Burlington Stores plans to open 101 net-new stores during its current fiscal year, which ends Feb. 1, 2025. The value-priced retailer, which currently operates 1,103 stores in 46 states, Washington, D.C. and Puerto Rico, had a strong Q3: total sales grew 11% compared to the same period the previous year, although comparable store sales only rose 1%.
Warmer-than-usual weather contributed to the retailer’s challenges during Q3. “Our third quarter comp trend started out very strongly, but then warmer temperatures from mid-September onwards slowed our sales momentum,” said Michael O’Sullivan, CEO of Burlington Stores in a statement. “Cold weather categories represent about 15% of sales in the third quarter. Excluding those categories, our comp growth in the third quarter was 4%, which is consistent with the trend that we have seen in our business since March.”
Burlington is forecasting a strong Q4 and predicted that total sales for the full fiscal year will rise by 9% to 10%, on top of the 10% increase during the fiscal year that ended on Jan. 27, 2024. Such an increase would depend on comparable store sales increasing by approximately 2% on top of the 4% increase generated during the previous fiscal year.
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