Burlington Stores is planning to open about 100 new stores in 2024 after its net income nearly doubled last year.

The company’s net income surged 47.6 per cent to $339.6 million as revenue increased 11.8 per cent to $9.73 billion in the year ended February 3.

“Fortunately, despite softer underlying growth and some heavy expenditure on new shops, Burlington has managed its costs and finances well,” said GlobalData MD Neil Saunders.

“It has also pushed up margins thanks to better buying and lower rates of discounting. This has allowed it to expand profits by quite a wide margin.”

For this year, the company forecasts sales to increase 9 per cent to 11 per cent, assuming comparable store sales will increase up to 2 per cent. The company also targets to open about 100 net new stores.

“There is a lot of uncertainty in the external environment, so we are planning our business flexibly, and we are ready to chase if the sales trend is stronger,” Burlington Stores CEO Michael O’Sullivan.

“Although it makes sense to be cautious in the short term, we are very excited about the long-term outlook for our business. As discussed in November, we believe we have the potential to reach $16 billion in total sales and $1.6 billion in adjusted operating income in the next five years.”