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BURL · Burlington Stores, Inc.

39 filings

10-Q

BURL 10-Q Quarterly Reports

Burlington Stores, Inc. - 39 quarterly reports

Filing record · 2016–202610-K1110-Q328-K106

2027-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 1, 2026
Burlington Stores, Inc. reported strong performance for the second quarter and first half of fiscal year 2026, driven by significant increases in net sales and improved gross margin. Net sales for the second quarter rose by 11.0% to $2.998 billion, and for the first half of the year, they increased by 12.5% to $5.850 billion. This growth was fueled by both new store openings and a 2% increase in comparable store sales for the quarter and a 4% increase for the first half. A notable factor contributing to the improved profitability was a $55.5 million benefit from tariff refunds, alongside better merchandise margins. Profitability saw a substantial jump, with net income reaching $184.3 million for the second quarter, up from $94.2 million in the prior year, and $299.0 million for the first half, up from $195.0 million. This robust financial performance, coupled with strategic growth initiatives like store expansion and supply chain investments, positions Burlington Stores favorably. The company continues to expand its store footprint, with plans to open at least 100 net new stores annually.
Aug 27, 2026
2027-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 2, 2026
Burlington Stores, Inc. reported strong top-line growth in the first quarter of Fiscal 2026, with total revenue increasing by 14.2% year-over-year to $2.86 billion. This growth was driven by a combination of comparable store sales increase of 6% and the opening of 40 new stores. Net income also saw a healthy rise of 13.8% to $114.7 million, translating to a diluted EPS of $1.79, up from $1.58 in the prior year's quarter. The company demonstrated improved operational efficiency, with gross margin expanding by 30 basis points to 44.1%, attributed to better merchandise margins and lower freight costs. This positive financial performance, coupled with strategic initiatives in merchandising, store experience, and real estate expansion, positions Burlington Stores for continued growth in the off-price retail sector. Despite the positive results, investors should note an increase in costs related to debt amendments and inducement charges, primarily due to an exchange offer for the 2027 Convertible Notes, which amounted to $15.3 million. Inventory levels also increased by approximately 11% year-over-year, reflecting both expansion and an effort to chase sales trends. The company continues to face macroeconomic uncertainties, including inflationary pressures impacting discretionary spending, though it believes that economic slowdowns could benefit value-conscious shoppers. Burlington Stores remains committed to its aggressive store expansion strategy, planning to open at least 100 net new stores annually, and maintains a substantial share repurchase authorization.
May 28, 2026
2026-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Nov 1, 2025
Burlington Stores, Inc. reported a strong third quarter for fiscal year 2025, demonstrating robust revenue growth and improved profitability. Net sales increased by 7.1% to $2.71 billion, driven by both new store openings and a 1% increase in comparable store sales. This top-line growth, combined with operational efficiencies, led to a significant increase in net income, which rose 15.6% to $104.8 million for the quarter. The company continues to execute its growth strategy, expanding its store footprint while also focusing on optimizing margins through initiatives like improved markdown management and supply chain efficiencies. For the first nine months of fiscal year 2025, net sales grew 7.7% to $7.91 billion, with net income increasing by 23.4% to $299.8 million. The company's focus on comparable store sales growth, leaner inventories, and merchandising investments are contributing to these positive financial results. Burlington's financial position remains solid, supported by healthy operating cash flows and available credit facilities, enabling continued investment in store expansion and operational enhancements.
Nov 25, 2025
2026-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 2, 2025
Burlington Stores, Inc. reported strong financial results for the second quarter and first half of Fiscal Year 2025, demonstrating robust revenue growth and improved profitability. Net sales for the second quarter increased by 9.7% to $2.70 billion, and for the first half, they rose by 7.9% to $5.20 billion. This growth was driven by a combination of new store openings and a 5% increase in comparable store sales for the quarter and 2% for the first half. The company successfully enhanced its gross margin to 43.7% in Q2 and 43.8% year-to-date, primarily due to better merchandise margins from lower shortage and reduced markdowns, coupled with decreased freight costs. Profitability saw a significant uplift, with net income increasing by 27.6% to $94.2 million in the second quarter and by 28.1% to $195.0 million in the first half. This performance reflects the company's ongoing strategic initiatives focused on driving comparable store sales, optimizing inventory and markdowns, enhancing merchandising capabilities, and expanding its store base. The company continues to execute a disciplined real estate strategy, aiming for approximately 100 net new stores annually over the next five years, while also investing in operational efficiencies and supply chain improvements. Burlington ended the period with a solid liquidity position, supported by its ABL Line of Credit and cash generated from operations.
