and securing new debt financing. The company also highlighted its long-term growth strategy, aiming to expand its store base to 2,000 locations and focusing on improving operational efficiency and enhancing the customer experience. The company ended the fiscal year with a strong liquidity position, including a significant increase in cash and cash equivalents.
Mar 15, 2021
2020
Burlington Stores, Inc. Annual Report, Year Ended Feb 1, 2020
Burlington Stores, Inc. (BURL) reported strong performance for the fiscal year ended February 1, 2020. The company experienced a significant increase in net sales, driven by both new store openings and a 2.7% growth in comparable store sales. Gross margin remained stable, indicating effective cost management despite increased freight costs. Net income and Adjusted EBITDA saw substantial year-over-year increases, reflecting operational improvements and strategic initiatives aimed at enhancing profitability and expanding the store base. The company's strategic focus for Fiscal 2020 includes further store expansion, with plans to open approximately 54 net new stores, while continuing to optimize existing locations. Burlington is also investing in its merchandising capabilities, aiming for leaner inventories and improved operational flexibility to chase sales trends more effectively. Management is confident in its ability to fund operations and capital expenditures through operating cash flow and its credit facilities, underscoring a positive outlook for continued growth and shareholder value.
Mar 13, 2020
2019
Burlington Stores, Inc. Annual Report, Year Ended Feb 2, 2019
Burlington Stores (BURL) closed fiscal 2018 (52 weeks ended February 2, 2019) with net sales of $6,643.1 million, up 9.2% year over year, and net income of $414.7 million versus $384.9 million in fiscal 2017 (a 53-week year that included a one-time tax benefit of roughly $93 million from the Tax Act). Comparable store sales rose 3.2% on a shifted basis, gross margin expanded about 30 basis points to 41.8%, and SG&A leveraged 20 basis points to 30.4% of net sales. Adjusted EBITDA rose $96.1 million to $792.2 million and Adjusted EBIT rose $82.1 million to $600.4 million, though these are non-GAAP measures that exclude items such as net favorable lease amortization and interest. Growth is being driven by store expansion. The company opened 68 stores (including 12 relocations), closed 10, and ended the year with 675 stores, adding 46 net new stores. Management plans roughly 50 net new stores in fiscal 2019 (about 75 gross openings) and sees a long-term potential of 1,000 stores. Capital expenditures are expected to be about $310 million in fiscal 2019, and the company repurchased $218.7 million of stock during the year, with $298.4 million remaining under its authorization. Investors should weigh several watch items. Inventory rose 27% to $954.2 million, outpacing sales growth, with pack-and-hold inventory at 30% of the total and comparable store inventory up about 1.8%; inventory turnover slowed to 4.4 turns from 4.6. Operating cash flow was $639.7 million, but free cash flow after capex was roughly $344 million. Term loan debt stood at $956.7 million at a 4.5% borrowing rate, with the company hedged on $800 million through May 2019 and a new $450 million swap starting in mid-2019. The company also flagged tariff exposure on Chinese-sourced goods, a large operating lease commitment of about $3.4 billion, and a stock price range of $109.62 to $180.27 during the year.
Mar 20, 2019
2018
Burlington Stores, Inc. Annual Report, Year Ended Feb 3, 2018
Burlington Stores (BURL) closed fiscal 2017 (53 weeks ended February 3, 2018) with net sales of $6.08 billion, up 9.3% year over year, driven by a 3.4% comparable store sales increase, 37 net new stores, and the extra week. Gross margin expanded roughly 70 basis points to 41.5%, and SG&A leveraged 40 basis points to 30.6% of sales. Net income rose to $384.9 million from $215.9 million, but the increase was flattered by a one-time roughly $93 million tax benefit from the 2017 Tax Act. Adjusted EBITDA reached $696.1 million, up 19%, and the company's effective tax rate fell to 10.3%. The balance sheet improved meaningfully. Total debt was $1.13 billion, consisting mainly of a $1.1 billion term loan that was repriced and extended to 2024, and the $600 million ABL facility was undrawn at year end. Working capital moved to a deficit of $47 million from $96 million, and stockholders' equity turned positive at $86.8 million from a deficit. Management repurchased $282.5 million of stock during the year and has $217.2 million remaining under its authorization. Operating cash flow was $607 million, while capital expenditures of $268 million funded store growth and supply chain work. Looking ahead, management plans 35-40 net new stores in fiscal 2018 and a long-term target of 1,000 stores, with capital spending guided to about $250 million. Key risks include the sustainability of the tax benefit, which is provisional, and exposure to weather, vendor concentration, and inventory management in an off-price model. Floating-rate debt is partly hedged through interest rate caps that expire in May 2019.
