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Burlington Stores, Inc. (NYSE: BURL) is a leading off-price retailer in the United States, offering a wide selection of high-quality, fashionable merchandise at prices significantly lower than those of traditional department stores. Established over 40 years ago, Burlington has continually expanded its footprint, now operating 1007 stores across 46 states, Washington D.C., and Puerto Rico.
Burlington's core business includes women’s ready-to-wear apparel, menswear, youth apparel, baby products, beauty items, footwear, accessories, home goods, toys, gifts, and coats. The company sources its merchandise directly from nationally recognized manufacturers and suppliers, ensuring first-quality, branded items at up to 65% off department store prices. This commitment to affordability aligns with their motto, “style for everyone!”
Since becoming a publicly traded company in October 2013, Burlington Stores has demonstrated impressive growth and innovation. Recent developments include the addition of over 100 new stores, the establishment of a buying office in Southern California, significant expansions in supply chain operations, and the construction of a state-of-the-art corporate headquarters. The company has also remodeled several distribution centers to optimize their operations.
Financially, Burlington Stores reported net sales of $9.7 billion for Fiscal 2023, reflecting a strong performance even in a challenging retail environment. Under the leadership of CEO Michael O’Sullivan, the company has achieved notable milestones, such as opening its 1000th store and acquiring leases for 62 former Bed Bath & Beyond locations, which will bolster their store count and relocation pipeline for 2024 and beyond.
Burlington’s strategy focuses on providing great value to customers, resulting in strong comparable store sales growth and improved operational margins. Despite economic pressures on their core customer base, Burlington remains optimistic about its ability to adapt and capitalize on market opportunities. These efforts are evident in their recent quarterly results, where comparable store sales grew by 4% year-over-year, and adjusted operating margins improved by 130 basis points.
Furthermore, Burlington is committed to community initiatives, such as the Burlington Coat Event in partnership with Delivering Good, a national non-profit organization. This program not only offers discounts to customers but also donates new coats to people in need.
With a strong foundation and a clear vision for continued growth, Burlington Stores, Inc. is well-positioned to expand its market presence and enhance its value proposition to both customers and investors.
Burlington Stores (NYSE: BURL) announced the appointment of Shira Goodman, former CEO of Staples, to its Board of Directors and Audit Committee, effective January 1, 2025. Goodman brings nearly three decades of retail industry experience and significant public company board expertise. The appointment aligns with Burlington's strategic growth plans and the ongoing execution of its Burlington 2.0 strategy. Both Board Chairman John Mahoney and CEO Michael O'Sullivan expressed confidence that Goodman's expertise will enhance the company's leadership and support its growth objectives.
Burlington Stores reported strong Q3 2024 results with total sales growing 11% to $2,526 million and comparable store sales up 1%. Net income reached $91 million with diluted EPS of $1.40. The company's adjusted EBIT margin increased by 80 basis points, while adjusted EPS grew 41% to $1.55. Gross margin improved to 43.9%, up 70 basis points from last year. Despite weather impacts affecting cold weather categories, the underlying business showed 4% comp growth excluding these items. The company raised its FY24 adjusted EPS guidance to $7.76-$7.96 and plans to open 101 net new stores.
Burlington Stores (NYSE: BURL) has scheduled its third quarter fiscal year 2024 earnings release for Tuesday, November 26, 2024, before the U.S. stock market opens. The company will host a conference call at 8:30 a.m. ET to discuss the results. Investors can join via U.S. toll-free number (1-800-715-9871) or international dial-in (1-646-307-1963) using passcode 4718197. A live webcast will be available on the company's investor relations website. A replay will be accessible from 11:30 a.m. ET on November 26 through December 2, 2024.
Burlington Stores (NYSE: BURL) reported strong Q2 2024 results, with total sales up 13% and comparable store sales growing 5%. Net income reached $74 million, with diluted EPS of $1.15. Excluding expenses related to acquired BBBY leases, Adjusted EBIT margin increased 160 basis points, and Adjusted EPS rose 98% to $1.24. The company raised its FY24 Adjusted EPS guidance to $7.66-$7.96. Gross margin improved by 110 basis points to 42.8%, driven by lower markdowns and improved freight expenses. Burlington plans to open approximately 100 net new stores and expects total sales growth of 9-10% for FY24.
Burlington Stores (NYSE: BURL) has announced the release date for its second quarter fiscal year 2024 earnings. The company will disclose results before the U.S. stock market opens on Thursday, August 29, 2024. A conference call to discuss the results is scheduled for 8:30 a.m. Eastern Time on the same day. Investors can access the call via U.S. toll-free dial-in at 1-800-715-9871 or international dial-in at 1-646-307-1963 (passcode: 8773565). A live webcast will be available on the company's investor relations website.
For those unable to attend, a replay will be accessible from 11:30 a.m. ET on August 29 until September 5, 2024. Burlington Stores also noted that it uses various channels, including its website and social media platforms, to communicate important information about the company, which investors should monitor for material updates.
Burlington Stores, Inc. (NYSE: BURL) reported its first quarter 2024 earnings, showing an 11% increase in total sales to $2,357 million and a net income of $79 million. The company's diluted EPS was $1.22, and comparable store sales rose by 2%. On a non-GAAP basis, adjusted EPS saw a 68% rise to $1.42, and adjusted EBIT margin improved by 170 basis points. Gross margin rate increased to 43.5% from 42.3% in the previous year. Looking forward, Burlington has raised its FY24 adjusted EPS guidance to $7.35-$7.75 and expects total sales to grow by 8% to 10%. CEO Michael O’Sullivan expressed satisfaction with the quarter's performance, noting significant earnings growth and margin improvement. Moreover, the company repurchased 312,238 shares for $63 million and ended the quarter with $1,521 million in liquidity. For the next quarter, Burlington anticipates a 9% to 11% sales increase and adjusted EPS of $0.83 to $0.93.
Burlington Stores, a nationally recognized off-price retailer, will release its first quarter fiscal year 2024 results on May 30, 2024, before the U.S. stock market opens. A conference call to discuss these results will follow at 8:30 a.m. ET. The U.S. toll-free dial-in number is 1-800-715-9871 with passcode 3047342. International participants can dial 1-646-307-1963. A live webcast will also be available on the company's investor relations website. Additionally, a replay of the call will be accessible starting at 11:30 a.m. ET on May 30, 2024, through June 6, 2024, at 11:59 p.m. ET. Burlington will continue to share material information via SEC filings, press releases, public calls, webcasts, and through its website and social media channels.
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