Burlington is like a T.J. Maxx or Ross Stores, offering brand-name goods at significant discounts.

Think of Burlington as an 'outlet mall under one roof,' where you can find a constantly changing inventory of discounted branded items.

Burlington acts as the value-driven alternative to traditional department stores like Macy's, specializing in off-price branded apparel and home goods.

• Apparel: Offers a wide selection of clothing for men, women, and children across various styles and sizes.
• Home Goods: Provides an assortment of furniture, home decor, kitchenware, bedding, and bath products.
• Footwear & Accessories: Sells shoes for the entire family, along with handbags, jewelry, and other fashion accessories.
• Baby, Beauty & Gifts: Features products for infants and toddlers, fragrances, cosmetics, and a variety of gift items.

Burlington Stores (symbol: BURL) is an American national off-price department store retailer. It operates physical stores across the United States and, as such, its business model is centered on selling directly to individual consumers rather than to other companies. Burlington offers a wide assortment of merchandise, including branded apparel for women, men, and children, accessories, footwear, home goods, and gifts, all at discounted prices.

Since the company sells primarily to individuals, the categories of customers it serves include:

• Value-conscious Shoppers: These customers are primarily driven by the desire to purchase branded merchandise at significant discounts. They prioritize affordability and seek out quality products at prices considerably lower than traditional department stores or full-price retailers.
• Budget-minded Families: Families looking for affordable clothing, footwear, accessories, and home essentials for all members of the household. Burlington's broad product assortment and competitive pricing cater to the diverse needs and budget constraints of families.
• Bargain Hunters/Deal Seekers: Individuals who enjoy the "treasure hunt" aspect of off-price retail. They frequently visit stores to discover new and unique items, motivated by the thrill of finding a great deal on popular brands or unexpected finds.

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Michael O'Sullivan, Chief Executive Officer

Michael O'Sullivan joined Burlington as CEO in September 2019. Previously, he served as the President and Chief Operating Officer of Ross Stores for 16 years, from September 2003 until 2019. At Ross, he was responsible for major functional areas including stores, supply chain, finance, IT, and marketing. Prior to his time at Ross Stores, Mr. O'Sullivan was a Partner at Bain & Company from 1991 to 2003, where he advised retail, consumer goods, financial services, and private equity clients on business strategy and performance improvement.

Kristin Wolfe, Executive Vice President and Chief Financial Officer

Kristin Wolfe was appointed Chief Financial Officer of Burlington Stores in August 2022. She previously held various financial, strategic, and operational roles at Ross Stores from 2009 to 2022, including Group Senior Vice President, Corporate Finance; Senior Vice President, Store Operations; Group Vice President, Store Finance and Strategy; and Vice President, Store Finance and Strategy. Before her tenure at Ross Stores, Ms. Wolfe spent 10 years in various roles at Bain & Company.

Jennifer Vecchio, Group President and Chief Merchandising Officer

Jennifer Vecchio has served as Burlington's Group President and Chief Merchandising Officer since July 2021. Prior to this role, she was President and Chief Merchandising Officer. Ms. Vecchio joined Burlington in May 2015 and previously held various merchandising positions at Ross Stores from 1997 to 2011.

Travis Marquette, President and Chief Operating Officer

Travis Marquette has been the President and Chief Operating Officer of Burlington Stores since October 2021.

Thomas Kingsbury, Executive Chairman of the Board

Thomas Kingsbury serves as the Executive Chairman of the Board for Burlington Stores. He previously served as the CEO of Burlington Stores for over ten years before Michael O'Sullivan's appointment in 2019.

The rapid expansion and growing consumer acceptance of the online resale market for apparel (e.g., ThredUp, Poshmark, The RealReal).

The addressable market for Burlington Stores' main products and services is the off-price retail market, primarily within North America, specifically the U.S. and Puerto Rico, where the company operates.

The global off-price retail market is estimated to be valued at approximately USD 372.46 billion in 2025 and is projected to reach USD 668.30 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.7% from 2025 to 2032. Other estimates for the global off-price retail market in 2025 range up to USD 380.82 billion.

North America, particularly the U.S., is a dominant region in the global off-price retail market. In 2025, North America is expected to account for 39.3% of the global market share, while other reports indicate North America held a 50% share of the global off-price market in 2023. This translates to a significant addressable market in the hundreds of billions of dollars for Burlington Stores within its operating region.

Expected Drivers of Future Revenue Growth for Burlington Stores (BURL)

Burlington Stores (BURL) is anticipated to drive future revenue growth over the next 2-3 years through several strategic initiatives and ongoing operational improvements:

1. New Store Expansion: Burlington Stores has aggressive plans for expanding its physical footprint. The company intends to open approximately 100 net new stores in 2025 and projects opening 400-500 new stores over the next four years, with a long-term target of reaching 2,000 total locations. This significant expansion of its store base is a primary driver for increased sales volume.
2. Comparable Store Sales Growth: The company expects to achieve positive comparable store sales growth, with projections generally ranging from flat to 2% for fiscal year 2025. This indicates that existing stores are expected to generate increased sales, driven by factors such as higher customer traffic and increased spending per customer.
3. "Burlington 2.0" Initiatives and Operational Efficiencies: The "Burlington 2.0" initiatives are central to enhancing sales productivity and improving margin control. This includes modernizing store layouts and optimizing the supply chain to boost efficiency. A key aspect of this strategy is the shift to smaller, more efficient store formats, which aims to improve profitability and offer a more curated "treasure-hunt" shopping experience for customers.
4. Diversification of Product Offerings: Burlington is actively broadening its merchandise assortment beyond its traditional focus on outerwear, which now constitutes less than 5% of its annual sales. The introduction of new product lines, such as beauty products, home goods, and brand-name sneakers, is designed to attract a wider customer demographic and drive incremental sales.
5. Strategic Acquisition of Leases: The company has been strategically acquiring leases from other retailers undergoing bankruptcy, such as Bed Bath & Beyond and Joanne's fabrics. This strategy allows Burlington to secure desirable real estate in high-traffic areas, facilitating its store expansion plans and enhancing its market reach without the typical development costs associated with new construction.

Share Repurchases

• Burlington Stores authorized a new share repurchase program of up to $500 million on May 20, 2025, which is authorized to be executed through May 2027.
• During the first quarter of Fiscal 2025, the company repurchased 445,285 shares of its common stock for $105 million.
• As of the end of the first quarter of Fiscal 2025, $158 million remained on the prior share repurchase program authorization.

Share Issuance

• On May 20, 2025, the company announced the expansion of its 2022 Omnibus Incentive Plan, increasing the number of shares available under the plan by 3.1 million, following stockholder approval.
• Burlington Stores' shares outstanding for the quarter ending July 31, 2025, were 0.064 billion, reflecting a 0.68% decline year-over-year.

Inbound Investments

• JPMorgan Chase & Co. increased its stake in Burlington Stores Inc. by 16.05% on September 30, 2025, acquiring 941,634 shares at a trade price of $254.5 each.
• On June 30, 2025, JPMorgan Chase & Co. further expanded its holdings by acquiring an additional 1,094,098 shares in Burlington Stores Inc. at $232.64 per share.

Capital Expenditures

• For Fiscal Year 2025, Burlington Stores expects capital expenditures, net of landlord allowances, to be approximately $950 million.
• The company plans to open approximately 100 net new stores during Fiscal Year 2025.
• Capital expenditures are focused on investing in its strategic "Burlington 2.0" initiatives, including modernizing its store fleet, optimizing its supply chain, and enhancing the customer experience.