NYSE: BURL

Our Stores

Over 99% of our net sales are derived from stores we operate as Burlington Stores. We believe that our customers are attracted to our stores principally by the availability of a large assortment of first-quality, current, brand-name merchandise at everyday low prices.

Burlington Stores offer customers a complete line of merchandise. Our broad selection provides a wide range of apparel, accessories and furnishings for all ages. Our strategy to chase the sales trend allows us the flexibility to purchase less pre-season merchandise with the balance purchased in-season and opportunistically. It also provides us with the flexibility to shift purchases between suppliers and categories and to react to changes in the marketplace in real time. This enables us to obtain better terms with

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our suppliers, which we expect to help offset any rising costs of goods. Furthermore, we believe the “treasure hunt” nature of the off-price buying experience drives frequent visits to our stores.

Our store base is geographically diversified with stores located in 46 states, Washington D.C. and Puerto Rico as set forth below:

State

Number of Stores

State

Number of Stores

State

Number of Stores

AK

2

KY

9

NY

74

AL

12

LA

12

OH

32

AR

8

MA

28

OK

16

AZ

30

MD

25

OR

7

CA

123

ME

2

PA

43

CO

16

MI

36

PR

28

CT

19

MN

14

RI

6

DC

1

MO

13

SC

14

DE

3

MS

4

SD

2

FL

126

NC

39

TN

19

GA

43

ND

1

TX

147

IA

5

NE

5

UT

9

ID

3

NH

6

VA

33

IL

51

NJ

55

WA

19

IN

20

NM

6

WI

17

KS

10

NV

18

WV

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Store Expansion and Real Estate Strategy

We continue to explore expansion opportunities both within our current market areas and in other regions. We believe that our ability to find satisfactory locations for our stores is essential for the continued growth of our business. The opening of stores generally is contingent upon a number of factors, including the availability of desirable locations with suitable structures and the negotiation of acceptable lease terms.

We have a proven track record of new store expansion. Our store base has grown from 13 stores in 1980 to 1,212 stores as of January 31, 2026. Based on our smaller store prototype, as well as the ongoing opportunity presented by accelerating retail disruption and industry wide store closures, our long-term store target remains at 2,000 stores. If we identify appropriate locations, including locations that fit our smaller store prototype, we believe that we will be able to execute our growth strategy without significantly impacting our current stores. The table below shows our store openings and closings each of the last three fiscal years.

Fiscal 2025

Fiscal 2024

Fiscal 2023

Stores (beginning of period)

1,108

1,007

927

Stores opened(a)(b)

113

116

91

Stores closed(a)

(9

)

(15

)

(11

)

Stores (end of period)

1,212

1,108

1,007

(a)
Exclusive of relocations during Fiscal 2025, Fiscal 2024 and Fiscal 2023 of 18, 31 and 13 stores, respectively.

(b)
Stores opened during Fiscal 2025, Fiscal 2024 and Fiscal 2023 had an average size of approximately 28,000, 27,000 and 27,000 square feet, respectively.

The total gross square footage of all stores as of the end of Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 52.8 million, 51.8 million, and 51.5 million, respectively. Of this total square footage, the area that represents the total selling square footage for all stores as of the end of Fiscal 2025, Fiscal 2024 and Fiscal 2023 was 33.9 million, 32.7 million, and 31.5 million respectively.

Distribution and Warehousing

We have six distribution centers that shipped more than 99% of merchandise units to our stores in Fiscal 2025. The remaining merchandise units are drop shipped by our vendors directly to our stores. Our three east coast distribution centers are located in Edgewater Park, New Jersey; Burlington, New Jersey; and Logan, New Jersey. Our three west coast distribution centers are located in San Bernardino, California, Redlands, California, and Riverside, California. These six distribution centers occupy an aggregate of 5,135,000 square feet, and each includes processing, shipping and storage capabilities. We also entered into a lease with a purchase option during Fiscal 2023 for an additional distribution center in Ellabell, Georgia occupying approximately 2,057,000 square feet.

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The purchase option was exercised during Fiscal 2024, and the building is expected to be fully operational during Fiscal 2026. During Fiscal 2025, we purchased 178 acres of land in Buckeye, Arizona for the purpose of building a distribution center, which is expected to be operational in Fiscal 2028.

We also operate warehousing facilities to support our distribution centers. The east coast has two supporting warehouses located in Burlington, New Jersey. The west coast has three supporting warehouses located in Redlands, California, Riverside, California, and San Bernardino, California. These five warehousing facilities occupy an aggregate of 2,383,000 square feet and primarily serve as storage facilities.

Calendar

Year

Operational

Size

(sq. feet)

Leased

or

Owned

Distribution Centers:

Edgewater Park, New Jersey (Route 130 South)(a)

2004

648,000

Owned

Burlington, New Jersey (Daniels Way)

2014

1,000,000

Leased

Logan, New Jersey

2022

1,029,000

Leased

San Bernardino, California (E. Mill St.)

2006

758,000

Leased

Redlands, California (Pioneer Ave.)

