Slide 1: Burlington Stores Investor Presentation
Burlington Stores Investor Presentation August 2025 Proprietary and confidential
Slide 2: Forward-looking statements
This presentation contains forward-looking statements that are based on current expectations, estimates, forecasts and projections about Burlington Stores, Inc., together with its consolidated subsidiaries including, without limitation, Burlington Coat Factory Warehouse Corporation and its operating
Slide 3: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 3
Slide 4: Company Overview
Company Overview Nationally recognized off-price retailer of high-quality, branded apparel, footwear, accessories, and home merchandise at everyday low prices. National footprint with 1,138 stores in 46 states, Washington D.C. and Puerto Rico; attractive store economics and the potential to expa
Slide 5: Business Highlights
Business Highlights Strong History of Growth Annual Comparable Store Sales Growth Net Sales ($) Adj. EBITDA Margin 15%** $10,617 $9,307 $9,571 $8,685^ $7,261 $6,643 5% 5% 5% $6,003 4% 4% $5,566 $5,752 3% 3% 3% $5,099 2% *Covid $4,428$4,815 Era 12.1% 10.5% 11.5% 11.9% 11.3% 10.4% 2013 2014 2015 2016
Slide 6: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 6
Slide 7: Off-Price Retail
Off-Price Retail Off-Price retail offers branded apparel, footwear, accessories, home, and other merchandise at significantly lower prices versus other retailers. Off-price retailers source these great values by taking advantage of disruptions and cancellations in the supply chain for this merch
Slide 8: Off-price Shoppers
Off-price Shoppers Off-Price has strong appeal across different demographic groups Customer dollar contribution, Total US Retail vs. Total Off-Price* Age* HH income* Ethnicity* Household Size* 18-24 6% 8% Black Non-Hispanic 11% 12% Single 12% 13% <$50k 19% 23% 25-34 17% 18% Hispanic 18% $50k-$75k 14
Slide 9: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 9
Slide 10: Retail Market Share
Retail Market Share The retail industry has been undergoing a major restructuring for some time; this restructuring has seen a significant decline in the market share of department stores. The major beneficiaries of this restructuring have been pure-play internet retail formats, and the major off-
Slide 11: Off-Price Growth
Off-Price Growth Off-Price retail has been taking market share since long before the pandemic, driven by the strong consumer need and desire for value Off-Price Retail Sales ($B) $66 $63 $58 $58 $49 $46 $42 $40 $37 $38 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Source: Sales data Includes maj
Slide 12: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 12
Slide 13: Burlington Full Potential
Burlington Full Potential Burlington has a strong track record of growth and profit improvement, but it remains the smallest, least productive, and least profitable of the major off-price retail chains. It still has significant opportunity to drive growth, improve profitability and achieve its off
Slide 14: Full Potential Benchmarks
Full Potential Benchmarks Based on off-price peer benchmarks, Burlington still has a lot of opportunity to drive performance and achieve its “Full Potential” Source: Company filings. Adjusted EBIT is a non-GAAP measure. Please see the Appendix for the reconciliation to its most comparable GAAP measu
Slide 15: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 15
Slide 16: Burlington 2.0 'Full Potential' Strategy
Burlington 2.0 “Full Potential” Strategy 1. Chase the Sales Trend • Hold and tightly control liquidity • Fuel the trend with opportunistic buys 2. Operate with Leaner Inventories • Drive faster turns, lower markdowns • Flow fresh receipts to support sales trend 3. Invest in Buying & Planning • Merch
Slide 17: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 17
Slide 18: Financial Full Potential
Financial Full Potential Burlington has a strong track record of growth and cash generation Net Sales ($M) $9,571 $10,617 $9,307 $8,685 $6,003 $6,643 $7,261 $4,815 $5,099 $5,566 $5,752 $4,428 2013 2014 2015 2016 2017¹ 2018 2019 2020 2021 2022 2023¹ ² 2024 *Covid Growth 9% 6% 9% 8% 11% 9% Era 28%^ -7
Slide 19: Burlington 2.0 Financial Goals
Burlington 2.0 Financial Goals Burlington 2.0 targets specific areas for performance improvement • Increases in Operating Margin driven by: 1. Higher Comparable Store Sales Growth o Using Liquidity to Chase Sales o Strengthening Buying & Planning 2. Higher Merchandise Margins o Faster Turns, Lower M
Slide 20: New Store Economics
New Store Economics The Growth of New Stores should also help drive Operating Margins Gross New Store Openings 147 ~130 113 101 104 76 68 62 48 30 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E Avg Sq. Ft 51,000 45,000 43,000 42,000 40,000 31,000 28,000 27,000 27,000 28,000 Optimized Footprint o
Slide 21: Strong Balance Sheet
Strong Balance Sheet The company has a strong balance sheet to support its growth Net debt / Adjusted EBITDA 3.9x 3.4x 2.7x 2.7x 1.8x 1.4x 1.1x 1.1x 0.9x 0.7x 0.6x 0.7x 0.5x 0.4x 2012 2013 2014 2015 2016 2017 2018 2019 2020* 2021 2022 2023 2024 LTM *2020 shown using 2019 Adjusted EBITDA for illustra
Slide 22: Q2 2025 Performance Summary
Q2 2025 Performance Summary • Total sales increased by 10% versus Q2 2024. Comparable store sales increased by 5% • Gross Margins increased 90bps. Merchandise margin expanded by 60 bps as a percentage of sales; freight expense improved by 30 bps • Adjusted EBIT* was $162 million, an increase of 120
Slide 23: Long Term Growth Model
Long Term Growth Model New store growth plan – expect to open: o Approximately 500 net new stores from 2024 through 2028 o Potential to expand store base to 2,000 stores Project low double digit average annual sales growth over the next 5 years: o Driven by new store openings and comp stores sal
Slide 24: Agenda
Agenda • Company Overview • Off-Price Retail • Retail Market Share • Burlington Full Potential • Burlington 2.0 Strategy • Financial Performance • CSR Progress 24
Slide 25: Burlington's Corporate Social Responsibility Progress
Burlington’s Corporate Social Responsibility Progress 2024 CSR Report released August 28th, 2025 ENVIRONMENT • Tracking toward our 2030 goal of reducing Scope 1 and Scope 2 greenhouse gas emissions by 60% compared to a baseline year of 2016 (on a normalized per square foot of operational space), we
Slide 26: Appendix
Appendix 26
Slide 27: Executive Team
Executive Team Michael O’Sullivan Chief Executive Officer At Burlington Since: 2019 Prior experience: Jennifer Vecchio Travis Marquette Kristin Wolfe Group President and Chief President and Chief EVP Chief Financial Officer Merchandising Officer Operating Officer At Burlington Since: 2022 At
Slide 28: Adjusted Net Income and EBIT
Adjusted Net Income and EBIT Historical Adjusted EPS Reconciliation 1 1 ($ in millions) FY 16 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 FY 24 Q2 24 Q2 25 Net Income (loss) $215.9 $384.9 $414.7 $465.1 ($216.5) $408.8 $230.1 $339.6 $503.6 $ 73.8 $ 94.2 Net Favorable Lease Costs 23.8 23.3 26.1 35.8 24.