Aug 28, 2025
2026-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 3, 2025
Burlington Stores, Inc. reported strong top-line growth in the first quarter of fiscal year 2025, with net sales increasing by 6.1% to $2.5 billion compared to the prior year period. This growth was primarily driven by new store openings, as comparable store sales remained flat. The company demonstrated improved profitability, with net income rising to $100.8 million from $78.5 million in the same period last year. This increase was attributed to higher sales, improved merchandise margins, and better freight costs, leading to a gross margin of 43.8% and a net income margin of 4.1%. The company continues to focus on strategic initiatives to enhance profitability, including optimizing inventory, investing in merchandising capabilities, and expanding its store base with a long-term goal of 2,000 stores. Despite the positive revenue and net income trends, the company experienced a significant decrease in cash and cash equivalents due to increased capital expenditures, primarily related to supply chain investments and store openings, as well as the settlement of convertible notes. Management remains confident in its liquidity position, supported by its ABL Line of Credit, and expects to fund future operations and capital expenditures.
May 30, 2025
2025-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Nov 2, 2024
Burlington Stores, Inc. reported strong financial results for the nine months ended November 2, 2024, with net sales increasing by 11.5% to $7.34 billion and net income nearly tripling to $242.9 million compared to the same period last year. This growth was driven by both new store openings (139 net new stores, bringing the total to 1,103) and a 2% increase in comparable store sales. The company demonstrated improved profitability, with gross margin expanding to 43.4% from 42.4% year-over-year, attributed to lower markdowns, higher initial markups, and decreased freight costs. Operating expenses also saw improved leverage, with selling, general, and administrative expenses as a percentage of net sales decreasing. This robust performance highlights Burlington's effective execution of its strategies, including store expansion, inventory management, and operational efficiencies. From a financial health perspective, Burlington maintained a strong liquidity position with $857.8 million in cash and cash equivalents at the end of the period. The company also refinanced its Term Loan Facility, extending the maturity date and reducing interest margins, alongside active share repurchase programs. Despite macroeconomic uncertainties, Burlington's performance indicates resilience and a positive outlook.
Nov 26, 2024
2025-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 3, 2024
Burlington Stores, Inc. (BURL) reported a strong second quarter for Fiscal Year 2024, demonstrating significant year-over-year growth in net sales and net income. Net sales increased by 13.4% to $2.46 billion, driven by a 5% rise in comparable store sales and the addition of new stores. This top-line growth, coupled with improved gross margins and operating expense leverage, led to a substantial increase in profitability, with net income nearly doubling to $73.8 million from $30.9 million in the prior year period. The company continues to execute its strategic initiatives, including expanding its store base, investing in merchandising capabilities, and optimizing its supply chain. Burlington added 76 new stores (including relocations) in the first half of the year, bringing the total to 1,057, and plans to open an average of 100 net new stores annually through Fiscal 2028. Despite ongoing macroeconomic uncertainties impacting their core customer, the company remains focused on driving comparable store sales growth and enhancing operating margins. Burlington's financial position remains solid, supported by a strong liquidity position and available credit facilities.
Aug 29, 2024
2025-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 4, 2024
Burlington Stores, Inc. reported strong first-quarter results for fiscal year 2024, demonstrating significant year-over-year growth in both revenue and profitability. Net sales increased by 10.5% to $2.36 billion, driven by a 2% rise in comparable store sales and contributions from new store openings. This top-line growth, coupled with improved gross margin and controlled SG&A expenses, led to a substantial increase in net income to $78.5 million, or $1.22 per diluted share, up from $32.7 million, or $0.50 per diluted share, in the prior year. The company continues its strategic expansion, opening 36 new stores (including 11 relocations) in the quarter, and plans to average approximately 100 net new stores per year through fiscal 2028, reinforcing its long-term growth strategy. Burlington's focus on operational efficiency, including leaner inventories and optimized supply chain, is contributing to enhanced profitability. The company also highlighted its robust liquidity position, with significant availability under its ABL Line of Credit and positive cash flow from operations, positioning it well to fund future growth and capital expenditures.
May 30, 2024
2024-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 28, 2023
Burlington Stores, Inc. reported a strong third quarter for fiscal year 2023, with net sales increasing by 12.2% to $2,284.7 million, driven by a 6% rise in comparable store sales and contributions from new store openings. The company demonstrated improved profitability, with net income rising to $48.6 million from $16.8 million in the prior year quarter. This performance was supported by an expansion in gross margin to 43.2% from 41.2% a year ago, attributed to better merchandise margins and lower freight costs. For the nine-month period, net sales grew 10.8% to $6,587.9 million, with comparable store sales up 5%. Net income significantly increased to $112.2 million from $44.9 million in the prior year period. The company continued its store expansion, adding 65 new stores (including 9 relocations) during the nine-month period, bringing the total store count to 977. Burlington also successfully refinanced some of its debt by exchanging older convertible notes for new ones with a lower interest rate, incurring some extinguishment charges but improving its debt profile.
Nov 21, 2023
2024-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Jul 29, 2023
Burlington Stores, Inc. (BURL) reported strong performance in its second-quarter 10-Q filing for the period ending July 29, 2023. Net sales increased by 9.4% year-over-year to $2.17 billion, driven by a 4% increase in comparable store sales and the addition of new stores. The company demonstrated improved profitability with a gross margin of 41.7%, up from 38.9% in the prior year, attributed to lower freight costs and higher merchandise margins. Net income saw a significant rise to $30.9 million, a substantial increase from $12.0 million in the same period last year. This improved profitability was supported by operational efficiencies and strategic initiatives focused on driving comparable store sales, optimizing inventory, and enhancing operating margins. The company also announced an additional $500 million share repurchase authorization, signaling confidence in its financial health and commitment to returning value to shareholders.
