Burlington Stores, Inc. has released their fourth quarter results, which included double digit growth in January and a new store target of 2,000 total locations.
“We saw comparable store sales improve sequentially as the quarter progressed, starting with a double digit decline in November, improving to flat in December, and then accelerating to double digit growth in January. I was pleased with how we navigated this trend, and utilized core Burlington 2.0 strategies – chasing sales, buying opportunistically and operating with leaner inventories. Looking ahead, the retail environment is likely to remain unpredictable for some time. We are planning 2021 comparable store sales conservatively but will manage liquidity to chase sales if the trend is stronger,” said Michael O’Sullivan, Chief Executive Officer at Burlington Stores, Inc.
Highlights from the report include:
- Total sales increased 4% to $2.27 million
- Net income was $156 million
- Gross margin rate was 42.5%, an increase of 40 basis points
Burlington has adopted a 2.0 strategy to enable smaller format stores, based on the current retail landscape. The company will increase its long-term brick-and-mortar footprint to 2,000 stores, up from their previous goal of 1,000. The company currently operates 761 total locations.
“Today, we are excited to announce the expansion of our store count potential to 2,000 stores, from 1,000 stores previously. 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,” added O’Sullivan.
About Burlington Stores, Inc.
Burlington Stores, Inc., headquartered in New Jersey, is a nationally recognized off-price retailer with Fiscal 2020 net sales of $5.8 billion. The Company is a Fortune 500 company and its common stock is traded on the New York Stock Exchange under the ticker symbol “BURL.” The Company operated 761 stores as of the end of the fourth quarter of Fiscal 2020, in 45 states and Puerto Rico, principally under the name Burlington Stores. The Company’s stores offer an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers’ prices, including women’s ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats.
For more information about the Company, visit www.burlington.com.