Burlington Stores Inc (NYSE: BURL) is an off-price retail company that sells branded apparel, footwear, accessories, home goods, toys, and gifts at prices up to 60% below other retailers' prices. Revenue is generated entirely through transactional in-store sales across a company-operated store network. Burlington competes directly with other off-price retailers for customers, vendors, and store locations across the United States. Founded in 1972 in Burlington, New Jersey, originally as a coat and outerwear retailer, the company has grown to 1,212 stores as of January 31, 2026, operating in 46 states, Washington D.C., and Puerto Rico. The CEO is Michael O'Sullivan, and the CFO is Kristin Wolfe, both signing the 10-K filed March 19, 2026. The company carries debt obligations including a Term Loan Facility at a 5.4% interest rate and 2027 Convertible Notes, and has committed to open or relocate 96 additional stores with $536.9 million in future lease obligations as of January 31, 2026.

Revenue model

Transactional retail sales. Burlington generates revenue by purchasing branded merchandise opportunistically and selling it at marked-down prices in company-operated physical stores. There is no disclosed subscription, membership fee, or e-commerce revenue stream in the filing excerpts.

Products and services

Women's ready-to-wear apparel, menswear, youth apparel, baby products, beauty, footwear, accessories, home goods, toys, gifts, and coats. Merchandise is in-season and fashion-focused, offered at up to 60% off other retailers' prices (per FY2025 10-K).

Customers and end markets

Value-oriented consumers shopping for branded apparel and home goods at discount prices. The filing identifies Hispanic customers as an important demographic group. No customer concentration disclosures appear in the excerpts.

Value-chain role

Downstream off-price retailer. Burlington purchases branded merchandise and sells directly to end consumers through company-operated stores. The company operates multiple owned and leased distribution centers in New Jersey and California to support store replenishment.

Geographic exposure

United States only. 1,212 stores as of January 31, 2026, across 46 states, Washington D.C., and Puerto Rico. Largest state concentrations include Texas (147 stores), Florida (126 stores), California (123 stores), New York (74 stores), and New Jersey (55 stores).

Source: SEC 10-K, filed 2026-03-19

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