Burlington Stores, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Burlington Stores, Inc. has filed its 2023 Form 10-K detailing financial performance and operational aspects.</b>

AI Summary

Burlington Stores, Inc. (BURL) filed a Annual Report (10-K) with the SEC on March 15, 2024. Burlington Stores, Inc. filed its annual report on Form 10-K for the fiscal year ended February 3, 2024. The filing covers the company's financial performance and business operations. Key financial statement items and disclosures are included. The report details various assets, liabilities, and equity accounts. It also references specific debt facilities and stock-related activities.

Why It Matters

For investors and stakeholders tracking Burlington Stores, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Burlington Stores' financial health and strategic positioning for the fiscal year 2023. Investors and analysts can use this report to assess the company's performance, risks, and future outlook based on detailed financial data and disclosures.

Risk Assessment

Risk Level: medium — Burlington Stores, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance changes beyond what is typically disclosed in such filings.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Burlington Stores' current financial position and potential future challenges.

Key Numbers

• 2024-02-03 — Fiscal Year End (Conformed period of report)
• 2024-03-15 — Filing Date (Filed as of date)
• 001-36107 — SEC File Number (SEC file number)
• 2013-06-13 — Date of Name Change (Former company name change date)

Key Players & Entities

• Burlington Stores, Inc. (company) — Filer name
• 2024-02-03 (date) — Fiscal year end date
• 2024-03-15 (date) — Filing date
• 0000950170-24-032207 (other) — Accession number
• Burlington Stores, Inc. (company) — Company name
• 0001579298 (company) — Central Index Key
• 5311 (other) — Standard Industrial Classification
• DE (other) — State of incorporation

FAQ

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-15: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for Burlington Stores.)

Fiscal Year End

The last day of a company's accounting year. (Indicates the period covered by the financial statements in the 10-K.)

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share BURL New York Stock Excha
• $25,000 — s an average annual household income of $25,000-$100,000, and is more ethnically divers
• $100,000 — rage annual household income of $25,000-$100,000, and is more ethnically diverse than th

Filing Documents

• burl-20240203.htm (10-K) — 3579KB
• burl-ex21_1.htm (EX-21.1) — 22KB
• burl-ex23_1.htm (EX-23.1) — 3KB
• burl-ex31_1.htm (EX-31.1) — 11KB
• burl-ex31_2.htm (EX-31.2) — 11KB
• burl-ex32_1.htm (EX-32.1) — 6KB
• burl-ex32_2.htm (EX-32.2) — 6KB
• burl-ex97_1.htm (EX-97.1) — 26KB
• img211775621_0.jpg (GRAPHIC) — 24KB
• img211775621_1.jpg (GRAPHIC) — 234KB
• 0000950170-24-032207.txt (&nbsp;) — 15697KB
• burl-20240203.xsd (EX-101.SCH) — 2102KB
• burl-20240203_htm.xml (XML) — 2863KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 18 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 PART II. Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. Reserved 23 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 39 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 78 Item 9A.

Controls and Procedures

Controls and Procedures 78 Item 9B. Other Information 81 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 82 PART III. Item 10. Directors, Executive Officers and Corporate Governance 82 Item 11.

Executive Compensation

Executive Compensation 82 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 82 Item 13. Certain Relationships and Related Transactions, and Director Independence 82 Item 14. Principal Accountant Fees and Services 82 PART IV. Item 15. Exhibits and Financial Statement Schedules 83 Item 16. Form 10-K Summary 90

SIGNATURES

SIGNATURES 91 CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This Annual Report contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about us, the industry in which we operate and other matters, as well as management's beliefs and assumptions. For example, when we use words such as "projects," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "should," "would," "could," "will," "opportunity," "potential" or "may," variations of such words or other words that convey uncertainty of future events or outcomes, or make any other statement that is not a historical fact, we are making "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act). These forward-looking statements may relate to such matters as future impacts of current macroeconomic conditions, our future actions, including expected store openings and closings, ongoing strategic initiatives and the intended results of those initiatives, future performance or results, anticipated sales, expenses and interest rates, the effect of the adoption of recent or future accounting pronouncements and the outcome of contingencies such as legal proceedings. Our forward-looking statements are subject to risks and uncertainties. Actual events or results may differ materially from the events or results anticipated in these forward-looking statements as a result of a variety of factors, including each of the factors discussed in Item 1A, Risk Factors as well as risks and uncertainties discussed elsewhere in this Annual Report. While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual future events or results. In light of t

Business Overview

Item 1. Business Overview We are a nationally recognized off-price retailer of high-quality, branded merchandise at everyday low prices. We opened our first store in Burlington, New Jersey in 1972, selling primarily coats and outerwear. Since then, we have expanded our store base to 1007 stores as of February 3, 2024, in 46 states, Washington D.C. and Puerto Rico. We have diversified our product categories by offering an extensive selection of in-season, fashion-focused merchandise at up to 60% off other retailers' prices, including: women's ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear, accessories, home, toys, gifts and coats. We sell a broad selection of desirable, first-quality, current-brand, labeled merchandise acquired directly from nationally recognized manufacturers and other suppliers. We continue to focus on a number of ongoing initiatives aimed at increasing our overall profitability by driving comparable store sales growth, expanding and enhancing our retail store base, and enhancing operating margins. These initiatives include, but are not limited to, those discussed under "Ongoing Initiatives for Fiscal 2024" in Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. As used in this Annual Report, the terms "Company," "we," "us," or "our" refer to Burlington Stores, Inc. and all of its subsidiaries. Fiscal Ye ar End We define our fiscal year as the 52- or 53-week period ending on the Saturday closest to January 31. This Annual Report covers the 53-week fiscal year ended February 3, 2024 (Fiscal 2023) and the 52-week fiscal years ended January 28, 2023 (Fiscal 2022) and January 29, 2022 (Fiscal 2021). The fiscal year ending February 1, 2025 ("Fiscal 2024") will have 52 weeks. Our Stores Over 99% of our net sales are derived from stores we operate as Burlington Stores. We believe that our customers are attracted to our stores principally by the availability of a large assortme

View Full Filing

View this 10-K filing on SEC EDGAR