Thu, May 30, 8:27 PM (144 days ago)
Burlington Stores, Inc. reported a strong financial performance for the quarter ended May 4, 2024. Net sales increased by 10.5% to $2,357.3 million, driven by a 2% rise in comparable store sales and contributions from 88 net new stores. Gross margin improved to 43.5%, reflecting higher merchandise margins and lower freight costs. Selling, general and administrative expenses as a percentage of net sales decreased slightly to 35.0%, aided by supply chain efficiencies. Net income surged to $78.5 million from $32.7 million in the prior year, primarily due to higher sales and improved gross margins. Cash and cash equivalents decreased by $183.0 million, ending the period at $742.3 million, while the company maintained $779.1 million available under its ABL line of credit. The company repurchased 312,238 shares of common stock for $63.4 million, leaving $441.7 million remaining under its repurchase authorization. Key uncertainties include ongoing inflationary pressures affecting consumer spending, competitive market conditions, and potential impacts from geopolitical events. Burlington plans to continue expanding its store base, with a target of 100 net new stores annually through 2028, and to enhance operational efficiencies to sustain growth.