The company reported a solid third quarter even as warmer weather took a toll on cold weather categories, including coat sales.
In its earnings call with analysts, the off-price retailer credited its new store opening program as a major driver of its growth. Burlington expects to end this year with 101 net new stores.
“We are very well positioned to open 100 net new stores in 2025 as well as meet, or even exceed, our 500 net new store opening goals for the period 2024 through 2028,” CEO Michael O’Sullivan told analysts. “We continue to be very pleased with the performance of our new stores and we are excited by the strength of our new store pipeline.”
Almost all of the stores that Burlington opened this year feature its 25,000sq ft prototype, he added, with most in busy strip malls with national co-tenants. “In the past couple of years, we have been able to supplement our new store pipeline by selectively acquiring existing leases from retailers that are going through a bankruptcy process,” O’Sullivan said on the call. “This approach has allowed us to move into centres that we might not have otherwise been able to access.”
