Summary
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.
Financial Highlights
25 data points| Revenue | $9.32B |
| Cost of Revenue | $5.44B |
| Gross Profit | $3.89B |
| SG&A Expenses | $2.87B |
| Operating Expenses | $8.78B |
| Net Income | $408.84M |
| EPS (Basic) | $6.14 |
| EPS (Diluted) | $6.00 |
| Shares Outstanding (Basic) | 66.59M |
| Shares Outstanding (Diluted) | 68.13M |
Key Highlights
- 1Burlington Stores reported a significant financial recovery in Fiscal Year 2021, with net sales increasing by 61.8% to $9.3 billion and net income returning to $408.8 million, a sharp turnaround from a net loss in the previous year.
- 2The company successfully expanded its store base, ending Fiscal Year 2021 with 840 stores, and has a long-term target to reach 2,000 stores, indicating a strong commitment to growth.
- 3Fiscal Year 2021 saw a substantial improvement in gross margin to 41.6% from 38.2% in Fiscal Year 2020, primarily due to the reversal of inventory markdown reserves from the prior year and increased sales volume.
- 4Burlington is actively managing its debt, having redeemed its Senior Secured Notes and partially repurchased its Convertible Notes during Fiscal Year 2021, while also extending the maturity of its Term Loan Facility.
- 5The company repurchased $250 million of its common stock during Fiscal Year 2021 and subsequently authorized an additional $500 million share repurchase program, signaling confidence in its financial position and commitment to returning value to shareholders.
- 6Strategic initiatives for the upcoming fiscal year include focusing on comparable store sales growth, optimizing inventory levels, investing in merchandising capabilities, and enhancing the store experience.