Burlington Stores, Inc. reported significant financial growth for the three and six months ended August 3, 2024, compared to the same periods in the previous fiscal year. Net sales for the second quarter reached $2,461.2 million, marking a 13.4% increase from $2,170.5 million in the prior year. Total revenue for the same period was $2,465.5 million, up from $2,174.8 million. The company’s net income for the quarter was $73.8 million, a substantial rise from $30.9 million in the previous year, resulting in a net income per share of $1.16 compared to $0.48.

For the six-month period, Burlington's net income surged to $152.3 million from $63.6 million, with net income per share increasing to $2.39 from $0.98. The growth in profitability was attributed to higher sales, improved gross margin rates, and effective management of selling, general, and administrative expenses.

Total costs and expenses for the second quarter increased to $2,365.9 million from $2,132.8 million, driven by higher sales volumes. The gross margin as a percentage of net sales improved to 42.8%, up from 41.7% in the prior year, primarily due to reduced markdowns and freight costs. Comparable store sales rose by 5% for the quarter, reflecting a consistent performance trend.

Burlington's cash and cash equivalents as of August 3, 2024, were reported at $659.9 million, a decrease from $925.4 million at the beginning of the fiscal year. The company’s total assets increased to $7.82 billion, up from $6.92 billion a year earlier, while total liabilities also rose, leading to a total stockholders' equity of $1.07 billion.

Strategically, Burlington opened 76 new stores and closed 11 during the six-month period, bringing the total store count to 1,057. The company plans to continue expanding, targeting an average of 100 net new stores annually through Fiscal 2028, with a long-term goal of operating 2,000 stores. Additionally, Burlington is investing in supply chain efficiencies and optimizing inventory management to enhance profitability.

The company also reported a share repurchase program, with $124.6 million spent on repurchasing 581,746 shares during the first half of Fiscal 2024. The remaining authorization under this program is $380.5 million.

Overall, Burlington Stores, Inc. demonstrated robust financial performance and strategic growth initiatives, positioning itself favorably in the competitive retail landscape.