Burlington Stores — Nov 26, 2024 release

To this end, November is off to a good start, and we are optimistic about our prospects for the fourth quarter. But with the key selling weeks still ahead of us, we are planning our business cautiously and maintaining our comparable store sales guidance of 0% to 2% for the quarter. We are ready to chase if the trend is stronger.” Fiscal 2024 Third Quarter Operating Results (for the 13-week period ended November 2, 2024, compared with the 13-week period ended October 28, 2023)  • Total sales increased 11% compared to the third quarter of Fiscal 2023 to $2,526 million, while comparable store sales increased 1% compared to the third quarter of Fiscal 2023.      • Gross margin rate as a percentage of net sales was 43.9% vs. 43.2% for the third quarter of Fiscal 2023, an increase of 70 basis points. Merchandise margin expanded by 50 basis points, primarily driven by lower markdowns and higher markup, while freight expense improved 20 basis points. • Product sourcing costs, which are included in selling, general and administrative expenses (SG&A), were $210 million vs. $200 million in the third quarter of Fiscal 2023, decreasing 50 basis points as a percentage of net sales. Product sourcing costs include the costs of processing goods through our supply chain and buying costs.   • SG&A was 35.4% as a percentage of net sales vs. 36.2% in the third quarter of Fiscal 2023, improving by 80 basis points. Adjusted SG&A was 26.9% as a