Aug 24, 2023
2024-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended Apr 29, 2023
Burlington Stores, Inc. reported a strong first quarter for fiscal year 2023, with net sales increasing by 10.8% to $2.13 billion year-over-year. This growth was driven by a 4% increase in comparable store sales and the contribution of new store openings. Net income more than doubled to $32.7 million from $16.2 million in the prior year's first quarter, signaling improved profitability. The company also demonstrated effective cost management, with cost of sales as a percentage of net sales decreasing due to lower freight costs, and selling, general, and administrative expenses showing leverage. The company continues to execute its growth strategy, including opening new stores and enhancing its merchandising and store experience, while maintaining a disciplined real estate strategy focused on unit economics. Burlington Stores highlights its focus on driving comparable store sales growth through agile trend chasing, leaner inventories, and merchandising investments.
May 25, 2023
2023-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 29, 2022
Burlington Stores, Inc. reported a decrease in net sales for the third quarter and the first nine months of fiscal year 2022 compared to the same periods in the prior year. This decline was primarily driven by a significant decrease in comparable store sales, influenced by strong prior-year performance, economic pressures on consumers, and promotional activity in the retail environment. The company also experienced a decrease in gross margin rate due to higher markdowns and increased inventory shortage, although freight costs saw some relief. Despite the revenue challenges, the company continues to invest in growth initiatives, including expanding its store base with a smaller store prototype and enhancing merchandising capabilities. Management emphasizes operational flexibility, expense control, and opportunistic inventory purchasing to drive profitability. The company maintains a strong liquidity position with significant availability under its ABL Line of Credit, and it remains focused on its long-term strategy to reach 2,000 stores.
Nov 22, 2022
2023-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Jul 30, 2022
Burlington Stores, Inc. reported a significant decline in net sales and net income for the three and six months ended July 30, 2022, compared to the same periods in the prior year. Net sales for the quarter fell by 10.3% to $1.98 billion, and for the six months by 11.2% to $3.91 billion. This downturn is attributed to a 17% decrease in comparable store sales, driven by economic pressures on their core customer base and increased promotional activity across the retail landscape. The company also experienced a decrease in gross margin rate due to higher markdowns, increased inventory shortage, and elevated freight costs. Despite the revenue challenges, Burlington is strategically expanding its store footprint, opening 46 new stores in the first six months of the fiscal year, with plans to open 90 net new stores for the full year, aiming for a long-term goal of 2,000 stores. The company has also been actively managing its debt, with no outstanding borrowings on its ABL Line of Credit and continuing to pay down its term loan and convertible notes. While facing headwinds, the company remains focused on operational efficiency and expanding its market presence.
Aug 25, 2022
2023-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended Apr 30, 2022
Burlington Stores, Inc. reported a significant decrease in net sales and net income for the first quarter of Fiscal 2022 compared to the prior year. Net sales declined by 12.1% to $1.93 billion, and net income dropped from $171 million to $16.2 million. This performance was primarily attributed to a substantial 18% decrease in comparable store sales, influenced by the prior year's government stimulus payments and sub-optimal inventory levels early in the quarter. Additionally, gross margin contracted due to industry-wide supply chain issues that increased freight and labor costs. Despite the top-line and bottom-line pressure, Burlington continued its strategic expansion, opening 33 new stores. The company's balance sheet shows a notable increase in merchandise inventories, reflecting a strategy to hold more reserve inventory for future sales chasing and support for new store openings. While cash flow from operations turned negative, the company maintains a strong liquidity position with a significant amount available under its ABL credit facility and intends to fund its operations and capital expenditures through existing cash and this facility.
May 26, 2022
2022-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 30, 2021
Burlington Stores, Inc. reported a significant recovery in its third quarter and nine-month period ending October 30, 2021, following the disruptive impact of COVID-19 in the prior year. Net sales surged by 38.1% in the third quarter and 93.0% for the nine-month period, driven by both expanded store count and strong comparable store sales growth (16% and 18% respectively compared to 2019 levels). This sales rebound, coupled with the reversal of prior year inventory write-downs, led to a substantial increase in profitability, with net income reaching $13.6 million for the quarter and $287.2 million for the nine months, a dramatic improvement from the prior year's net loss. Despite strong revenue growth, the company faced some cost pressures, notably increased freight and labor costs due to industry-wide supply chain issues, which impacted gross margins in the third quarter. A significant event was a $86.4 million debt extinguishment charge related to the partial repurchase of its convertible notes. However, the company's financial position appears solid, with operating cash flow significantly improving and a substantial amount of cash and cash equivalents on hand. Management is optimistic about future growth, planning to open a significant number of new stores and focusing on strategic initiatives to enhance profitability and operating margins.
