Burlington Stores, Inc. (BURL): History, Ownership, Mission, How It Works & Makes Money

You're looking at the off-price retail sector and asking, how exactly does Burlington Stores, Inc. (BURL) keep growing its footprint and market share in a tough economy?

It's a fair question, considering the company is a value-driven powerhouse, projecting its annual revenue for the 2025 fiscal year to hit an impressive $10.635 billion, while simultaneously planning to open approximately 100 net new stores. The real story isn't just the revenue, but how their unique, high-volume model-which drives net income of around $0.504 billion-sustains that growth and why Wall Street analysts have a consensus Buy rating on the stock as of November 2025. Understanding this history, ownership structure, and mission is defintely key to mapping the next five years of their strategy.

Burlington Stores, Inc. (BURL) History

You're looking for the foundational story of Burlington Stores, Inc., and honestly, it's a classic American retail pivot. The company didn't start as a national off-price giant; it began as a single coat outlet in New Jersey, but the Milstein family's vision for value quickly scaled it up. This history of strategic shifts-especially the move away from just coats-is defintely key to understanding its current $11+ billion revenue trajectory in Fiscal Year 2025.

Given Company's Founding Timeline

Year established

1972

Original location

Burlington, New Jersey

Founding team members

Henrietta Milstein and her son, Monroe Milstein. Henrietta, specifically, is credited with convincing her husband, Monroe, to buy the initial store.

Initial capital/funding

The company started with the acquisition of a former factory outlet for $675,050. Henrietta Milstein provided a significant portion of the $75,000 down payment from her personal savings.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The biggest shifts for Burlington Stores, Inc. weren't just about money; they were about a fundamental change in how the company operated and what it sold. The transition from a coat specialist to a broad off-price retailer was a game-changer.

• The Multi-Category Pivot (1973-2005): The company systematically diversified beyond coats, adding categories like Ladies Sportswear, Home, and Children's apparel. By 2005, annual sales reached $3.2 billion, showing the strategy was working.
• The Bain Capital Restructuring (2006-2013): The private equity ownership forced a deep dive into efficiency and strategy. This period solidified its identity as a multi-category, off-price model, setting the stage for the 'Burlington 2.0 Strategy.'
• The 'Burlington 2.0' Strategy (Post-2009): This initiative focused on a smaller store footprint, reducing comparable store inventories to drive treasure-hunt appeal, and accelerating new store openings. This is the core model driving today's growth.
• Fiscal Year 2025 Expansion: The company is projecting to open approximately 100 net new stores in Fiscal Year 2025, with a planned capital expenditure of about $950 million to support this growth and its supply chain. That's a serious commitment to physical retail expansion.
• Financial Performance in 2025: The company is guiding for total sales to increase 7% to 8% in Fiscal Year 2025, with an adjusted Earnings Per Share (EPS) guidance range of $9.19 to $9.59. This shows strong execution on the off-price model in a challenging retail environment.

To fully grasp the strategic thinking behind these moves, you should look at Mission Statement, Vision, & Core Values of Burlington Stores, Inc. (BURL).

Burlington Stores, Inc. (BURL) Ownership Structure

Burlington Stores, Inc. (BURL) is a publicly traded company, but its control is heavily concentrated in the hands of major financial institutions, not individual retail investors. This means the company's strategic decisions are defintely influenced by the world's largest asset managers, who hold the majority of the stock.

This off-price retailer operates as a public entity, with its common stock listed on the New York Stock Exchange (NYSE) under the ticker symbol BURL. This status subjects it to strict Securities and Exchange Commission (SEC) reporting, ensuring a high level of financial transparency for investors. For Fiscal Year 2025, the company is guiding for total sales to increase in the range of 7% to 8%, building on the strong foundation of its off-price model.

Burlington Stores' Current Status

Burlington Stores is a Fortune 500 company, a status that reflects its significant scale in the competitive US retail landscape. As of the end of the second quarter of Fiscal 2025, the company operated 1,138 stores across 46 states, Washington D.C., and Puerto Rico. This vast footprint and its off-price model-selling branded merchandise at up to 60% off other retailers' prices-is what drives its revenue, which is projected to be in the range of $11.38 billion to $11.58 billion for the full Fiscal Year 2025.

