Burlington Stores Delivers Strong Q3 Performance, Outlines Exciting Long-Term Growth Plans
Burlington Stores, Inc., a leading off-price retailer, has announced its third quarter operating results for fiscal 2024. The company reported an impressive 11% increase in total sales, driven by the success of its new store opening program.
In a conference call with investors and analysts, Michael O'Sullivan, Chief Executive Officer of Burlington Stores, highlighted the company's strong performance in the third quarter. "We are very pleased with the performance of our new stores, and we are excited by the strength of our new store pipeline," he said.
The company's comp store sales for the third quarter increased 1%, building on last year's 6% growth. However, the trend was impacted by significantly warmer temperatures than in 2023. After stripping out the impact of these warmer temperatures, Burlington's underlying comp store sales growth was a healthy 4%. This is consistent with the trend seen since March of this year.
The company's focus on new store openings has been a key driver of its growth. Burlington continues to be very pleased with the performance of its new stores, and it is excited by the strength of its new store pipeline. The company's new store program has been instrumental in driving sales growth and improving profitability.
Burlington Stores also outlined its longer-term model and preliminary thinking on its sales and earnings growth outlook for 2025. The company's management team emphasized the importance of building a strong brand and delivering exceptional customer experiences to drive long-term growth and success.
"We are committed to building a strong brand that resonates with our customers," said Michael O'Sullivan. "Our new store program is an important part of this strategy, and we are excited about the opportunities it presents for us in the future."
The company's fourth quarter outlook was also discussed during the conference call. Burlington Stores expects to continue its strong performance in the final quarter of the year, driven by the success of its new store openings and improved sales trends.
"We are confident that our new store program will continue to drive growth and improve profitability for us," said Kristin Wolfe, EVP and Chief Financial Officer. "Our team is working hard to ensure a smooth execution of our plans, and we are excited about the opportunities ahead."
