Burlington Stores Files 10-Q, Details Debt and Buybacks
Ticker: BURL · Form: 10-Q · Filed: May 30, 2024 · CIK: 1579298
| Field | Detail |
|---|---|
| Company | Burlington Stores, Inc. (BURL) |
| Form Type | 10-Q |
| Filed Date | May 30, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 18 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: 10-Q, debt, stock-repurchase
Related Tickers: BURL
TL;DR
BURL 10-Q filed: Debt levels and stock buybacks updated. Financials look stable.
AI Summary
Burlington Stores, Inc. filed its 10-Q for the period ending May 4, 2024. The company reported on its financial performance and condition, including details on its long-term debt and capital lease obligations. The filing also references its 2021 stock repurchase program, which was amended on August 15, 2023.
Why It Matters
This filing provides investors with an update on Burlington's financial health, including its debt levels and capital management strategies, which can influence its stock price and future growth prospects.
Risk Assessment
Risk Level: low — The filing is a routine quarterly report and does not indicate any immediate or significant new risks.
Key Players & Entities
- Burlington Stores, Inc. (company) — Filer
- May 4, 2024 (date) — Reporting period end date
- August 15, 2023 (date) — Date of amendment to stock repurchase program
- 2021 (date) — Year of original stock repurchase program
FAQ
What is the total amount of long-term debt and capital lease obligations reported by Burlington Stores as of May 4, 2024?
The filing references 'LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent' but does not provide a specific dollar amount in the provided text snippet.
When was the stock repurchase program initiated by Burlington Stores?
The stock repurchase program was initiated in 2021, as indicated by the reference 'burl:TwoThousandTwentyOneStockRepurchaseProgramsMember'.
Has the stock repurchase program been amended since its inception?
Yes, the stock repurchase program was amended on August 15, 2023.
What is the fiscal year end for Burlington Stores?
Burlington Stores' fiscal year ends on February 1st (0201).
What is the primary business of Burlington Stores, Inc. according to the SIC code?
According to the Standard Industrial Classification code [5311], Burlington Stores, Inc. is in the RETAIL-DEPARTMENT STORES industry.
Filing Stats: 4,486 words · 18 min read · ~15 pages · Grade level 14.3 · Accepted 2024-05-30 16:15:41
Filing Documents
- burl-20240504.htm (10-Q) — 1636KB
- burl-ex3_1.htm (EX-3.1) — 63KB
- burl-ex31_1.htm (EX-31.1) — 11KB
- burl-ex31_2.htm (EX-31.2) — 11KB
- burl-ex32_1.htm (EX-32.1) — 7KB
- burl-ex32_2.htm (EX-32.2) — 7KB
- img211778505_0.jpg (GRAPHIC) — 24KB
- 0000950170-24-066612.txt ( ) — 8960KB
- burl-20240504.xsd (EX-101.SCH) — 1415KB
- burl-20240504_htm.xml (XML) — 1736KB
—Financial Information
Part I—Financial Information 3
Financial Statements (unaudited)
Item 1. Financial Statements (unaudited) 3 Condensed Consolidated Statements of Income - Three Months Ended May 4, 2024 and April 29, 2023 3 Condensed Consolidated Statements of Comprehensive Income – Three Months Ended May 4, 2024 and April 29, 2023 4 Condensed Consolidated Balance Sheets – May 4, 2024, February 3, 2024 and April 29, 2023 5 Condensed Consolidated Statements of Cash Flows – Three Months Ended May 4, 2024 and April 29, 2023 6 Notes to Condensed Consolidated Financial Statements 6
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 31
Controls and Procedures
Item 4. Controls and Procedures 32
—Other Information
Part II—Other Information 32
Legal Proceedings
Item 1. Legal Proceedings 32
Risk Factors
Item 1A. Risk Factors 32
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 33
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 33
Other Information
Item 5. Other Information 33
Exhibits
Item 6. Exhibits 34
FINANCI AL INFORMATION
PART I. FINANCI AL INFORMATION
Financ ial Statements
Item 1. Financ ial Statements BURLINGTON STORES, INC. CONDENSED CONSOLIDATED S TATEMENTS OF INCOME (Unaudited) (All amounts in thousands, except per share data) Three Months Ended May 4, April 29, 2024 2023 REVENUES: Net sales $ 2,357,318 $ 2,132,793 Other revenue 4,235 4,163 Total revenue 2,361,553 2,136,956 COSTS AND EXPENSES: Cost of sales 1,330,726 1,231,646 Selling, general and administrative expenses 825,226 755,628 Depreciation and amortization 81,965 70,529 Impairment charges - long-lived assets 8,210 844 Other income - net ( 10,862 ) ( 8,998 ) Loss on extinguishment of debt — 24,644 Interest expense 16,649 19,345 Total costs and expenses 2,251,914 2,093,638 Income before income tax expense 109,639 43,318 Income tax expense 31,125 10,570 Net income $ 78,514 $ 32,748 Net income per common share: Common stock - basic $ 1.23 $ 0.50 Common stock - diluted $ 1.22 $ 0.50 Weighted average number of common shares: Common stock - basic 63,871 64,954 Common stock - diluted 64,267 65,291 See Notes to Condensed Consolidated Financial Statements. 3 BURLINGTON STORES, INC. CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME (Unaudited) (All amounts in thousands) Three Months Ended May 4, April 29, 2024 2023 Net income $ 78,514 $ 32,748 Other comprehensive income, net of tax: Interest rate derivative contracts: Net unrealized gain arising during the period 7,735 947 Net reclassification into earnings during the period ( 3,343 ) ( 827 ) Other comprehensive income, net of tax 4,392 120 Total comprehensive income $ 82,906 $ 32,868 See Notes to Condensed Consolidated Financial Statements. 4 BURLINGTON STORES, INC. CONDENSED CONSOLIDA TED BALANCE SHEETS (Unaudited) (All amounts in thousands, except share and per share data) May 4, Februa