The company's focus remains on its 'Burlington 2.0' strategy, which involves rapid store expansion and optimizing its supply chain to keep costs low, which is crucial for maintaining its value proposition. You can see how this strategy ties into the long-term goals in the Mission Statement, Vision, & Core Values of Burlington Stores, Inc. (BURL).

Burlington Stores' Ownership Breakdown

The ownership breakdown shows that institutional investors-firms like Vanguard Group and BlackRock-are the dominant stakeholders, holding the power to significantly influence board elections and major corporate actions. This is typical for a large-cap retail stock, but the degree of institutional control is notable.

The high institutional ownership, which is sometimes reported even higher due to share lending for short-selling, indicates Wall Street's strong buy-in to the company's off-price model. For instance, Vanguard Group, Inc. and BlackRock, Inc. are consistently listed among the largest institutional holders.

Burlington Stores' Leadership

The company's strategic direction is steered by a seasoned executive team, many of whom have deep experience in the off-price retail sector. This leadership stability is key to executing the aggressive growth plans, such as opening approximately 100 net new stores in Fiscal Year 2025.

• Michael O'Sullivan: Chief Executive Officer (CEO) and a Director since 2019. He was appointed CEO in July 2022 and has an average management team tenure of 3.7 years.
• John Mahoney: Chairman of the Board since February 2020. He provides deep institutional knowledge, having served in various roles, including CFO, from 1996 to 2012.
• Kristin Wolfe: Executive Vice President and Chief Financial Officer (CFO) since August 2022, overseeing the financials that are projected to yield an Adjusted EPS in the range of $9.19 to $9.59 for FY2025.
• Jennifer Vecchio: Group President and Chief Merchandising Officer (CMO), a critical role that manages the opportunistic buying strategy central to the off-price model.

The Board of Directors also recently added Michael Skirvin, a veteran of the off-price retail sector with over 30 years of experience, effective November 18, 2025, further strengthening the board's operational expertise.

Burlington Stores, Inc. (BURL) Mission and Values

Burlington Stores, Inc. stands for a clear-cut value proposition: offering high-quality, branded merchandise at significant discounts while fostering an inclusive, results-driven culture.

This off-price model is the company's core purpose, driving its expansion plan to open approximately 100 net new stores in Fiscal Year 2025, which should increase their store count from the 1,138 locations they operated as of the end of Q2 2025.

Given Company's Core Purpose

The company's DNA is built around delivering a treasure-hunt shopping experience, which is why their financial health is so strong. For instance, in Q1 2025, Total Sales increased 6% year-over-year to $2.500 billion, demonstrating how well this model works even in a tough economy. To be fair, this focus on value is the entire business strategy.

Official mission statement

While Burlington Stores, Inc. does not publish a single, formal mission statement, their operational focus is clear: to be a nationally recognized off-price retailer providing a compelling value proposition to customers every day. This means consistently offering in-season, high-quality branded merchandise at up to 60% off other retailers' prices.

• Deliver a wide assortment of fashion-forward merchandise.
• Provide compelling value to attract value-conscious consumers.
• Ensure an engaging and convenient shopping experience.

If you want to understand the investor side of this value-driven growth, you should read Exploring Burlington Stores, Inc. (BURL) Investor Profile: Who's Buying and Why?

Vision statement

The company's inferred vision centers on solidifying its position as a leading off-price retailer by driving aggressive growth and profitability. The goal is long-term value creation for shareholders by enhancing the customer experience and expanding market presence.

• Expand market presence through strategic new store openings.
• Drive growth to achieve the expected FY 2025 Adjusted EPS guidance of $8.70 to $9.30.
• Foster a culture of inclusivity and engagement to enhance business performance.

Here's the quick math: The company's market capitalization is about $17.66 billion as of November 2025, which shows the market's belief in their long-term vision and growth trajectory. Still, their ability to hit the high end of their sales growth guidance of 6% to 8% for FY 2025 is defintely tied to execution on the new store openings.

Given Company slogan/tagline

Burlington Stores, Inc. uses several phrases in its marketing that capture its core purpose, but the most active, customer-facing tagline is built around the excitement of finding a deal.

• WOW! at Burlington Stores
• High-quality, branded merchandise at everyday low prices.
• Delivering value to our customers every day.

Their core values support this mission, focusing on internal strength to deliver external value:

• Developing Trust and Respect among all members of the Burlington community.
• Building Strong Teams and Partnerships through collaborative teamwork.
• Driving Business Results by taking ownership and pride in the company.