2014

800,000

Leased

Riverside, California (Cactus Ave.)

2021

900,000

Owned

Ellabell, Georgia

2026

2,057,000

Owned

Warehousing Facilities:

Burlington, New Jersey (Route 130 North)(a)

1987

525,000

Owned

Burlington, New Jersey (Richards Run)

2017

511,000

Leased

Redlands, California (River Bluff Ave.)

2017

543,000

Leased

Riverside, California (Oleander Ave.)

2023

410,000

Leased

San Bernardino, California (Waterman Ave.)

2020

394,000

Leased

(a)
Inclusive of corporate offices.

In addition to the distribution centers that we operate, we have arrangements with third parties for the use of pool point facilities throughout the United States, which we believe streamline and optimize our distribution network.

Customer Service

We are committed to providing our customers with an enjoyable shopping experience in stores that are clean, neat and easy to shop. Our goal is to facilitate a “treasure-hunt” experience for our customers with merchandise presentations that highlight the brands, value and diversity of selection within our frequently refreshed assortments. In training our associates, our goal is to emphasize friendly customer service and a sense of professional pride. We have and continue to streamline processes and strive to create opportunities for fast and friendly customer interactions.

Our Off-Price Sourcing and Merchandising Model

We believe that our ability to chase sales within the off-price model enables us to provide our customers with products that are nationally branded, fashionable, high quality and at a compelling value. We have an experienced team of General Merchandise Managers, Divisional Merchandise Managers and buyers that are continually focused on improving comparable store inventory turnover, inventory age and freshness of merchandise.

We continue to improve the quality of our brand portfolio, driven by the growth of our merchandising team, wide breadth of our product categories, and a vendor community increasingly committed to grow with Burlington. We carry many different brands, none of which accounted for more than 5% of our net purchases during Fiscal 2025, Fiscal 2024 or Fiscal 2023. We have no long-term purchase commitments or arrangements with any of our suppliers, and believe that we are not dependent on any one supplier. We continue to have good working relationships with our suppliers.

We have designed our merchant organization so that buyers focus primarily on buying, planners focus primarily on planning, and information systems help inform data-driven decisions for both groups. Buyers are in the market each week and focus on purchasing great products for great value. We seek to purchase a majority of our merchandise in-season. Buyers spend time interacting face-to-face with new and existing vendors and continuously evaluating trends in the market to which we believe our customers will respond positively. Our buyers use a merchant scorecard that rates products across four key attributes—fashion, quality, brand and price—to help formalize a framework for buying decisions.

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Our merchandising model allows us to provide our customers with a wide breadth of product categories. Sales percentage by major product category over the last three fiscal years was as follows:

Category

Fiscal 2025

Fiscal 2024

Fiscal 2023

Ladies apparel

20

%

21

%

21

%

Accessories and shoes

28

%

27

%

27

%

Home

20

%

20

%

20

%

Mens apparel

17

%

17

%

17

%

Kids apparel and baby

12

%

12

%

12

%

Outerwear

3

%

3

%

3

%

Human Capital Resources

Attracting, developing and retaining top talent is key to our growth, and our success depends on cultivating an engaged and motivated workforce. Our goal is to create a welcoming and inclusive environment where our associates can build a career for life.

Oversight and Management

Our Human Resources department is tasked with managing associate-related matters, including recruiting and hiring, compensation and benefits, performance management, and learning and development. In addition, our management and cross-functional teams also work closely to evaluate human capital management issues such as associate retention and workplace safety, as well as to implement measures to mitigate these risks. This process is informed by the results of our associate surveys, as well as other ongoing feedback channels, which are discussed in further detail below.

Our Board of Directors and Board committees provide oversight on certain human capital matters. For example, our Compensation Committee is responsible for, among other things, developing and reviewing executive management succession plans and reviewing our compensation policies for executives and associates generally to assess (i) whether the compensation structure establishes appropriate incentives and (ii) the risks associated with such policies and practices.

Associates

As of January 31, 2026, we employed 83,309 associates, of which 79% were part-time or seasonal associates. Of our associates, 91% worked in our stores, 6% worked in our distribution centers and 3% worked in our corporate organization. As of January 31, 2026, 73% of our associates are female, and 79% of our associates have a racial or ethnic minority background.

Our staffing requirements fluctuate during the year because of the seasonality of our business. We hire additional associates and increase the hours of part-time associates during seasonal peak selling periods. As of January 31, 2026, associates at one of our stores were subject to a collective bargaining agreement.

Corporate Culture

We recognize the critical importance of talent and culture to our success. Our value proposition, “Our Burlington,” which defines who we are as an employer and what is important to us as a team, is based on five tenets:

•
We Are an Off-Price Retailer: We deliver great values to our customers every day.

•
We Live by Our Core Values: Drive Results. Trust & Respect Each Other. Build Teams & Partnerships.

•
We Believe Everyone Matters: We listen to the individual viewpoints of our diverse workforce through open and honest communication.

•
We Win Together: We recognize those who make a difference. Great performance leads to exciting career opportunities.

