01—Abstract
Summary
Summary of the 10-K filed March 31, 2014. Cited figures are marked; the original filing is the authoritative source.
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 billiona, 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%b 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.
02—Key points
Key Highlights
- Total revenue for Fiscal Year 2013 was $4.46 billion, with net sales of $4.43 billion.
- Net income for Fiscal Year 2013 was $16.2 million.
- Adjusted EBITDA was $383.7 million, and Adjusted Net Income was $70.2 million in Fiscal Year 2013.
- The company operated 521 stores across 44 states and Puerto Rico.
- Net sales increased by 7.2% to $4.43 billion, driven by new stores and a 4.7% increase in comparable store sales.
- The company is executing strategic initiatives to improve comparable store sales, enhance customer experience, and optimize its off-price model.
- Burlington Stores completed its Initial Public Offering (IPO) in October 2013, selling 15,333,333 shares of common stock at $17.00 per share.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2014filed March 31, 2014Financial Statements
FY2014 against FY2013
| Line item | FY2014FY2013 | Change |
|---|---|---|
| Revenue | $4.43B$4.13B | +7.2% |
| Cost of Revenue | $2.70B$2.53B | +6.6% |
| Gross Profit | $1.73B$1.60B | +8.1% |
| SG&A Expenses | $1.39B$1.31B | +6.0% |
| Operating Expenses | $4.43B$4.14B | +7.1% |
| Net Income | $16.15M$25.30M | −36.2% |
| EPS (Basic) | $-0.26$-0.24 | −8.3% |
| EPS (Diluted) | $-0.39$-0.27 | −44.4% |
| Shares Outstanding (Basic) | 369.57M505.80M | −26.9% |
| Shares Outstanding (Diluted) | 370.04M505.80M | −26.8% |
05—Questions
Frequently Asked Questions
What were Burlington Stores' key financial results for the fiscal year ended February 1, 2014?
For the fiscal year ended February 1, 2014, Burlington Stores reported total revenue of $4.46 billion, net sales of $4.43 billion, and a net income of $16.2 million. Adjusted EBITDA stood at $383.7 million, and Adjusted Net Income was $70.2 million.
What is Burlington Stores' primary business strategy and how did it perform in Fiscal 2013?
Burlington Stores' strategy centers on offering high-quality, branded apparel at everyday low prices. In Fiscal 2013, the company demonstrated this strategy's effectiveness with a 7.2% increase in net sales to $4.43 billion, fueled by new store openings and a 4.7% rise in comparable store sales. Key initiatives include enhancing the customer experience, optimizing the off-price model through opportunistic buying, and focusing on its core female customer demographic.
What significant corporate events occurred around the time of this filing?
A major event was the company's Initial Public Offering (IPO) in October 2013, where it sold 15,333,333 shares of common stock. Additionally, the company completed several debt refinancing activities during the year, including amendments to its Senior Secured Term Loan Credit Agreement and the offering of new Holdco Notes.
What are the main risks identified by Burlington Stores in its 10-K filing?
Burlington Stores highlighted several risks, including the impact of general economic conditions and consumer spending habits, increased competition from other retailers, the success of its strategic initiatives, fluctuations in comparable store sales, seasonal sales patterns, and risks associated with its substantial indebtedness and debt covenants. Supply chain disruptions and the ability to secure favorable store leases are also noted as potential risks.
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