10-KPeriod: FY2014

Burlington Stores, Inc. Annual Report, Year Ended Feb 1, 2014

Filed March 31, 2014For Securities:BURL

Summary

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.

Financial Highlights

50 data points
Beta

Revenue

$4.43B

39.1% Gross Margin

Net Income

$16.15M

0.4% Net Margin

EPS (Diluted)

$-0.39

Total Assets

$2.62B

Cash & Equivalents

$132.98M

Free Cash Flow

$121.08M

Financial Statements
Beta
Revenue$4.43B
Cost of Revenue$2.70B
Gross Profit$1.73B
SG&A Expenses$1.39B
Operating Expenses$4.43B
Net Income$16.15M
EPS (Basic)$-0.26
EPS (Diluted)$-0.39
Shares Outstanding (Basic)369.57M
Shares Outstanding (Diluted)370.04M

Key Highlights

  • 1Total revenue for Fiscal Year 2013 was $4.46 billion, with net sales of $4.43 billion.
  • 2Net income for Fiscal Year 2013 was $16.2 million.
  • 3Adjusted EBITDA was $383.7 million, and Adjusted Net Income was $70.2 million in Fiscal Year 2013.
  • 4The company operated 521 stores across 44 states and Puerto Rico.
  • 5Net sales increased by 7.2% to $4.43 billion, driven by new stores and a 4.7% increase in comparable store sales.
  • 6The company is executing strategic initiatives to improve comparable store sales, enhance customer experience, and optimize its off-price model.
  • 7Burlington Stores completed its Initial Public Offering (IPO) in October 2013, selling 15,333,333 shares of common stock at $17.00 per share.

Frequently Asked Questions

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.

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.

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.

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.