Thu, Aug 29, 8:05 PM (138 days ago)
Burlington Stores, Inc. reported strong financial performance for the second quarter and first half of Fiscal 2024, ending August 3, 2024. Net sales increased by 13.4% to $2,461.2 million in Q2, driven by a 5% rise in comparable store sales and contributions from 118 new stores. For the six months, net sales rose 12.0% to $4,818.5 million. Profitability improved significantly, with net income of $73.8 million in Q2 (up from $30.9 million) and $152.3 million for the half (up from $63.6 million). Gross margin improved to 42.8% in Q2, attributed to lower markdowns and freight costs. Operating cash flow increased to $209.8 million, while capital expenditures rose to $360.1 million, reflecting ongoing store expansions and supply chain enhancements. The company's liquidity remains strong, with $659.9 million in cash and no borrowings under its ABL Line of Credit. However, uncertainties persist, including economic conditions impacting consumer spending and competitive pressures in the retail landscape. The company aims to open approximately 100 new stores annually through Fiscal 2028, emphasizing operational efficiency and margin improvements.