Burlington Stores Expects 100 Net New Stores in 2024

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Burlington Stores Expects 100 Net New Stores in 2024 (Read More)

Burlington Stores has reported robust fourth-quarter results, surpassing expectations and providing a positive outlook for sales in the current fiscal year.

• Expansion Milestone: Burlington celebrates reaching its 1,000th store in 2024 and plans to open around 100 new stores in the fiscal year.

• Financial Performance: Total revenue increases by 14% to $3.12 billion for the 14-week period. Net income rises to $227.5 million, with adjusted net income showing significant growth.

• Full-Year Performance: Total revenue for the full year increases to $9.708 billion.

• Long-Term Vision: Burlington aims for $16 billion in total sales and $1.6 billion in adjusted operating income within the next five years.

• Future Plans: Anticipates opening approximately 100 net new stores in fiscal 2024 with adjusted earnings expected to range between $7.00 to $7.60 per share. Total sales growth forecasted to be between 9% to 11%, with capital expenditures estimated at approximately $750 million.

• Store Presence: At the close of the fiscal year, Burlington operates 1007 stores across 46 states, Washington D.C., and Puerto Rico.

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