Nov 23, 2021
2022-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Jul 31, 2021
Burlington Stores, Inc. reported a strong financial rebound in the second quarter and first half of fiscal year 2021, significantly exceeding the prior year's performance which was heavily impacted by COVID-19 store closures. Net sales surged by 119.1% and 143.6% respectively for the three and six-month periods ending July 31, 2021, compared to the same periods in 2020. This robust sales growth, coupled with strategic expense management and a recovery in consumer spending, led to a return to profitability, with net income of $102.6 million and $273.6 million for the respective periods. The company also demonstrated improved operational efficiency, with a notable reduction in selling, general, and administrative expenses as a percentage of net sales, and a recovery in gross margin. Burlington has been actively managing its debt, including refinancing its Term Loan Facility and redeeming its Secured Notes, enhancing its financial flexibility. The company continues to expand its store footprint and remains focused on driving comparable store sales growth and improving operating margins through various strategic initiatives.
Aug 26, 2021
2022-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 1, 2021
Burlington Stores, Inc. reported a significant rebound in its first quarter of fiscal year 2021, ending May 1, 2021, with net sales surging by 174.5% year-over-year to $2.19 billion. This strong performance was largely driven by the company's recovery from the adverse impacts of COVID-19-related store closures in the prior year, which had resulted in a substantial net loss. The company achieved net income of $171.0 million, a stark contrast to the $333.7 million net loss reported in the same period of fiscal year 2020. Key operational metrics also showed considerable improvement. Comparable store sales increased by 20% compared to the first quarter of fiscal year 2019 (used as a baseline due to pandemic disruptions), indicating a healthy recovery in customer traffic and purchasing. The company's gross margin significantly expanded to 43.3% from 2.0% in the prior year, benefiting from reduced inventory charges and improved sales leverage. Burlington is strategically managing its inventory, aiming for leaner stock levels to enhance product freshness and faster turns. The company also continues its expansion strategy, opening 26 new stores in the quarter and planning for further growth, targeting a long-term store count of 2,000 locations.
May 27, 2021
2021-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 31, 2020
Burlington Stores, Inc.'s third quarter fiscal year 2020 report, ending October 31, 2020, reflects a challenging period dominated by the impacts of the COVID-19 pandemic. While net sales saw a decrease of 6.2% to $1.66 billion for the quarter, the company posted a net income of $8.0 million, a significant drop from $96.5 million in the prior year's quarter, but a marked improvement from the substantial net loss incurred in the first nine months of the fiscal year. The company has been actively managing its financial flexibility through debt transactions and expense controls in response to the pandemic. The nine-month period ending October 31, 2020, resulted in a net loss of $372.5 million, a sharp contrast to the $258.8 million net income in the comparable period of fiscal year 2019. This was largely attributable to temporary store closures and subsequent business disruptions. Despite these challenges, Burlington Stores has demonstrated resilience by reopening stores, carefully managing inventory and expenses, and leveraging the CARES Act for tax benefits, including a significant estimated tax refund from NOL carrybacks. The company's strategic focus remains on navigating the ongoing economic uncertainties while positioning itself for future growth.
Nov 24, 2020
2021-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 1, 2020
Burlington Stores, Inc. reported a significant net loss of $46.8 million for the three months ended August 1, 2020, a stark contrast to the $84.6 million net income in the prior year's comparable period. This downturn is largely attributable to the widespread temporary closure of its stores due to the COVID-19 pandemic, which severely impacted net sales, leading to a 39.0% decrease to $1.01 billion. Despite the challenging sales environment, the company demonstrated an improvement in gross margin as a percentage of net sales to 45.8% in the quarter, compared to 41.4% in the prior year, due to effective markdown management of aged inventory. To bolster its financial position amidst the pandemic, Burlington Stores raised substantial capital through debt issuances, including $805 million in convertible senior notes and $300 million in senior secured notes, significantly increasing its long-term debt and cash reserves. The company began reopening stores in May 2020 and is focused on operational improvements and strategic initiatives to drive future profitability.
Aug 27, 2020
2021-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 2, 2020
Burlington Stores, Inc. reported a significant net loss of $333.7 million for the first quarter of fiscal year 2020, a sharp contrast to the $77.8 million net income in the prior year. This downturn is primarily attributable to the widespread temporary closure of all stores and distribution centers due to the COVID-19 pandemic, which began in March 2020. Net sales plummeted by 51.0% to $798.0 million. The company took aggressive measures to preserve liquidity, including borrowing $400 million on its revolving credit facility and issuing $805 million in convertible senior notes and $300 million in senior secured notes. Despite the significant financial hit from the pandemic, Burlington is actively managing its operational and financial resilience. The company has begun reopening stores, implementing safety protocols, and managing operating expenses closely. A substantial inventory markdown of $271.9 million was recognized due to aged merchandise resulting from store closures. While the near-term outlook remains uncertain due to the ongoing pandemic, the company is focused on managing its liquidity and preparing for a gradual return to normalized operations.
