01—Abstract
Summary
Summary of the 10-K filed March 17, 2025. Cited figures are marked; the original filing is the authoritative source.
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 billiona.
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 millionb, 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 millionc 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 milliond 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.
02—Key points
Key Highlights
- Net sales grew 9.3% to $10.62 billion in Fiscal 2024.
- Comparable store sales increased by 4% in Fiscal 2024.
- Net income rose significantly to $503.6 million in Fiscal 2024.
- Opened 101 net new stores, bringing the total store count to 1,108.
- Gross margin improved to 43.2% in Fiscal 2024.
- Company extended its Term Loan Facility maturity to September 2031.
- Repurchased $241.9 million of common stock under its share repurchase program.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed March 17, 2025Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $10.63B$9.73B | +9.3% |
| Cost of Revenue | $6.03B$5.58B | +7.9% |
| Gross Profit | $4.61B$4.14B | +11.3% |
| SG&A Expenses | $3.55B$3.29B | +7.9% |
| Operating Expenses | $9.96B$9.26B | +7.5% |
| Net Income | $503.64M$339.65M | +48.3% |
| EPS (Basic) | $7.91$5.25 | +50.7% |
| EPS (Diluted) | $7.80$5.23 | +49.1% |
| Shares Outstanding (Basic) | 63.63M64.67M | −1.6% |
| Shares Outstanding (Diluted) | 64.59M64.92M | −0.5% |
05—Questions
Frequently Asked Questions
What was Burlington Stores' financial performance in Fiscal 2024?
In Fiscal 2024, Burlington Stores reported a 9.3% increase in net sales to $10.62 billion, with comparable store sales growing by 4%. Net income saw a substantial increase to $503.6 million, driven by higher sales and an improved gross margin of 43.2%. The company also saw an increase in cash and cash equivalents, ending the fiscal year with $994.7 million.
What is Burlington's store expansion strategy?
Burlington Stores continues to execute its store expansion strategy, with a long-term target of 2,000 stores. In Fiscal 2024, the company opened 101 net new stores, bringing its total to 1,108. It plans to open approximately 100 net new stores in Fiscal 2025 and anticipates averaging about 100 net new stores per year over the next five fiscal years.
How is Burlington managing its debt and capital resources?
Burlington refinanced and extended its Term Loan Facility, extending the maturity date to September 2031 and reducing interest rate margins. The company also has a significant ABL Line of Credit available. While it repurchased $241.9 million of its stock in Fiscal 2024, it plans to retain earnings for capital expenditures and business initiatives rather than paying dividends in the near term.
What are the key risks Burlington faces?
Burlington faces several risks, including macroeconomic downturns affecting consumer spending, intense competition from other retailers (including department stores and online retailers), seasonal fluctuations in sales, and potential disruptions to its supply chain. The company also highlights risks related to evolving regulatory requirements, cybersecurity, and the ability to attract and retain quality employees.
06—Continue