Burlington Stores(BURL) - 2024 Q4 - Annual Results

Sales Performance - Total sales increased 14% on a 14-week basis to $3,121 million, with comparable store sales up 2%[10] - Total sales increased by 10% on a 13-week basis, with comparable store sales growing by 2% and adjusted EPS increasing by 25%[43] - On a GAAP 53-week basis, total sales increased by 12%, net income was$ 340 million, and diluted EPS was $5.23[50] - Net sales for Fiscal 2023 reached$ 9.7 billion, solidifying the company's position as a Fortune 500 retailer[31] Earnings and Profitability - Adjusted EPS for FY24 is projected to be $7.00-$ 7.60, representing a 12% to 22% increase over FY23[1] - Net income for the fourth quarter was $227 million, with diluted EPS of$ 3.53 on a 14-week basis[10] - Adjusted Net Income increased 44% to $405 million on a 52-week basis, with Adjusted EPS up 46% to$ 6.24[4] - Net income for Fiscal Year 2024 (53 weeks) increased to $339.6 million, up from$ 230.1 million in the previous year[23] - Adjusted EPS for Q1 Fiscal 2024 is forecasted to be in the range of $0.95 to$ 1.10, compared to $0.84 in the previous year[30] - Net income for the 14 weeks ended February 3, 2024 was$ 227.458 million, compared to $185.200 million for the same period in 2023[40] - Adjusted Net Income for the 14 weeks ended February 3, 2024 was$ 235.682 million, compared to $193.739 million for the same period in 2023[40] EBIT and EBITDA Margins - Adjusted EBIT margin increased 110 basis points, exceeding guidance of 0 to 40 basis points[9] - Adjusted EBIT margin for FY24 is expected to increase by 10 to 50 basis points, excluding$ 9 million in anticipated expenses related to Bed Bath & Beyond leases[14] - Adjusted EBIT margin is projected to increase by 20 to 60 basis points in Q1 Fiscal 2024, excluding $8 million in expenses related to acquired Bed Bath & Beyond leases[30] - Adjusted operating margin expanded by 110 basis points in the fourth quarter[43] - Adjusted EBIT for the 14 weeks ended February 3, 2024 was$ 327.099 million, compared to $273.664 million for the same period in 2023[47] - Adjusted EBITDA for the 14 weeks ended February 3, 2024 was$ 414.414 million, compared to $342.155 million for the same period in 2023[47] - Adjusted EBITDA excludes items such as interest expense, income tax expense, and depreciation and amortization, among others[38] Inventory and Liquidity - Merchandise inventories decreased 5% year-over-year to$ 1,088 million at the end of Fiscal 2023[12] - The company ended Q4 with $1,634 million in liquidity, including$ 925 million in unrestricted cash[5] - Merchandise inventories decreased to $1.09 billion from$ 1.18 billion year-over-year[35] Store Operations and Expansion - The company plans to open approximately 100 net new stores in Fiscal 2024[14] - The company operated 1,007 stores across 46 states, Washington D.C., and Puerto Rico as of the end of Fiscal 2023[31] Cash Flow and Share Repurchases - Net cash provided by operating activities rose to $868.7 million, compared to$ 596.4 million in the prior year[23] - The company repurchased 605,311 shares of common stock for $103 million in Q4 2023[6] Tax and Share Metrics - Adjusted Effective Tax Rate for the 14 weeks ended February 3, 2024 was 25.7%, compared to 25.3% for the same period in 2023[48] - Diluted weighted average shares outstanding for the 14 weeks ended February 3, 2024 was 64,425, compared to 65,385 for the same period in 2023[40] SG&A Expenses - Adjusted SG&A for the 14 weeks ended February 3, 2024 was$ 716.894 million, compared to $593.244 million for the same period in 2023[41] Assets and Financial Position - Total assets increased to$ 7.7 billion as of February 3, 2024, up from $7.3 billion at the end of the previous fiscal year[35]