Mar 20, 2018
2017
Burlington Stores, Inc. Annual Report, Year Ended Jan 28, 2017
Burlington Stores (BURL) closed fiscal 2016 (52 weeks ended January 28, 2017) with a strong year of profitability gains. Net sales rose 9.2% to $5,566.0 million, driven by a 4.5% comparable store sales increase and 30 net new stores. Net income more than doubled from roughly $150.5 million to $215.9 million, and Adjusted EBITDA reached $584.6 million, up $100.5 million. Gross margin expanded roughly 80 basis points to 40.8%, reflecting stronger merchandise margins, which more than offset a roughly 20 basis point increase in product sourcing costs. Store payroll also improved to 8.5% of sales. Cash generation was the standout. Operating cash flow was $602.4 million versus $327.5 million a year earlier, helped by inventory reduction (comparable store inventory down about 9%) and higher payables. The company used that cash to repay $167.4 million of net ABL borrowings, repriced its $1.2 billion term loan to lower margins (LIBOR plus 2.75%), and repurchased $200 million of stock under its prior program, with a new $200 million authorization approved in November 2016. Total debt was $1,130.5 million, and the ABL line of credit was undrawn at year end with $427.8 million available. Key watch items include a stockholders' deficit of $49.8 million, a working capital deficit of $96.3 million, roughly $1.1 billion of floating-rate term debt with a 1.0% interest rate cap, and a fiscal 2017 plan to open about 30 net new stores with capital expenditures near $200 million. The filing also flags competition from full-price department stores adopting off-price formats, reliance on vendors without long-term contracts, and uncertainty around tariffs and healthcare policy following the November 2016 elections.
Mar 16, 2017
2016
Burlington Stores, Inc. Annual Report, Year Ended Jan 30, 2016
Burlington Stores, Inc. (BURL) filed its annual report on Form 10-K for the fiscal year ended January 30, 2016, detailing a period of substantial growth and financial recovery. The company reported a significant increase in total revenue to $5.13 billion, up from $4.85 billion in the prior year, and a notable surge in net income to $150.5 million, a substantial improvement from $66.0 million in fiscal year 2015. This growth was driven by a 5.9% increase in net sales, including a 2.1% rise in comparable store sales, and an improvement in gross margin to 40.0%. The company continued its store expansion strategy, opening 28 new stores, bringing the total to 567 locations across 45 states and Puerto Rico. Financially, Burlington Stores demonstrated improved profitability and operational efficiency. Adjusted EBITDA increased by $36 million to $484 million, reflecting the company's successful execution of its off-price model and cost management initiatives. The company also actively engaged in share repurchases, demonstrating a commitment to returning capital to shareholders. Despite a competitive retail landscape and seasonal sales fluctuations, Burlington Stores presented a positive financial trajectory, supported by strategic initiatives focused on enhancing the customer experience, sharpening its focus on its core female customer, and optimizing its product offering.
Mar 15, 2016
2015
Burlington Stores, Inc. Annual Report, Year Ended Jan 31, 2015
Burlington Stores, Inc. reported robust performance for the fiscal year ended January 31, 2015, with total revenues reaching $4.85 billion, a notable increase from the previous year. This growth was driven by a 4.9% rise in comparable store sales and contributions from new store openings. The company successfully improved its gross margin to 39.7%, reflecting effective merchandising and cost management. Despite an increase in SG&A expenses, partly due to a litigation accrual, net income saw a significant jump to $66.0 million. The company also executed significant debt refinancing activities during the year, replacing higher-interest debt with lower-interest term loans, which, while resulting in an early extinguishment loss, is expected to improve future interest expense. Burlington Stores continues to execute on its growth strategy, planning to open approximately 25 net new stores annually and focusing on enhancing its core female customer experience and optimizing its off-price model. The company ended the fiscal year with a solid liquidity position and has no plans to pay dividends in the near term, prioritizing reinvestment in business development.
Mar 25, 2015
2014
Burlington Stores, Inc. Annual Report, Year Ended Feb 1, 2014
Burlington Stores, Inc. (BURL) filed its 10-K on March 31, 2014, detailing its financial performance and business operations for the fiscal year ended February 1, 2014. The company, a national retailer of branded apparel at low prices, operated 521 stores across 44 states and Puerto Rico. Total revenue for Fiscal 2013 reached $4.46 billion, with net sales of $4.43 billion. Net income for the year was $16.2 million. The report highlights the company's post-IPO performance, its strategic initiatives to drive sales and improve margins, and its expansion plans. Key financial metrics like Adjusted EBITDA and Adjusted Net Income showed positive year-over-year growth, indicating operational improvements and a focus on efficiency. Despite a challenging retail environment, Burlington Stores demonstrated resilience with a 7.2% increase in net sales, driven by new store openings and a 4.7% rise in comparable store sales. The company's strategy focuses on enhancing the customer experience, optimizing its off-price model through opportunistic buying and inventory management, and sharpening its focus on its core female customer demographic. Significant debt refinancing activities were completed, and the company maintained compliance with its debt covenants. The report also addresses risks related to economic conditions, competition, and operational execution, while emphasizing the company's ongoing commitment to growth and profitability.
Mar 31, 2014