Burlington Stores reported strong fourth-quarter results that topped expectations and issued upbeat sales guidance for its current fiscal year.
In a statement, Chairman and CEO Michael O’Sullivan noted that the company hit a major milestone in 2024, opening its 1,000th store and significantly strengthened its pipeline for new store openings through its acquisition of Bed Bath & Beyond leases. Burlington expects to open approximately 100 net new stores in 2024.
Total revenue increased 14 per cent to $3.12bn for the 14-week period ended 3 February (compared to the 13-week period comprising the year-ago quarter). On a 13-week basis, total sales rose nine per cent to $2.98bn, while comparable store sales edged up two per cent.
“Our performance in the fourth quarter exceeded our guidance,” stated CEO Michael O’Sullivan. “This completed a strong year for our business. On a 52-week basis, comparable store sales grew four per cent, adjusted operating margin improved 130 basis points and adjusted EPS increased 46 per cent.”
