Investment Research report

Burlington Stores, Inc.

NYSE:
BURL
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Burlington Stores, Inc.
Broken Heart, No Love For Burlington Stores
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Research Overview

INDEX:
S&P 500
Sector:
Consumer Discretionary
Position:
Short
Date:
Nov 3, 2016

After conducting a forensic financial and accounting review, Spruce Point believes Burlington Stores, Inc (NYSE: BURL), a discount retailer, is facing challenges due to unsustainable sales and gross margins of its current business. Based on our investigation, we estimate 20% to 40% downside risk. 

The report highlights several key concerns with the company, including:

  • Data shows numerous financial presentations, accounting, and business issues that could be signaling a slowdown
  • Evidence of a non-standard inventory accounting and an end to pack and hold cookie jar 
  • We find that unit store economics appear to be deteriorating in today’s climate
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