May 29, 2020
2020-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Nov 2, 2019
Burlington Stores, Inc. reported solid top-line growth in the third quarter and first nine months of fiscal year 2019, with total revenues increasing by 8.6% and 8.8%, respectively, compared to the prior year periods. This growth was driven by both an increase in comparable store sales (2.7% for the quarter and 2.2% for the nine months) and contributions from new and non-comparable stores. Net income also saw a significant improvement, rising by 25.6% to $96.5 million for the quarter and by 12.4% to $258.8 million for the nine months. A notable development during the period was the adoption of new lease accounting standards (ASU 2016-02), which resulted in the recognition of substantial operating lease assets and liabilities on the balance sheet. While this had a significant impact on the balance sheet presentation, management stated it did not materially impact liquidity. The company also continued its share repurchase program, demonstrating a commitment to returning capital to shareholders.
Nov 26, 2019
2020-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 3, 2019
Burlington Stores, Inc. (BURL) reported strong performance for the second quarter and first half of fiscal year 2019, ending August 3, 2019. Total revenues increased year-over-year driven by both comparable store sales growth and contributions from new stores. Net income saw a significant increase, reflecting improved operational efficiency and sales momentum. The company also highlighted its strategic initiatives focused on enhancing the off-price model, sharpening its focus on the core female customer, and improving the overall customer experience. These efforts are contributing to positive comparable store sales growth and demonstrating the company's ability to drive value for shareholders.
Aug 29, 2019
2020-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 4, 2019
Burlington Stores, Inc. reported a slight increase in total revenue for the three months ended May 4, 2019, reaching $1.63 billion, a 7.3% increase year-over-year, primarily driven by new store openings and a modest 0.1% rise in comparable store sales. However, net income saw a decrease to $77.8 million from $82.6 million in the prior year period. This was influenced by a notable increase in selling, general and administrative expenses, which rose to 31.8% of net sales from 30.8%, partly due to the adoption of new lease accounting standards and increased product sourcing costs. Gross margin also experienced a slight dip to 41.0% from 41.2%. The company continues its strategic focus on enhancing the off-price model, sharpening focus on its core female customer, improving the in-store experience, and expanding its e-commerce presence. Burlington plans to grow its store base, targeting approximately 50 net new stores in Fiscal 2019, demonstrating a commitment to physical expansion alongside digital efforts. The company maintains a strong liquidity position, supported by its operating cash flow and revolving credit facility, and continues its share repurchase program, indicating confidence in its financial health and future prospects.
Jun 3, 2019
2019-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Nov 3, 2018
Burlington Stores, Inc. reported strong performance in the third quarter and first nine months of fiscal year 2018, with significant increases in revenue and net income compared to the prior year. Total revenues for the third quarter grew by 13.7% to $1.64 billion, driven by a 4.4% increase in comparable store sales. For the nine-month period, total revenues rose 12.1% to $4.65 billion, with comparable store sales up 4.0%. Net income more than doubled year-over-year for both periods, reaching $76.8 million in Q3 and $230.4 million for the year-to-date. This growth was supported by improved gross margins and a lower effective tax rate due to the Tax Cuts and Jobs Act of 2017. The company also continued its store expansion strategy, opening 65 new stores in the first nine months of fiscal 2018. Financially, Burlington executed a debt repricing during the quarter, which lowered interest margins and extended the maturity of its ABL line of credit. While this resulted in some non-cash charges related to debt extinguishment, the company ended the period with a healthy liquidity position. The company also continued its share repurchase program, demonstrating a commitment to returning capital to shareholders. Management remains focused on driving comparable store sales, enhancing the customer experience, and optimizing operating margins through initiatives like markdowns and purchasing power enhancement.
Nov 28, 2018
2019-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 4, 2018
Burlington Stores, Inc. reported a strong second quarter and first half of fiscal year 2018, demonstrating robust revenue growth and significant improvements in net income. Total revenues for the three months ended August 4, 2018, increased by 9.9% to $1.50 billion, with comparable store sales rising by 2.9%. This top-line growth translated into a substantial increase in profitability, with net income more than doubling year-over-year to $71.0 million for the quarter and rising to $153.5 million for the first half of the year. The company benefited from improved gross margins and a lower effective tax rate, largely due to the Tax Cuts and Jobs Act of 2017. Burlington also continued its store expansion strategy, opening 29 new stores in the first half of the year, and announced an additional $300 million share repurchase program, indicating confidence in its future performance.
Aug 30, 2018
2019-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 5, 2018
Burlington Stores, Inc. reported a strong first quarter for fiscal year 2018, with total revenues reaching $1,524.7 million, a significant increase of 12.8% compared to the prior year period. This growth was driven by a comparable store sales increase of 4.8% (on a shifted basis) and strong performance from new and non-comparable stores. Net income surged to $82.6 million, up from $52.4 million in the first quarter of fiscal year 2017, a substantial improvement attributed to higher merchandise margins, improved operating leverage, and the favorable impact of the U.S. Tax Cuts and Jobs Act of 2017, which lowered the effective tax rate. The company continues to execute its strategic initiatives focused on driving comparable store sales growth through enhancing its off-price model, sharpening its focus on the core female customer, and improving the customer experience. Furthermore, Burlington is expanding its retail footprint, planning to open 35-40 net new stores in fiscal year 2018, demonstrating confidence in its growth strategy and market opportunity.
