Burlington Stores (BURL) Q4 FY2023 earnings: revenue $3.1 billion, up 13.9% on the year

Burlington Stores, Inc. (BURL) reported revenue of $3.1 billion for Q4 FY2023, the quarter ended 3 February 2024, up 13.9% on the same quarter a year earlier. Net income was $227 million, up 22.8% on the year, and diluted earnings per share $3.53. The figures are the company's own, from the 10-K it filed with the SEC on 15 March 2024.

Revenue$3.1 billionup 13.9%

Net income$227 millionup 22.8%

Diluted EPS$3.53

QuarterQ4 FY2023ended 3 February 2024

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,126	2,289	n/a	n/a
Cost of revenue	1,788	1,298	n/a	n/a
Gross profit	1,338	992	n/a	n/a
Gross margin	42.8%	43.3%	n/a
Selling, general and administrative	931	827	n/a	n/a
Operating income	314	66.9	n/a	n/a
Operating margin	10.0%	2.9%	n/a
Pre-tax income	314	66.9	n/a	n/a
Income tax	86.1	18.3	n/a	n/a
Effective tax rate	27.5%	27.4%	n/a
Net income	227	48.6	n/a	n/a
Net margin	7.3%	2.1%	n/a
Diluted EPS	$3.53	$0.75	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	599	240	n/a	n/a
Capital expenditure	188	120	n/a	n/a
Free cash flow	410	121	n/a	n/a
Free cash flow margin	13.1%	5.3%	n/a
Cash from investing	-192	-134	n/a	n/a
Cash from financing	-96.6	-11.9	n/a	n/a
Depreciation and amortisation	87.3	76.1	n/a	n/a
Share-based compensation	26.2	21.6	n/a	n/a
Buybacks	103	52.4	n/a	n/a
Diluted shares, weighted	64m	65m	n/a	n/a
Shares outstanding at period end	64m	65m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	997	850	n/a	n/a
Debt	1,391	1,398	n/a	n/a
Operating lease liabilities	2,985	2,983	n/a	n/a
Finance lease liabilities	25.0	n/a	n/a	n/a
Other liabilities	2,310	2,263	n/a	n/a
Total liabilities and equity	7,707	7,494	n/a	n/a
Fixed assets	1,880	1,768	n/a	n/a
Goodwill	47.1	47.1	n/a	n/a
Cash and equivalents	925	616	n/a	n/a
Receivables	74.4	91.6	n/a	n/a
Inventory	1,088	1,329	n/a	n/a
Other assets	3,692	3,642	n/a	n/a
Total assets	7,707	7,494	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	2,289	3,126	2,362	2,466	2,531	3,277	2,504	2,705	2,710	3,647	2,856	3,002
Cost of revenue	1,298	1,788	1,331	1,408	1,418	1,868	1,405	1,520	1,510	2,052	1,595	1,614
Gross profit	992	1,338	1,031	1,057	1,113	1,409	1,099	1,185	1,201	1,595	1,262	1,388
Gross margin	43%	43%	44%	43%	44%	43%	44%	44%	44%	44%	44%	46%
SG&A	827	931	825	864	893	965	868	950	948	1,052	989	1,019
Operating income	66.9	314	110	99.7	118	347	133	127	138	418	143	242
Operating margin	3%	10%	5%	4%	5%	11%	5%	5%	5%	11%	5%	8%
Interest expense	n/a	n/a	n/a	n/a	17.8	n/a	15.8	17.4	19.2	18.6	16.5	19.7
Pre-tax income	66.9	314	110	99.7	118	347	133	127	138	418	143	242
Tax rate	27%	27%	28%	26%	23%	25%	24%	26%	24%	26%	20%	24%
Net income	48.6	227	78.5	73.8	90.6	261	101	94.2	105	310	115	184
Net margin	2%	7%	3%	3%	4%	8%	4%	3%	4%	9%	4%	6%
Diluted EPS	$0.75	$3.53	$1.22	$1.15	$1.40	$4.02	$1.58	$1.47	$1.63	$4.84	$1.79	$2.88
Operating cash flow	240	599	49.4	160	110	543	-28.9	179	143	938	61.5	273
Capital expenditure	120	188	165	196	167	353	410	180	253	218	289	244
Free cash flow	121	410	-115	-35.2	-56.2	190	-439	-0.1	-110	720	-227	29.5
Buybacks	52.4	103	75.6	62.1	56.5	62.1	128	27.3	63.3	60.2	134	88.0
Shares outstanding	65m	64m	64m	64m	63m	63m	63m	63m	63m	63m	63m	63m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 3 February 2024, filed 15 March 2024, accession 0000950170-24-032207: the filing on EDGAR. All of Burlington Stores, Inc.'s filings: EDGAR company page.

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