Burlington Stores, Inc. (BURL) How It Works

Burlington Stores, Inc. operates as a national off-price retailer, delivering brand-name merchandise at substantial discounts-often up to 60% to 70% off department store prices-through a high-velocity, low-inventory model. This approach creates a compelling, ever-changing treasure-hunt shopping experience that drives frequent customer visits and high sales productivity.

Burlington Stores, Inc.'s Product/Service Portfolio

The company's core value proposition is providing a diverse, rotating assortment of high-quality, branded merchandise at exceptional value. This broad product mix, which has diversified significantly beyond its original outerwear focus, is designed to appeal to a wide spectrum of value-conscious consumers.

Burlington Stores, Inc.'s Operational Framework

Burlington's operational framework is built on a 'buy-it-right' philosophy and a flexible, low-cost store model, allowing them to turn inventory quickly and maximize profit per square foot. This is where the rubber meets the road, and it's why the off-price model works so well.

• Opportunistic Buying: Buyers purchase merchandise opportunistically, often acquiring excess inventory from manufacturers and other retailers at steep discounts, which is the foundation of their low-price model.
• Rapid Inventory Turn: Unlike traditional retail, merchandise is flowed quickly to the sales floor, driving a sense of urgency and scarcity for customers. Comparable store inventories were down 8% year-over-year in Q1 Fiscal 2025, showing this tight inventory management is defintely working.
• Smaller Store Format (Burlington 2.0): The company is aggressively shifting to smaller-format stores, which require less capital expenditure and are more efficient to operate, targeting approximately 100 net new stores for Fiscal Year 2025.
• Minimal E-commerce: They intentionally limit their online sales to focus on the in-store treasure-hunt experience, avoiding the high costs of shipping and returns that plague online apparel retail.

Here's the quick math: lower rent and quicker sales cycles mean the company can afford to sell at a lower margin while still generating superior returns on invested capital. You can read more about the financial implications in Breaking Down Burlington Stores, Inc. (BURL) Financial Health: Key Insights for Investors.

Burlington Stores, Inc.'s Strategic Advantages

The company's market success hinges on its ability to execute the off-price model better than many competitors, leveraging a disciplined real estate strategy and a highly flexible supply chain to sustain high growth.

• Value Proposition Resilience: The off-price model thrives in all economic cycles, attracting consumers during inflationary periods (seeking savings) and during boom times (seeking deals on branded goods).
• Superior Sourcing Network: A vast network of vendors and a reputation for fast, reliable purchasing makes Burlington a preferred outlet for manufacturers' excess inventory, securing the best deals.
• Real Estate Optimization: The shift to smaller, more efficient stores-operating 1,138 stores as of Q2 Fiscal 2025-allows them to penetrate new markets and secure prime, high-traffic locations with lower overall rent per square foot.
• High Sales Productivity: The treasure-hunt atmosphere encourages impulse buying and drives a high conversion rate, translating into strong sales growth. Full-year Fiscal 2025 total sales growth is expected to be in the range of 6% to 8%.

Burlington Stores, Inc. (BURL) How It Makes Money

Burlington Stores, Inc. generates nearly all its revenue by selling a diverse, constantly rotating assortment of branded merchandise at significant discounts-the core of its off-price retail model. This model relies on opportunistic buying of manufacturers' excess inventory and a rapid inventory turnover to drive high-volume sales across its growing network of physical stores.

Burlington Stores, Inc. Revenue Breakdown

Burlington Stores does not typically break out revenue by product category in its quarterly reports, but based on the stable merchandise mix of its off-price model, the sales composition remains heavily diversified across major categories. This breakdown reflects the general product mix that drives the company's total sales, which are projected to increase by a range of 7% to 8% for the full fiscal year 2025 (ending January 31, 2026).

Business Economics

The economic engine of Burlington Stores is its 'treasure hunt' off-price model, which is fundamentally different from traditional retail. The company's value proposition is offering brand-name goods at prices typically 60% to 70% below department and specialty store prices. This is possible because they buy inventory opportunistically-closeouts, overruns, and canceled orders-at a deep discount, which keeps their cost of goods sold low. This is defintely a high-volume, low-margin approach.