•
We Are a Caring Company: We have a caring work environment, and the generosity of our associates and customers helps to improve the communities we live and work in and beyond.

We employ a continuous listening strategy that relies on a combination of associate surveys, focus groups, and ongoing feedback channels. This feedback helps us understand the associate experience, evaluate our performance, identify our strengths and pinpoint opportunities for improvement.

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Learning and Development

We support our associates’ career growth by offering a blended learning approach that includes online education, on-the-job training, coaching and career development. All associates, including full- and part-time, in our stores, distribution centers and corporate offices, are offered training and development opportunities. Our learning and development programs are integral to the development of our associates and enable them to take on new and expanded roles across our organization.

Compensation and Benefits

As part of our commitment to offer competitive wages, Burlington works to ensure that our pay structure aligns with industry standards. In addition to being merit based, Burlington reviews compensation for all associates at every level of the business based on market analysis, seeking to ensure associates are fairly and appropriately compensated. Through this process, we have increased the wages of our hourly associates every year since 2010. We also offer a wide array of benefits for our associates and their families, including health and wellness and retirement benefits.

Customer Demographic

Our core customer is 25-49 years old, is more ethnically diverse than the general population, and most have an annual household income of $25,000-$100,000. The core customer resides in midsize to large metropolitan areas and shops for themselves, their family, and their home. We appeal to value-oriented and brand-conscious customers who seek quality merchandise at compelling prices and are motivated by a frequently changing assortment that encourages repeat visits.

Marketing and Advertising

We use a mix of broad-based and targeted marketing strategies to efficiently deliver the right message to our audience at the right time. Our broad-based strategies include television and radio, while our digital and streaming audio strategies allow for more personalized and targeted messaging. Email reaches our loyal customers, while social media marketing, including influencers and user-generated content, allows for authentic consumer engagement. Burlington.com showcases our great merchandise values, while encouraging customers to visit our stores to discover a wide and continually refreshed in-store assortment. We believe this balanced mix of marketing channels is important to effectively reach and engage our customer base as media consumption continues to evolve.

Competition

The U.S. retail apparel and home furnishings markets are highly fragmented and competitive. We compete on a combination of factors, such as price, breadth, quality and style of merchandise offered, in-store experience, level of customer service, ability to identify and respond to new and emerging fashion trends, brand image and scalability. We compete for business with department stores, off-price retailers, specialty stores, online retailers, discount stores, wholesale clubs, and outlet stores, as well as with certain traditional, full-price retail chains that have developed off-price concepts. At various times throughout the year, traditional full-price department store chains and specialty shops offer brand-name merchandise at substantial markdowns, which can result in prices approximating those offered by us at our stores.

Seasonality

Our business, like that of most retailers, is subject to seasonal influences. In the second half of the year, which includes the back-to-school and holiday seasons, we generally realize a higher level of sales and net income. Weather is also a contributing factor to the sale of our merchandise. Generally, our sales are higher if the weather is cold during the Fall and warm during the early Spring. Sales of cold weather clothing are increased by early cold weather during the Fall, while sales of warm weather clothing are improved by early warm weather conditions in the Spring. Although we have diversified our product offering, we believe traffic to our stores is still driven, in part, by weather patterns.

Trademarks

We are the owner of certain registered and common law trademarks, service marks and tradenames (collectively referred to as the Marks) that we use in connection with our business. Our Marks include, but are not limited to, “Burlington,” “Burlington Coat Factory,” “B, stylized” and “DEALS. BRANDS. WOW!” We consider these Marks and the accompanying name recognition to be valuable to our business. We believe that our rights to these properties are adequately protected. Our rights in these Marks endure for as long as they are used.

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Available Information

We are subject to the reporting requirements of the Exchange Act. Therefore, we file reports, proxy statements and other information with the Securities and Exchange Commission (SEC). The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.

You can access financial and other information about us on the Investor Relations page of our website at www.burlingtoninvestors.com. We make available through our website, free of charge, copies of our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed with or furnished to the SEC under Section 13(a) or 15(d) of the Exchange Act as soon as reasonably practicable after electronically filing or furnishing such material to the SEC.

Investors and others should note that we currently announce material information using SEC filings, press releases, public conference calls and webcasts. In the future, we will continue to use these channels to distribute material information about the Company, and may also utilize our website and/or various social media sites to communicate important information about the Company, key personnel, new brands and services, trends, new marketing campaigns, corporate initiatives and other matters. Information that we post on our website or on social media channels could be deemed material; therefore, we encourage investors, the media, our customers, business partners and others interested in the Company to review the information posted on our website, as well as the following social media channels: Facebook (www.facebook.com/BurlingtonStores) and X (formerly Twitter) (www.x.com/burlington). Any updates to the list of social media channels we may use to communicate material information will be posted on the Investor Relations page of our website at www.burlingtoninvestors.com.

The information contained on, or accessible through, our website and these social media channels is not part of this Annual Report and is therefore not incorporated by reference. The references to our website and these social media channels are intended to be inactive textual references only.