The company in June filed with the Securities and Exchange Commission to go public and had hoped to raise $200 million. A total of 13.3 million shares were priced Tuesday night at higher than the originally expected $14 to $16 range due to high demand. The underwriters have an overallotment option in which they can sell another 2 million shares.
At $17 a share, Burlington raised $226.7 million. The company was taken private in 2006 when it was acquired by Bain Capital for $2.06 billion. Following the initial public offering, Bain continues to be a majority stakeholder. The proceeds from the IPO will be used to redeem certain senior notes and for general corporate purposes.
The company began a substantial turnaround initiative when it hired Tom Kingsbury in December 2008 as president and chief executive officer.
Under his initiatives, the company has invested in technology and has built a data-driven testing culture. The retailer has also fine tuned its focus on its core female customer, who is between ages 25 and 49 with annual household income of between $25,000 and $75,000. The retailer has also improved product offerings in women’s ready-to-wear, shoes and accessories to increase the frequency of visits and average spend of its core customer.
In a telephone interview shortly after shares of Burlington began trading, Kingsbury said the core customer shops fairly frequently at the stores and that the women’s business continues to be a strong category for the off-pricer. While much of the heavy lifting has been done, Kingsbury said there are “still opportunities across the board to grow women’s apparel within our stores.”
The retailer operates 503 stores, and has opened on average 23 stores a year since being acquired by Bain. Kingsbury said that rate of store openings still holds due to the opportunities available across the U.S.
For the year ended Feb. 2, or fiscal 2012, the company posted net income of $25.3 million on net sales of $4.13 billion.
Burlington Stores, which operates the Burlington Coat Factory stores, trades on the New York Stock Exchange under the symbol “BURL.”
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion
“I’m Russian and I love to use all these little tricks that I got from my grandma or my mom. We didn’t have a lot of money for creams or anything like that so we would use a garden as a beauty treatment regime. We’d put cucumber in the fridge and do a cucumber mask,” says model @irinashayk on one of her beauty hacks. WWD asked celebs what their go-to self-care rituals are. See what Naomie Harris, Freida Pinto and more said on WWD.com. #wwdeye #wwdbeauty (📷: @zefashioninsider)
Exclusive: @viktorandrolf are teaming up with @Zalando on a collection made from leftover clothing. The lineup, which lands at the retailer February 1, includes 17 pieces adorned with sliced up and repurposed overstock from the retailer’s private label collection. Pictured here is a look from the collection –– see more on WWD.com. #wwdfashion #wwdnews
@duewestnyc is the newest bar joining the collection of intimate neighborhood-focused spaces in the West Village. The cocktail menu, which includes bitters and syrups made in-house, offers a “Build Your Own Old-Fashioned” – like the one pictured here – where guests can choose from a list of spirits and unexpected sugars and bitters. #wwdeye
Spotted at last night’s National Board of Review gala in NYC: Angelina Jolie. Jolie – along with Meryl Streep, @lupitanyongo and more – continued the all-black dress code from Sunday’s Golden Globes. #wwdeye (📷: @lexieblacklock)