May 31, 2018
2018-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 30, 2017
Burlington Stores, Inc. reported a strong third quarter and nine-month performance for fiscal year 2017, showcasing significant year-over-year growth in net sales and net income. Net sales increased by 7.1% in the third quarter and 6.9% year-to-date, driven by a comparable store sales increase of 3.1% in Q3 and 2.4% for the nine months, along with contributions from new store openings. The company also demonstrated improved profitability with a notable expansion in gross margin and a reduction in selling, general, and administrative expenses as a percentage of net sales.
Nov 21, 2017
2018-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Jul 29, 2017
Burlington Stores, Inc. reported a strong performance for the six months ended July 29, 2017, with significant increases in both net sales and net income compared to the prior year period. Net sales rose by 6.8% to $2.71 billion, driven by a 2.0% increase in comparable store sales and contributions from new stores. Net income more than doubled, reaching $99.3 million, up from $57.9 million in the same period last year. This improvement was fueled by a higher gross margin, which expanded to 40.8% due to lower markdowns and higher initial markups, coupled with a lower effective tax rate. The company also saw a reduction in selling, general, and administrative expenses as a percentage of net sales. Management's focus on enhancing the off-price model, improving the customer experience, and expanding their retail footprint appears to be driving positive results.
Aug 24, 2017
2018-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended Apr 29, 2017
Burlington Stores, Inc. reported a significant increase in net income for the first quarter of fiscal year 2017, reaching $52.4 million compared to $37.5 million in the prior year period. This 39.8% growth was driven by a 5.0% increase in net sales, reaching $1,346.5 million, and an improvement in gross margin to 40.9% from 40.1%. The company also benefited from the adoption of a new accounting standard for share-based payments, which positively impacted earnings per share. Operationally, Burlington Stores saw a modest 0.5% increase in comparable store sales, indicating continued, albeit slow, growth in customer traffic. The company is actively pursuing strategies to enhance comparable store sales, improve the customer experience, and expand its e-commerce presence. Management is focused on optimizing margins through markdowns and purchasing power, and driving operating leverage. Despite a decrease in cash and cash equivalents driven by increased capital expenditures and lower net borrowings on its credit line, the company believes it has sufficient liquidity for the next twelve months.
May 25, 2017
2017-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 29, 2016
Burlington Stores, Inc. (BURL) reported a strong third quarter of Fiscal 2016 (ended October 29, 2016). Total revenue rose 8.9% to $1,349.0 million, driven by net sales of $1,342.6 million, up 9.1%, including a 3.7% comparable store sales increase. Net income more than doubled to $32.4 million ($0.45 diluted EPS) from $15.1 million ($0.20), and Adjusted EBITDA grew $27.0 million to $109.6 million. Gross margin expanded roughly 140 basis points to 41.2%, reflecting reduced markdowns and higher initial markups, which more than offset a 20 basis point rise in product sourcing costs. For the nine months, net sales rose 9.1% to $3,880.3 million with a 4.5% comparable store sales gain, and diluted EPS reached $1.25 versus $0.68. The balance sheet and cash flow show improving financial discipline. Operating cash flow for the nine months nearly tripled to $286.5 million, supporting $137.6 million of capital expenditures and $150.0 million of share repurchases. Inventory fell to $822.5 million from $934.0 million a year earlier, with comparable store inventory down about 8%, and comparable store inventory turnover improved about 12%. Total debt was roughly $1.30 billion, and the Company repriced its term loan in July 2016, cutting the LIBOR margin by 50 basis points to 2.75% and lowering the LIBOR floor to 0.75%. Stockholders' deficit narrowed to $(135.4) million, and the Board authorized an additional $200 million buyback on November 15, 2016. Key risks remain. The company has a stockholders' deficit and significant leverage, with $1.29 billion of floating-rate debt that is only partly hedged by $800 million of interest rate caps at a 1.0% strike. Its working capital position moved to a $0.6 million deficit, and a $706.5 million purchase commitment backlog creates inventory exposure if sales slow. Management also flagged competition, weather sensitivity, and consumer spending pressures. Store growth continues, with 592 stores at quarter end and a target of about 30 net new stores annually.
Nov 23, 2016
2017-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Jul 30, 2016
Burlington Stores, Inc. reported a strong performance for the second quarter and first half of fiscal year 2016, demonstrating significant year-over-year growth in both revenue and net income. The company saw a notable increase in net sales, driven by a solid comparable store sales increase of 5.4% in Q2 and 4.9% for the first half. Gross margins improved due to higher initial markups, which helped to offset increased product sourcing costs. Selling, general, and administrative expenses were managed effectively, showing leverage as a percentage of net sales. The company also successfully repriced its senior secured term loan facility, reducing interest rate margins and improving its debt structure. Operationally, Burlington Stores is executing well on its strategy to enhance the off-price model, sharpen focus on its core female customer, and improve the customer experience. The company continues to invest in opening new stores, with plans for approximately 25 net new Burlington Stores in fiscal year 2016, demonstrating a commitment to physical expansion. Inventory levels were well-managed, showing a decrease compared to the prior year, contributing to improved inventory turnover. Overall, the financial results reflect positive momentum and effective strategic execution.
