Burlington Stores Reports Strong Growth in Q4 and FY2023 Results

By Bobby Samwell • Thursday, March 07 15:17 • Permanent Link

Burlington Stores, Inc. operates 1007 stores across 46 states, Washington D.C., and Puerto Rico, and is traded on the New York Stock Exchange under the ticker symbol "BURL." On a GAAP 14-week basis, total sales increased by 14%, with net income reaching $227 million and diluted EPS at $3.53. When excluding certain expenses associated with the acquisition of Bed Bath & Beyond leases on a non-GAAP 13-week basis, the company saw a 2% increase in comparable store sales, surpassing the guidance range of -2% to 0%. Adjusted EBIT margin also exceeded expectations, increasing by 110 basis points.

For the full fiscal year 2023, total sales increased by 12% on a 53-week basis, with net income reaching $340 million and diluted EPS at $5.23. The company also provided an outlook for fiscal year 2024, expecting adjusted EPS to increase by 12% to 22% over fiscal year 2023 on a 52-week basis.

In the fourth quarter of fiscal 2023, total sales increased by 14% on a 14-week basis, reaching $3,121 million. Gross margin expanded by 190 basis points to 42.6% on a 13-week basis, and merchandise margins increased by 140 basis points, while product sourcing costs were $197 million compared to $187 million in the previous year. Net income stood at $227 million, representing an increase of $42 million from the previous year.

For the full fiscal year 2023, total sales increased by 12%, reaching $9.7 billion. Net income increased by 48% to $340 million, and adjusted EPS was $6.24 compared to $4.26 in the previous year, reflecting a 46% increase.

In terms of liquidity and debt, the company ended the fourth quarter of fiscal 2023 with $1,634 million in liquidity, consisting of $925 million in unrestricted cash and $709 million in availability on its ABL facility. Additionally, during the fourth quarter, the company repurchased 605,311 shares of its common stock for $103 million.

Looking ahead to fiscal 2024, the company expects total sales to increase by 9% to 11%, with adjusted EPS in the range of $7.00 to $7.60.

As a result of these announcements, the company's shares have moved 8.2% on the market, and are now trading at a price of $222.84. If you want to know more, read the company's complete 8-K report here.

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