Burlington Stores Reports 10.6% Revenue Growth to $2.53 Billion in Latest Quarter

Burlington Stores, Inc. reported significant financial growth in its latest quarterly results, with net sales reaching $2.53 billion for the three months ended November 2, 2024, a 10.6% increase from $2.28 billion in the same period last year. For the nine-month period, total revenue rose to $7.34 billion, up 11.5% from $6.59 billion. The company’s net income also saw a substantial increase, climbing to $90.6 million for the third quarter, compared to $48.6 million in the prior year, and $242.9 million for the nine months, up from $112.2 million.

The growth in revenue and profitability was attributed to the opening of 139 new stores, including 30 relocations, and a 1% increase in comparable store sales during the third quarter. The company operated 1,103 stores as of November 2, 2024, reflecting its ongoing expansion strategy. Additionally, Burlington's gross margin improved to 43.9% in the third quarter, up from 43.2% a year earlier, driven by lower markdowns and improved freight expenses.

Burlington Stores has also made strategic financial moves, including the refinancing of its Term Loan Facility, which now totals $1.25 billion with a maturity date extended to September 2021. The company reduced its interest rate margins, which is expected to lower future interest expenses. As of the latest report, Burlington had $857.8 million in cash and cash equivalents, alongside $1.54 billion in long-term debt.

Operationally, Burlington has focused on enhancing its supply chain efficiency and optimizing inventory levels, which has contributed to improved product sourcing costs. The company reported a decrease in selling, general, and administrative expenses as a percentage of net sales, reflecting better cost management. Looking ahead, Burlington plans to continue its expansion with an average of 100 new stores annually through 2028, while also investing in merchandising capabilities to drive comparable store sales growth.

In summary, Burlington Stores, Inc. has demonstrated strong financial performance and strategic growth initiatives, positioning itself for continued success in the competitive retail landscape. The company remains optimistic about its future, despite potential economic uncertainties that could impact consumer spending.