Burlington Stores, Inc. has reported its fourth-quarter and full-year 2024 earnings, showcasing strong performance and growth. In the fourth quarter, comparable store sales grew by 6%, exceeding the guidance range of 0% to 2%. Net income for the fourth quarter was $261 million, with diluted earnings per share (EPS) at $4.02. For the full fiscal year 2024, total sales increased by 11% and comparable store sales grew by 4%. Net income for the full year was $504 million, with diluted EPS at $7.80.
Excluding expenses associated with bankruptcy acquired leases, the adjusted earnings before interest and taxes (EBIT) margin for the fourth quarter increased by 10 basis points, and adjusted EPS increased by 12% to $4.13, surpassing the guidance range of $3.55 to $3.75. The full fiscal year 2024 also saw positive performance, with an adjusted EBIT margin increase of 100 basis points and adjusted EPS of $8.35, marking a 34% increase over the previous fiscal year.
In terms of operations, total sales for the fourth quarter increased by 5% compared to the same period the previous year, reaching $3,272 million. The gross margin expanded by 30 basis points to 42.9%, with product sourcing costs remaining flat as a percentage of net sales. For the full fiscal year 2024, total sales increased by 9%, and net income surged by 48% to $504 million.
The company's merchandise inventories grew to $1,251 million, representing a 15% increase over the previous year, while comparable store inventories decreased by 3%. The company ended the fourth quarter of fiscal 2024 with $1,822 million in liquidity, comprised of $995 million in unrestricted cash and $827 million in availability on its ABL facility. Additionally, the company repurchased 218,443 shares of its common stock under its share repurchase program for $61 million during the fourth quarter of fiscal 2024.
Looking ahead to fiscal year 2025, the company expects total sales to increase in the range of 6% to 8%, with adjusted EPS in the range of $8.70 to $9.30, compared to $8.35 in the previous fiscal year. The company anticipates opening approximately 100 net new stores during fiscal year 2025 and forecasts a range of 0% to 2% growth in comparable store sales.
Burlington Stores, Inc. remains cautiously optimistic about the outlook for 2025 and plans to manage its business with flexibility to adapt to potential external challenges. The company believes that the off-price model is well-positioned to thrive in uncertain environments, as demonstrated by its strong performance in 2024. The market has reacted to these announcements by moving the company's shares 9.1% to a price of $258.48. If you want to know more, read the company's complete 8-K report here.
