Burlington keeps turnaround going with 25 new stores planned

Buoyed by impressive fourth quarter sales, Burlington Stores Inc. is accelerating its expansion strategy, with plans to open 25 new stores in 2015 and a long-term goal of 1,000 stores coast-to-coast.

The off-price retailer reported that total revenue for the fourth quarter ended Jan. 31 grew 10% to $1.5 billion from $1.34 billion. Same-store sales rose 6.7%.

“The fourth quarter marked an outstanding finish to a strong year of growth for Burlington Stores,” said Tom Kingsbury, chairman, president and CEO. “Our consistent sales growth at increasing rates of profitability continues to demonstrate the power of our enhanced off price model and the strong execution of our strategies by our store and corporate teams.”

For the full year of fiscal 2014, net income almost quadrupled to $65.95 million, from $16.15 million. Net sales rose 7% to $4.8 billion from $4.5 billion.

"Expansion of our store fleet continues to be a critical growth driver for us. We're excited about our new 2015 store program, which spans from coast-to-coast. We continue to believe that we have significant wide space for growth to reach a thousand stores over the long-term," Kingsbury added. "We expect to enhance our operating margins as we continue to optimize our initial pricing and markdowns, tailor our assortments by store, and remain vigilant with inventory management disciplines. Operating margins are also expected to benefit as we grow our top line and leverage fixed cost."

Burlington has experienced a turnaround in recent years, with sales rebounding after the recession. It raised its January quarter outlook earlier this year, citing better sales as the strengthening economy drives more consumers to spend.

Burlington Stores has 525 stores in 44 states and Puerto Rico.