Burlington Stores (BURL) Q4 2022 Earnings Call Transcript

For the period ending January 28, 2022

March 2, 2023 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Ladies and gentlemen, thank you for standing by and welcome to the Burlington Stores Inc. fourth quarter 2022 earnings webcast.

I would now like to turn the call over to David Glick, Group Senior Vice President, Investor Relations and Treasurer. Please go ahead.

David Glick

Thank you Operator, and good morning everyone. We appreciate everyone’s participation in today’s conference call to discuss Burlington’s fiscal 2022 fourth quarter operating results.

Our presenters today are Michael O’Sullivan, our Chief Executive Officer, and Kristin Wolfe, our EVP and Chief Financial Officer.

Before I turn the call over to Michael, I would like to inform listeners that this call may not be transcribed, recorded or broadcast without our express permission. A replay of the call will be available until March 9, 2023. We take no responsibility for inaccuracies that may appear in transcripts of this call by third parties. Our remarks and the Q&A that follows are copyrighted today by Burlington Stores.

Remarks made on this call concerning future expectations, events, strategies, objectives, trends, or projected financial results are subject to certain risks and uncertainties. Actual results may differ materially from those that are projected in such forward-looking statements. Such risks and uncertainties include those that are described in the company’s 10-K for fiscal 2021 and in other filings with the SEC, all of which are expressly incorporated herein by reference.

Please note that the financial results and expectations we discuss today are on a continuing operations basis. Reconciliations of the non-GAAP measures we discuss today to GAAP measures are included in today’s press release.

Now here’s Michael.

Michael O’Sullivan

Thank you David. Good morning everyone and thank you for joining us.

I would like to cover three topics this morning. Firstly, I will discuss our fourth quarter results; secondly, I will talk about our 2023 guidance; and finally, I’ll offer some comments on our longer term outlook. After that, I will hand over to Kristin to walk through the financial details of our fourth quarter results and our 2023 guidance, then we will be happy to respond to any questions.

Okay, let’s talk about our Q4 results. Comp store sales for the fourth quarter decreased 2%. This was on top of 6% comparable store sales growth last year. As we have done on previous calls, today when we are describing our comp trend, we will use a three-year geometric stack. This metric is defined in more detail in today’s press release.