Burlington Stores Inc. Reports Strong Growth in 2024 Annual Report
Burlington Stores Inc. has released its annual report for Fiscal 2024, showcasing a robust performance characterized by significant revenue growth, an increase in net income, and an expansion of its retail footprint. The off-price retailer, headquartered in Burlington, New Jersey, has continued its strategy of delivering high-quality branded merchandise at competitive prices, further solidifying its position in the retail market.
1. Company Overview
Founded in 1972, Burlington Stores Inc. has grown to operate 1,108 stores across 46 states, Washington D.C., and Puerto Rico as of February 1, 2025. The company remains committed to providing customers with a unique shopping experience that combines quality and affordability.
Store Openings and Expansion
During Fiscal 2024, Burlington opened 147 new stores, including 31 relocations, while closing 15 locations. This expansion strategy has brought the company's total store count to 1,108. Looking ahead, Burlington plans to open approximately 100 net new stores in Fiscal 2025, indicating a continued focus on growth.
2. Financial Performance Highlights
Burlington's financial results for Fiscal 2024 reflect a strong operational performance, driven by strategic initiatives and an improved market position.
Revenue Growth
Burlington reported net sales of $10.62 billion in 2024, representing a 9.3% increase from $9.70 billion in 2023. This growth was primarily fueled by the addition of 101 net new stores and a 4% increase in comparable store sales.
Profitability Metrics
The company's net income reached $503.6 million in 2024, a significant increase from $339.6 million the previous year. This achievement highlights Burlington's successful management of operational costs and effective sales strategies.
Income Statement Summary:
| Metric | 2023 | 2024 |
|---|---|---|
| Revenue | $9.72 billion | $10.62 billion |
| Net Income | $339.6 million | $503.6 million |
| Cost of Revenue | $5.58 billion | $6.02 billion |
| Operating Expenses | $3.67 billion | $3.93 billion |
| Depreciation & Amortization | $307.0 million | $347.6 million |
| Income Tax Expense | $126.1 million | $171.2 million |
| Mar 2024 | Mar 2025 | |
|---|---|---|
Net Income | 339.6M | 503.6M |
Profit | 339.6M | 503.6M |
Net Income Continuing | 339.6M | 503.6M |
Income Tax Expense | 126.1M | 171.1M |
Pretax Income | 465.7M | 674.8M |
Operating Income | 465.7M | 674.8M |
Revenue | 9.72B | 10.63B |
Costs and Expenses | 9.26B | 9.96B |
Cost of Revenue | 5.58B | 6.02B |
Operating Expenses | 3.67B | 3.93B |
Depreciation, Depletion & Amortization | 307.0M | 347.5M |
Impairment Expense | 6.36M | 12.92M |
Selling, General & Administrative | 3.28B | 3.54B |
Other Operating Expenses | 75.88M | 27.27M |
Balance Sheet Strength
Burlington's total assets increased to $8.77 billion in 2024, up from $7.70 billion in 2023, reflecting strong operational growth. The balance sheet indicates a well-managed capital structure with total liabilities of $4.07 billion and total equity of $1.37 billion.
Balance Sheet Summary:
| Metric | 2023 | 2024 |
|---|---|---|
| Total Assets | $7.70 billion | $8.77 billion |
| Current Liabilities | $2.02 billion | $2.27 billion |
| Long-term Debt | $1.39 billion | $1.53 billion |
| Total Equity | $996.9 million | $1.37 billion |
| Mar 2024 | Mar 2025 | |
|---|---|---|
Total Assets | 7.70B | 8.77B |
Total Current Assets | 2.32B | 2.62B |
Cash and Equivalents | 925.3M | 994.6M |
Net Inventories | 1.08B | 1.25B |
Accounts Receivable | 74.36M | 88.07M |
Prepaid Expenses | 216.1M | 263.0M |
Other Current Assets | 23.29M | 32.19M |
Total Non-current Assets | 5.37B | 6.14B |
Intangible Assets | 285.0M | 285.0M |
Net PP&E | 1.88B | 2.36B |
Other Non-current Assets | 3.21B | 3.48B |
Total Liabilities and Equity | 7.70B | 8.77B |
Other Equity and Liabilities | 3.05B | 3.32B |
Total Liabilities | 3.65B | 4.07B |
Total Current Liabilities | 2.02B | 2.27B |
Accounts Payable and Accrued Liabilities | 956.3M | 1.03B |
Current Debt | 425.0M | 577.7M |
Other Current Liabilities | 647.3M | 656.5M |
Total Non-current Liabilities | 1.62B | 1.79B |
Long-term Debt | 1.39B | 1.53B |
Non-current Deferred Tax Liabilities | 227.5M | 259.2M |
Total Equity and Non-controlling Interests | 996.9M | 1.37B |
Total Equity | 996.9M | 1.37B |
Cash Flow and Capital Expenditures
Burlington generated $863.4 million in cash from operations in 2024 compared to $868.7 million in 2023. The company made significant capital expenditures of $843.9 million, an increase from $522.5 million the previous year, primarily focused on store openings and supply chain improvements.
Cash Flow Summary:
| Metric | 2023 | 2024 |
|---|---|---|
| Net Change in Cash | $46.15 million | $69.33 million |
| Cash from Operating Activities | $868.7 million | $863.4 million |
| Cash from Investing Activities | -$503.7 million | -$882.2 million |
| Cash from Financing Activities | -$318.8 million | $88.21 million |
| Mar 2024 | Mar 2025 | |
|---|---|---|
Net Change in Cash | 46.15M | 69.33M |
Net Cash from Operating Activities | 868.7M | 863.3M |
Operating Profit | 339.6M | 503.6M |
Adjustment to Operating Profit | 529.0M | 359.7M |
Net Cash from Investing Activities | -503.7M | -882.2M |
Productive Assets | 479.1M | 870.6M |
Other Investing Activities | -24.64M | -11.59M |
Net Cash from Financing Activities | -318.8M | 88.21M |
Debt | -99.06M | 303.2M |
Equity Issuance/Repurchase | -224.4M | -224.6M |
Other Financing Activities | 4.63M | 9.61M |
3. Operational Challenges and Strategic Focus
Despite its strong performance, Burlington faces several challenges, including economic uncertainties, inflationary pressures, and intense competition, particularly from online retailers. The company is actively managing its inventory levels and enhancing its merchandising capabilities to mitigate these challenges.
Ongoing Initiatives
Burlington's ongoing initiatives focus on driving comparable store sales growth, optimizing inventory management, and expanding its retail footprint. The company continues to invest in enhancing existing product categories while introducing new ones to keep up with changing consumer preferences.
4. Conclusion
Burlington Stores Inc. has demonstrated impressive growth and resilience in its 2024 annual report, showcasing a solid financial performance supported by strategic store expansions and a commitment to delivering quality products at competitive prices. While challenges remain, the company’s proactive strategies position it well for continued success in the evolving retail landscape.
