Press release
Ross Stores Reports Fourth Quarter and Fiscal 2021 Results and Provides First Quarter and Fiscal 2022 Outlook
Announces New Two-Year $1.9 Billion Stock Repurchase Authorization and Increases Quarterly Cash Dividend Raises Long-Term Store Growth Potential DUBLIN,
About this update from Ross Stores, Inc.
[{"type":"text","content":"\nAnnounces New Two-Year $1.9 Billion Stock Repurchase Authorization and Increases Quarterly Cash Dividend\n\nRaises Long-Term Store Growth Potential\n\n DUBLIN, Calif.--(BUSINESS WIRE)--\nRoss Stores, Inc. (NASDAQ: ROST) today reported earnings per share for the 13 weeks ended January 29, 2022 of $1.04 on net income of $367 million. This compares to $1.28 per share on net earnings of $456 million for the 13 weeks ended February 1, 2020. Sales for the fourth quarter of 2021 were $5.0 billion, with comparable store sales up 9% versus the same period in 2019.\n\nFor the 2021 fiscal year ended January 29, 2022, earnings per share were $4.87 on net income of $1.72 billion, up from $4.60 per share on net earnings of $1.66 billion in 2019. Total sales for 2021 grew 18% to $18.9 billion, up from $16.0 billion in fiscal 2019, with comparable store sales up 13%.\n\nBarbara Rentler, Chief Executive Officer, commented, “We achieved strong sales results in the fourth quarter despite the negative impact from both the surge in Omicron cases during the peak holiday selling period and continued supply chain congestion.”\n\nShe continued, “Fourth quarter operating margin of 9.8% was down from 13.3% in 2019 mainly due to ongoing headwinds from higher freight, wages, and COVID-related costs.”\n\nBoard Authorizes $1.9 Billion Stock Repurchase Program and Increases Dividend\n\nThe Company’s Board of Directors recently authorized a new two-year program to repurchase up to $1.9 billion of common stock through fiscal 2023. This authorization replaces the $850 million remaining under the prior buyback authorization announced in May 2021. A total of $650 million of common stock was repurchased under the previous program in fiscal 2021. The Board also increased the quarterly cash dividend by 9% to $0.31 per share to be payable on March 31, 2022 to stockholders of record as of March 15, 2022.\n\nIn commenting on these actions, Ms. Rentler noted, “The increases to our stock repurchase and dividend programs reflect our ongoing commitment to enhancing stockholder value and returns, confidence in our projected future cash flows as well as the strength of our balance sheet.”\n\nFiscal 2022 Outlook\n\nLooking ahead, Ms. Rentler commented, “Fiscal 2022 is extremely difficult to predict, especially early in the year. In addition to the ongoing Omicron surge that b...