Burlington Stores (BURL) BURL quarter Financial Results Summary
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Burlington Stores, Inc. (BURL) Q3 2025 Financial Results Summary
Burlington Stores, Inc. (NYSE: BURL) released its financial results for the third quarter ended November 1, 2025, on November 25, 2025. Below is a summary of the key financial metrics and changes compared to the same quarter a year ago.
Financial Performance Highlights
- Total Sales
- Increased by 7% to $2,706 million compared to $2,526 million in Q3 2024.
- Comparable Store Sales
- Increased by 1% compared to the same period last year.
Income Metrics
- Net Income
- Increased to $105 million, or $1.63 per diluted share, compared to $91 million or $1.40 per diluted share in Q3 2024.
- Adjusted Net Income
- Rose to $116 million, equating to $1.80 per share, versus $100 million or $1.55 per share in Q3 2024, reflecting a 16% growth.
- Adjusted EBIT
- Increased to $167 million from $141 million in Q3 2024.
- Adjusted EBIT Margin
- Increased by 60 basis points, reflecting improved operational efficiency.
- Adjusted EBITDA
- Rose to $266 million, compared to $229 million in Q3 2024, marking an increase of 80 basis points as a percentage of sales.
Margin Analysis
- Gross Margin Rate
- Increased to 44.2%, up 30 basis points from 43.9% in Q3 2024.
- SG&A Expenses
- As a percentage of net sales decreased from 35.4% to 35.0%, representing a 40 basis point decrease.
- Adjusted SG&A
- Excluding bankruptcy expenses, decreased to 26.7% from 26.9% in Q3 2024, showing a 20 basis point improvement.
Taxes
- Effective Tax Rate
- Increased to 24.1%, compared to 23.2% in Q3 2024.
- Adjusted Effective Tax Rate
- Remained stable at 24.1%, up from 23.5% the previous year.
Inventory Management
- Merchandise Inventories
- Increased by 15% to $1,658 million from $1,441 million at the end of Q3 2024, while comparable store inventories decreased by 2%.
- Reserve Inventory
- Increased to 35% of total inventory, up from 32% in Q3 2024.
Liquidity and Debt
- Total Liquidity
- Ended the quarter with $1,532 million, which includes $584 million in unrestricted cash and $948 million from an Asset-Based Loan (ABL) facility.
- Total Debt
- Total outstanding debt reached $2,035 million, including $1,723 million on the Term Loan facility, $297 million in Convertible Notes, and no borrowings on the ABL facility.
Shareholder Returns
- Common Stock Repurchases
- During Q3 2025, the company repurchased 213,972 shares for $61 million. An authorization of $444 million remains under the current share repurchase program.
Guidance and Outlook
- Full Year FY 2025 Adjusted EPS Guidance
- Increased to a range of $9.69 to $9.89, up from $8.35 last year, excluding $26 million in anticipated bankruptcy-related expenses.
- Fourth Quarter FY 2025 Sales Expectations
- Projected increase of 7% to 9%, alongside comparable store sales between 0% to 2%.
- Full Year Sales Expectation
- Estimated increase of approximately 8% on top of an 11% increase for FY 2024.
Conclusion
Burlington Stores, Inc. demonstrated strong financial performance in Q3 2025, marked by increased sales and profit margins despite challenges such as fluctuating store traffic due to weather effects. The company remains focused on its growth strategies, including new store openings and improvements in operational margins, while also managing its share repurchase program to enhance shareholder value.
BURLINGTON STORES, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (All amounts in thousands)
| REVENUES: | Three Months Ended | Nine Months Ended | ||
|---|---|---|---|---|
| November 1, 2025 | November 2, 2024 | November 1, 2025 | November 2, 2024 | |
| Net sales | $2,706,003 | $2,526,174 | $7,907,104 | $7,344,685 |
| Other revenue | 4,437 | 4,522 | 12,427 | 13,081 |
| Total revenue | 2,710,440 | 2,530,696 | 7,919,531 | 7,357,766 |
| COSTS AND EXPENSES: | ||||
| Cost of sales | 1,509,853 | 1,418,143 | 4,434,573 | 4,156,989 |
| Selling, general and administrative expenses | 947,518 | 893,092 | 2,765,507 | 2,582,299 |
| Costs related to debt amendments | — | 4,553 | 112 | 4,553 |
| Depreciation and amortization | 99,283 | 87,470 | 285,876 | 256,094 |
| Impairment charges – long-lived assets | 3,786 | 3,044 | 5,881 | 11,254 |
| Other income – net | (2,309) | (5,874) | (9,326) | (12,028) |
| Loss on extinguishment of debt | — | 1,412 | — | 1,412 |
| Interest income | (4,904) | (6,951) | (13,737) | (21,151) |
| Interest expense | 19,154 | 17,769 | 52,391 | 51,000 |
| Total costs and expenses | 2,572,381 | 2,412,658 | 7,521,277 | 7,030,422 |
| Income before income tax expense | 138,059 | 118,038 | 398,254 | 327,344 |
| Income tax expense | 33,309 | 27,441 | 98,487 | 84,473 |
| Net income | $104,750 | $90,597 | $299,767 | $242,871 |
| Diluted net income per common share | $1.63 | $1.40 | $4.68 | $3.77 |
| Weighted average common shares – diluted | 64,068 | 64,619 | 64,027 | 64,395 |
BURLINGTON STORES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (All amounts in thousands)
| ASSETS | November 1, 2025 | February 1, 2025 | November 2, 2024 |
|---|---|---|---|
| Current assets: | |||
| Cash and cash equivalents | $584,079 | $994,698 | $857,800 |
| Accounts receivable—net | 116,223 | 88,079 | 102,872 |
| Merchandise inventories | 1,658,435 | 1,250,775 | 1,440,695 |
| Assets held for disposal | 3,364 | 32,193 | 32,444 |
| Prepaid and other current assets | 299,925 | 263,058 | 256,609 |
| Total current assets | 2,662,026 | 2,628,803 | 2,690,420 |
| Property and equipment—net | 2,938,985 | 2,369,720 | 2,109,025 |
| Operating lease assets | 3,638,825 | 3,386,852 | 3,264,632 |
| Goodwill and intangible assets—net | 285,064 | 285,064 | 285,064 |
| Deferred tax assets | 2,312 | 2,248 | 2,131 |
| Other assets | 69,506 | 97,726 | 91,588 |
| Total assets | $9,596,718 | $8,770,413 | $8,442,860 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||
| Current liabilities: | |||
| Accounts payable | $1,118,350 | $1,038,148 | $1,101,920 |
| Current operating lease liabilities | 405,330 | 406,891 | 401,840 |
| Other current liabilities | 659,563 | 656,581 | 626,860 |
| Current maturities of long term debt | 19,953 | 170,891 | 170,823 |
| Total current liabilities | 2,203,196 | 2,272,511 | 2,301,443 |
| Long term debt | 2,015,471 | 1,539,918 | 1,542,712 |
| Long term operating lease liabilities | 3,504,001 | 3,253,825 | 3,124,116 |
| Other liabilities | 74,303 | 74,402 | 74,091 |
| Deferred tax liabilities | 272,238 | 259,261 | 254,011 |
| Stockholders’ equity | 1,527,509 | 1,370,496 | 1,146,487 |
| Total liabilities and stockholders’ equity | $9,596,718 | $8,770,413 | $8,442,860 |