Burlington Stores(BURL) - 2026 Q1 - Quarterly Results

Financial Performance - Total sales increased by 6% year-over-year to $2,500 million, while comparable store sales remained flat[4] - Net income for the first quarter was $101 million, with diluted EPS of $1.58, compared to $79 million and $1.22 per share in the same quarter last year[9] - Adjusted EPS rose by 18% to $1.67, exceeding guidance, while adjusted EBIT margin increased by 30 basis points[6] - Net sales for the three months ended May 3, 2025, were $2,500,075, an increase of 6.05% from $2,357,318 for the same period in 2024[24] - Total revenue for the same period was $2,504,020, up 6.03% from $2,361,553 in the prior year[24] - Net income increased to $100,833, representing a 28.5% rise from $78,514 in the previous year[24] - Diluted net income per share rose to $1.58, compared to $1.22 for the same period last year, marking a 29.5% increase[24] - Adjusted Net Income for the three months ended May 3, 2025, was $102,582, up from $86,813, reflecting an increase of 18.2%[37] - Adjusted EBITDA for the same period was $238,103, an increase of 12.6% from $211,361 in the prior year[37] - The total net income for the fiscal year ended February 1, 2025, is $503,639,000[38] Inventory and Capital Expenditures - Merchandise inventories increased by 15% to $1,315 million, while comparable store inventories decreased by 8%[7] - Capital expenditures are projected to be approximately $950 million, with plans to open around 100 net new stores[14] - The company incurred $409,700 in capital expenditures during the three months ended May 3, 2025, compared to $164,837 in the same period last year[28] Liquidity and Debt - The company ended the quarter with $1,119 million in liquidity and $1,652 million in total debt[10] - Cash and cash equivalents decreased to $371,092 from $742,332 at the end of the same period last year, a decline of 50%[28] - Total assets as of May 3, 2025, were $8,549,897, a decrease from $8,770,413 at the end of the previous quarter[26] - Total current liabilities decreased to $1,956,841 from $2,097,322 in the same period last year, a reduction of 6.7%[26] Tax and Shareholder Returns - The effective tax rate decreased to 24.1% from 28.4% in the prior year[9] - The company has authorized an additional $500 million for share repurchases, effective through May 2027[10] - The effective tax rate on a GAAP basis for Q1 2025 is 24.1%, down from 28.4% in Q1 2024[38] - The tax effect of adjustments for Q1 2025 is $(1,336,000), reflecting the impact of various excluded items[40] Adjusted Financial Metrics - Adjusted Net Income for Q1 2025 is $77,487,000, compared to $73,760,000 in Q1 2024[38] - Adjusted Earnings per Share (EPS) for Q1 2025 is $1.20, while it was $1.14 in Q1 2024[38] - The net favorable lease costs for Q1 2025 amount to $3,138,000, contributing to the adjusted net income[38] - The company recorded litigation matters costs of $1,925,000 in Q1 2025, impacting the net income[39] Other Financial Adjustments - The company incurred impairment charges of $12,921,000 during the fiscal year ended February 1, 2025[38] - The loss on extinguishment of debt for the fiscal year ended February 1, 2025, is $1,412,000[39]