01—Abstract
Summary
Summary of the 10-K filed March 25, 2015. Cited figures are marked; the original filing is the authoritative source.
Burlington Stores, Inc. reported robust performance for the fiscal year ended January 31, 2015, with total revenues reaching $4.85 billiona, 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 millionb.
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.
02—Key points
Key Highlights
- Total revenues increased by 8.7% to $4.81 billion for the fiscal year ended January 31, 2015.
- Comparable store sales grew by 4.9%, indicating strong customer demand and effective merchandising.
- Gross margin improved to 39.7%, up from 39.1% in the prior year, demonstrating efficient operations.
- Net income rose significantly to $66.0 million, compared to $16.2 million in the prior fiscal year.
- The company completed significant debt refinancing, reducing its interest expense burden.
- Burlington Stores plans to continue its store expansion, targeting approximately 25 net new store openings annually.
- Adjusted EBITDA increased by 16.8% to $448.1 million, highlighting operational profitability.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2015filed March 25, 2015Financial Statements
FY2015 against FY2014
| Line item | FY2015FY2014 | Change |
|---|---|---|
| Revenue | $4.81B$4.43B | +8.7% |
| Cost of Revenue | $2.90B$2.70B | +7.6% |
| Gross Profit | $1.91B$1.73B | +10.5% |
| SG&A Expenses | $1.52B$1.39B | +9.3% |
| Operating Expenses | $4.74B$4.43B | +7.1% |
| Net Income | $65.95M$16.15M | +308.4% |
| EPS (Basic) | $0.89$-0.26 | +442.3% |
| EPS (Diluted) | $0.87$-0.39 | +323.1% |
| Shares Outstanding (Basic) | 74.10M369.57M | −79.9% |
| Shares Outstanding (Diluted) | 75.86M370.04M | −79.5% |
05—Questions
Frequently Asked Questions
What were Burlington Stores' key financial performance indicators for the fiscal year ended January 31, 2015?
For the fiscal year ended January 31, 2015, Burlington Stores reported total revenues of $4.85 billion, net sales of $4.81 billion, and a net income of $66.0 million. Comparable store sales increased by 4.9%, and gross margin improved to 39.7%.
What is Burlington Stores' strategy for growth?
Burlington Stores' growth strategy includes opening approximately 25 net new stores annually, enhancing the customer experience through improved store presentation and service, sharpening its focus on its core female customer, expanding its e-commerce presence, and optimizing its off-price sourcing and merchandising model.
How did the company manage its debt during this period?
Burlington Stores executed significant debt refinancing transactions in August 2014, replacing higher-interest rate debt with lower-interest rate term loans. This restructuring is expected to reduce future interest expenses, although it resulted in a loss on extinguishment of debt for the current fiscal year.
What is the company's dividend policy?
Burlington Stores currently does not anticipate paying cash dividends in the near term. The company intends to retain all available funds to reinvest in business development and debt repayment.
06—Continue