Aug 25, 2016
2017-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended Apr 30, 2016
Burlington Stores (BURL) reported a solid first quarter of Fiscal 2016 (three months ended April 30, 2016). Total revenue rose 8.2% to $1,288.9 million from $1,190.9 million, driven by net sales growth of 8.4% to $1,282.7 million, including a 4.3% comparable store sales increase. Gross margin expanded roughly 35 basis points to 40.1% of net sales, more than offsetting a 20 basis point rise in product sourcing costs. Net income increased 46% to $37.5 million ($0.52 diluted EPS) from $25.7 million ($0.34), and Adjusted EBITDA grew $19.5 million to $121.0 million. Adjusted Net Income rose to $41.6 million from $31.4 million. The balance sheet and cash flow picture is more mixed. Operating cash flow swung to a $30.4 million inflow from a $21.9 million outflow a year earlier, but free cash flow after $30.4 million of capex was roughly flat, and the company spent $50.0 million repurchasing 924,953 shares, funded by a $54.8 million net increase in ABL borrowings. Total debt rose to about $1.35 billion, with $222.2 million drawn on the $600 million ABL facility, and stockholders' deficit widened to $(105.2) million. Inventory fell about 2% year over year to $804.7 million, with comparable store inventory down roughly 9%, and comparable store inventory turnover improved about 7%. Management reiterated plans to open approximately 25 net new Burlington stores in Fiscal 2016 and guided to $150 million to $160 million in net capital expenditures for the year. The company ended the quarter with 570 stores in 45 states and Puerto Rico. Investors will want to watch whether comparable sales momentum persists, whether margin gains hold as sourcing costs rise, and how the company balances buybacks against rising revolver borrowings.
May 26, 2016
2016-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Oct 31, 2015
Burlington Stores (BURL) reported a return to profitability in its third quarter of Fiscal 2015 (quarter ended October 31, 2015). Total revenue rose 6.2% to $1,238.7 million, net sales grew 6.4% to $1,230.9 million on a 2.8% comparable store sales increase, and net income was $15.1 million, versus a net loss of $34.2 million a year earlier. For the nine months, net income was $51.7 million versus a $28.9 million loss, with comparable store sales up 3.0%. Results were driven mainly by a 90 basis point improvement in nine-month gross margin, which management attributes to a lower markdown rate, along with lower interest expense and the absence of the large debt extinguishment loss recorded in the prior-year period ($70.3 million in the quarter). The balance sheet and cash flow profile improved but remain leveraged. Total debt was $1.41 billion at October 31, 2015, with a $1.11 billion term loan and $276.2 million drawn on the ABL facility. Stockholders' deficit narrowed to $(121.9) million from $(167.9) million a year earlier. Operating cash flow for the nine months was $103.7 million, and capital expenditures were $153.7 million gross, leaving cash at $28.8 million. Inventory rose 3.8% year over year to $934.0 million, driven by 27 net new stores and a pack-and-hold build, even though comparable store inventory declined about 7%. Capital returns became a focus during the period. The company repurchased 2.34 million shares for $123.0 million under a $200 million program authorized in June 2015, and on November 24, 2015 it authorized an additional $200 million program through November 2017. Management continues to guide to roughly 25 net new stores in Fiscal 2015 and about $160 million in net capital expenditures. Key risks include the $29.4 million Song-Beverly settlement, which remains subject to court approval, a $643.8 million purchase commitment backlog, and a tight ABL availability position of $278.2 million.
Nov 24, 2015
2016-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 1, 2015
Burlington Stores, Inc. reported a net income of $10.9 million for the three months ended August 1, 2015, a significant improvement from a net loss of $6.5 million in the same period last year. This turnaround was driven by a 9.6% increase in net sales, reaching $1.14 billion, boosted by a comparable store sales increase of 5.6%. The company also saw an improvement in gross margin to 39.2% from 38.2%, despite higher product sourcing costs. For the first six months of the fiscal year, net sales grew by 7.2% to $2.33 billion, with comparable store sales up 3.1%, and net income rose to $36.6 million from $5.3 million in the prior year. The company continues to focus on driving comparable store sales through enhancing its off-price model, sharpening its focus on its core female customer, and improving the overall customer experience. Expansion remains a priority, with plans to open approximately 25 net new stores annually. Financially, the company ended the period with $27.2 million in cash and cash equivalents and has an available $329.6 million under its ABL Line of Credit, indicating a stable liquidity position. The company also announced a $200 million share repurchase program. Despite positive operational and financial trends, the company faces ongoing legal challenges, particularly a potential material penalty from a California consumer privacy lawsuit, which adds an element of uncertainty.
