Burlington Stores(BURL) - 2025 Q3 - Quarterly Results

Sales Performance - Total sales increased by 11% to $2,526 million, with comparable store sales growth of 1%[3] - Net sales for the three months ended November 2024 were $2,526,174 thousand, a 10.6% increase compared to $2,284,673 thousand in the same period last year[25] - Total revenue for the nine months ended November 2024 reached $7,357,766 thousand, up 11.5% from $6,601,109 thousand in the prior year period[25] - For FY24, the company raised adjusted EPS guidance to $7.76-$7.96 and expects total sales growth of 9%-10%[2][11] - For Q4 FY24, the company expects total sales growth of 5%-7% and adjusted EPS in the range of $3.55-$3.75[12][13] Profitability and Earnings - Net income was $91 million, with diluted EPS of $1.40, and adjusted EPS increased by 41% to $1.55[2][5] - Adjusted EBIT margin increased by 80 basis points, driven by higher gross margin and leverage on supply chain expenses[3][5] - Gross margin rate improved by 70 basis points to 43.9%, with merchandise margin expanding by 50 basis points[5] - Adjusted EBITDA increased by 100 basis points to $229 million, and adjusted EBIT increased by 80 basis points to $141 million[5] - Net income for the nine months ended November 2024 was $242,871 thousand, a 116.5% increase compared to $112,191 thousand in the same period last year[25] - Diluted net income per common share for the nine months ended November 2024 was $3.77, up 117.9% from $1.73 in the prior year period[25] - Adjusted Net Income for the three months ended November 2, 2024 was $99.895 million, compared to $63.828 million for the same period in 2023[40] - Adjusted EPS for the three months ended November 2, 2024 was $1.55, compared to $0.98 for the same period in 2023[40] - Adjusted EBITDA for the three months ended November 2, 2024 was $228.786 million, compared to $175.563 million for the same period in 2023[40] - Net income for the nine months ended November 2, 2024 was $242.871 million, compared to $112.191 million for the same period in 2023[40] - Adjusted Net Income for the nine months ended November 2, 2024 was $264.195 million, compared to $157.698 million for the same period in 2023[40] - Adjusted EPS for the nine months ended November 2, 2024 was $4.10, compared to $2.43 for the same period in 2023[40] - Adjusted EBITDA for the nine months ended November 2, 2024 was $641.990 million, compared to $473.689 million for the same period in 2023[40] Inventory and Assets - Merchandise inventories increased by 8% to $1,441 million, while comparable store inventories decreased by 2%[7] - Merchandise inventories as of November 2, 2024 were $1,440,695 thousand, a 32.5% increase compared to $1,087,841 thousand at the beginning of the period[27] - Total assets as of November 2, 2024 were $8,442,860 thousand, a 9.5% increase from $7,706,840 thousand at the beginning of the period[27] Cash Flow and Capital Expenditures - Cash and cash equivalents as of November 2, 2024 were $857,800 thousand, a decrease of 7.3% from $925,359 thousand at the beginning of the period[27][30] - Net cash provided by operating activities for the nine months ended November 2024 was $320,212 thousand, an 18.5% increase compared to $270,196 thousand in the prior year period[31] - Cash paid for property and equipment for the nine months ended November 2024 was $527,065 thousand, a 73.1% increase compared to $304,442 thousand in the prior year period[31] - The company plans to open 101 net new stores and expects capital expenditures of approximately $750 million[11] Share Repurchase Program - The company repurchased 213,372 shares for $56 million, with $325 million remaining in the share repurchase program[10] Adjusted Metrics and Expenses - Adjusted SG&A for the three months ended November 2, 2024 was $679.995 million, compared to $622.735 million for the same period in 2023[40] - Adjusted Effective Tax Rate for the three months ended November 2, 2024 was 23.5%, compared to 25.0% for the same period in 2023[42] - Adjusted SG&A for the nine months ended November 2, 2024 was $1.986 billion, compared to $1.774 billion for the same period in 2023[40]