The pricing strategy is simple: every day low price (EDLP). They avoid the cost and complexity of constant sales and promotions, instead focusing on high inventory turnover (how quickly merchandise sells). Faster turnover means less capital tied up in slow-moving stock and a fresh assortment that encourages repeat visits from value-conscious shoppers. Plus, their strategic shift to smaller store prototypes, averaging around 25,000 square feet, helps reduce occupancy costs and improve store productivity, which is critical for margin expansion. You can dive deeper into the operational side of this model by reading Breaking Down Burlington Stores, Inc. (BURL) Financial Health: Key Insights for Investors.

• Inventory Turn: Rapidly selling merchandise prevents markdowns and frees up cash.
• Cost Structure: Lean store operations and a minimal e-commerce presence keep overhead expenses low.
• Margin Focus: The goal is to expand the Adjusted EBIT margin, with management guiding for an expansion of 20 to 40 basis points for the full fiscal year 2025.

Burlington Stores, Inc. Financial Performance

The company's financial health as of late 2025 shows a business that is successfully executing its growth strategy, Burlington 2.0, even with tariff and cost pressures. For the full fiscal year 2025 (ending January 31, 2026), the company has raised its guidance, reflecting confidence in its value proposition.

• Total Sales Growth: Total sales are expected to increase in the range of 7% to 8% for the full fiscal year 2025.
• Comparable Store Sales (Comp Sales): Comp sales, a key metric for retail health, are projected to increase in the range of 1% to 2% for FY 2025, which builds on a strong 4% increase in the prior fiscal year.
• Adjusted Earnings Per Share (EPS): Full-year Adjusted EPS guidance is set between $9.19 and $9.59, a significant jump from the reported $7.80 for the fiscal year ending February 1, 2025.
• Net Income: For the fiscal year ending February 1, 2025, Burlington reported a net income of approximately $503.6 million.
• Store Expansion: The company plans to open approximately 100 net new stores in FY 2025, driving significant capital expenditures (CapEx), which are projected to be around $950 million (net of landlord allowances).

Here's the quick math on CapEx: spending nearly a billion dollars on new stores and infrastructure shows their commitment to physical expansion as the primary growth lever, prioritizing new store openings over large-scale e-commerce investment.

Burlington Stores, Inc. (BURL) Market Position & Future Outlook

Burlington Stores, Inc. is strategically positioned to capture market share in the value-driven retail sector, leveraging its operational overhaul to drive significant earnings growth in fiscal year 2025. The company's future trajectory hinges on the successful execution of its new, smaller store format and its ability to maintain extreme value pricing amidst macroeconomic headwinds.

You can see the full financial picture, including who's betting big on this strategy, in Exploring Burlington Stores, Inc. (BURL) Investor Profile: Who's Buying and Why?, but the core of the play is aggressive expansion.

Competitive Landscape

Burlington Stores operates in a highly concentrated off-price market dominated by two larger players. While the company is the smallest of the three major off-price apparel retailers, its aggressive store growth and operational pivot are designed to close the gap.

Here's the quick math: TJX Companies holds nearly 70% of the market share among the top three, so Burlington has a massive runway for growth if it can execute its new strategy. That's a huge opportunity.

Opportunities & Challenges

The company's strategic initiatives, collectively known as Burlington 2.0, are the primary drivers of near-term opportunity, but they are not without significant execution risk. Management is forecasting total sales growth of 7% to 8% for fiscal year 2025, which translates to a revenue range of $11.38 billion to $11.58 billion.

Honesty, the biggest challenge is making sure the new stores are profitable right out of the gate, plus the ongoing tariff uncertainty. That could defintely hurt margins.

Industry Position

Burlington Stores is firmly established as the third-largest national off-price retailer, a position it is aggressively trying to improve through physical expansion rather than e-commerce. Its strategy is simple: put a smaller, more efficient, and easier-to-shop store closer to the customer.

• Store Footprint: The shift to smaller, roughly 18,000 square-foot stores is intended to accelerate the expansion plan toward a long-term goal of 2,000+ locations.
• Margin Focus: Operational improvements under Burlington 2.0 are designed to increase the adjusted EBIT margin by 20 to 40 basis points in FY2025.
• Value Proposition: The company is doubling down on the 'treasure-hunt' experience with faster inventory turns and a broader merchandise mix that includes home goods and beauty, moving beyond its traditional outerwear focus.

The company's strong return on equity, which at 42.74% is higher than Ross Stores, indicates superior efficiency in generating profit from shareholder investment, despite a lower net margin. This efficiency is the key structural advantage they are building upon.