BURLINGTON, N.J.--(BUSINESS WIRE)--
Burlington Stores, Inc. (NYSE:BURL) (“Burlington”), a nationally
recognized off-price retailer of high-quality, branded apparel at
everyday low prices, today issued the following statement in response to
a report issued on November 3, 2016 by self-proclaimed short seller
Spruce Point Capital Management.
The Company stands by its financial statements and emphatically denies
the claims made in the report. The report, which is filled with innuendo
and baseless allegations, is based on flawed, inaccurate and misleading
The Company also notes that the short seller stated in the report that
it ‘stands to realize significant gains in the event that the price of
[Burlington’s] stock declines’.
Burlington’s financial statements are prepared in accordance with GAAP
and any non-GAAP information is reconciled to its GAAP equivalent.
Burlington’s annual financial statements are audited by Deloitte &
About Burlington Stores, Inc.
Burlington Stores, Inc., headquartered in New Jersey, is a nationally
recognized off-price retailer with fiscal 2015 revenue of $5.1 billion.
The Company is a Fortune 500 company and its common stock is traded on
the New York Stock Exchange under the ticker symbol “BURL.” The Company
operates 570 stores, inclusive of an internet store, in 45 states and
Puerto Rico, principally under the name Burlington Stores. The Company’s
stores offer an extensive selection of in-season, fashion-focused
merchandise at up to 65% off other retailers' prices, including women’s
ready-to-wear apparel, menswear, youth apparel, baby, beauty, footwear,
accessories, home and coats.
For more information about the Company, visit www.burlingtonstores.com.
Safe Harbor for Forward-Looking and Cautionary Statements
This release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended (Exchange Act). All
statements other than statements of historical fact included in this
release are forward-looking statements. Forward-looking statements
discuss our current expectations and projections relating to our
financial condition, results of operations, plans, objectives, future
performance and business. You can identify forward-looking statements by
the fact that they do not relate strictly to historical or current
facts. We do not undertake to publicly update or revise our
forward-looking statements even if experience or future changes make it
clear that any projected results expressed or implied in such statements
will not be realized. If we do update one or more forward-looking
statements, no inference should be made that we will make additional
updates with respect to those or other forward-looking statements. All
forward-looking statements are subject to risks and uncertainties that
may cause actual results to differ materially from those we expected,
including competition in the retail industry, seasonality of our
business, adverse weather conditions, changes in consumer preferences
and consumer spending patterns, import risks, inflation, general
economic conditions, our ability to implement our strategy, our
substantial level of indebtedness and related debt-service obligations,
restrictions imposed by covenants in our debt agreements, availability
of adequate financing, our dependence on vendors for our merchandise,
events affecting the delivery of merchandise to our stores, existence of
adverse litigation and risks, availability of desirable locations on
suitable terms and other factors that may be described from time to time
in our filings with the Securities and Exchange Commission (SEC). For
each of these factors, the Company claims the protection of the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995, as amended.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161107005465/en/
Source: Burlington Stores, Inc.