Aug 31, 2015
2016-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 2, 2015
Burlington Stores, Inc. reported a strong first quarter for fiscal year 2015, with net sales increasing by 4.9% to $1.18 billion, driven by both new store openings and a modest 0.8% increase in comparable store sales. This growth was supported by a significant improvement in gross margin to 39.7% from 38.1% in the prior year, primarily due to reduced markdowns. Despite an increase in selling, general, and administrative expenses, the company achieved a net income of $25.7 million, a substantial increase from $11.8 million in the same period last year. Financially, the company demonstrated improved liquidity, with cash and cash equivalents increasing by $9.4 million. This was bolstered by effective debt management, including borrowings under its ABL Line of Credit and strategic debt repayments. The company also announced a new $200 million stock repurchase program, signaling confidence in its future financial performance and a commitment to returning value to shareholders.
Jun 9, 2015
2015-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Nov 1, 2014
Burlington Stores, Inc.'s third-quarter 2014 (ended November 1, 2014) filing indicates a challenging period marked by a significant net loss of $34.2 million, a substantial increase from the $16.9 million net loss in the same quarter of the prior year. This widened loss was largely driven by a $70.3 million loss on the extinguishment of debt due to a comprehensive debt refinancing. Despite the net loss, the company reported an increase in net sales of 8.7% to $1.16 billion, driven by a 5.2% comparable store sales increase. Adjusted Net Income (Loss) improved to an income of $11.9 million from a loss of $3.3 million in the prior year period, and Adjusted EBITDA increased by 16.1% to $72.5 million, suggesting underlying operational improvements. The nine-month period ending November 1, 2014, also saw a net loss of $28.9 million, an improvement from the $47.4 million loss in the prior year, again heavily influenced by debt extinguishment costs totaling $74.0 million. Total revenues for the nine months increased by 7.6% to $3.35 billion, with comparable store sales up 4.2%. Adjusted Net Income (Loss) for the nine months swung to a positive $29.6 million from a loss of $10.8 million, and Adjusted EBITDA grew by 18.0% to $222.9 million. The company is actively managing its debt through refinancing initiatives and continues to focus on strategic growth through new store openings and enhancing the customer experience to drive comparable store sales.
Dec 9, 2014
2015-Q2
Burlington Stores, Inc. Quarterly Report for Q2 Ended Aug 2, 2014
Burlington Stores, Inc. (BURL) reported its financial results for the quarterly period ended August 2, 2014. For the six-month period, the company saw a significant increase in net sales, growing by 7.1% to $2,171.9 million, driven by both new store openings and a comparable store sales increase of 3.6%. This top-line growth, coupled with an improvement in gross margin to 38.1% and better SG&A expense management, resulted in a swing from a net loss of $30.6 million in the prior year to a net income of $5.3 million for the current period. The company also continued its store expansion strategy, opening 3 net new stores in the quarter. While the company reported positive net income for the six-month period, the third quarter (three-month period) still resulted in a net loss of $6.5 million, though this was an improvement from a $25.0 million net loss in the prior year. This improvement was driven by strong comparable store sales growth of 4.7% and a continued focus on operational efficiencies. A significant event subsequent to the quarter was the refinancing of BURL's debt structure, including replacing its term loan facility and repaying senior notes, which is expected to provide greater financial flexibility and remove restrictive financial covenants.
Sep 11, 2014
2015-Q1
Burlington Stores, Inc. Quarterly Report for Q1 Ended May 3, 2014
Burlington Stores, Inc. reported a net income of $11.8 million for the three months ended May 3, 2014, a significant improvement from a net loss of $5.6 million in the same period last year. This turnaround was driven by a 5.9% increase in net sales to $1.13 billion, boosted by a 2.7% comparable store sales increase. Gross margin improved to 38.1% from 37.3%, indicating better pricing and cost management. The company also saw a reduction in interest expenses due to debt repayments and refinancing efforts. While selling and administrative expenses remained stable as a percentage of sales, the overall operational performance has strengthened. The company continues its strategic focus on driving comparable store sales, expanding its retail footprint, and enhancing operating margins through various initiatives, including optimizing markdowns and increasing purchasing power.
Jun 12, 2014
2014-Q3
Burlington Stores, Inc. Quarterly Report for Q3 Ended Nov 2, 2013
Burlington Stores, Inc.'s Form 10-Q filing for the quarterly period ended November 2, 2013, reveals a company undergoing significant transition, marked by a recent Initial Public Offering (IPO) in October 2013. For the nine months ended November 2, 2013, the company reported total revenues of $3,093.2 million, an increase of 9.9% compared to the prior year, driven by both comparable store sales growth (5.0%) and new store openings. Despite revenue growth, the company reported a net loss of $47.4 million for the period, an increase from the $42.6 million net loss in the prior year. This loss was influenced by increased costs related to debt amendments and the IPO, higher interest expenses, and stock option modification expenses, partially offset by improved operating results. Financially, the company ended the quarter with $31.6 million in cash and cash equivalents. Long-term debt stood at approximately $1.48 billion, net of current maturities. The company's balance sheet showed total assets of $2.98 billion and a stockholders' deficit of $215.8 million. The IPO provided $237.4 million in net proceeds, which were used for debt redemption, advisory fees, and general corporate purposes. The company's liquidity appears to be supported by operating cash flow and its ABL Line of Credit, with management confident in its ability to meet financial obligations for the next twelve months and beyond.
Dec 12, 2013