The news comes following the company beating their fourth-quarter sales estimates.
The off-price retailer, which ended 2020 with 761 stores across America has upped its long-term store count from 1,000 to 2,000. It intends to open 100 new locations in the current fiscal year.
The brand reported that its net income has totalled $155.9M in the quarter ended January, 30, down from $206.3M from the same period year ago. Revenue rose to $2.238bn from $2.209bn.
Michael O’Sullivan, Chief Executive Officer, commented: “This new target takes account of the significant market share opportunity that we see ahead of us, and of the improvements we are making in our business with Burlington 2.0, in particular the significant reduction in inventory levels and the smaller store footprint that this enables.”
