Burlington Stores (BURL.N) - Fundamental Investment Case

Burlington Stores operates discount clothing retail locations in the US. The company is one of the leading off price retailers of high quality branded apparel.  Burlington has a vast and national store network of 684 locations spread across 45 states.  Locations are considered to be a major asset considering the vast majority are high quality off mall locations like power or strip centers. Stores are between 40,000 and 80,000 square feet but have recently moved more toward the lower end.  Burlington sells a wide variety of quality on trend but off price products. The company carries over 5,100 brands with plans to increase the number over time.
The pricing at the locations follows an every day low price model with estimated savings of up to 60% from other large retailers.

Please download the full report for details on the Bear Case outlined below (includes a call with the analyst)

Bottom Line: An expensive off mall retailer with high expectations and fundamental weakness.