Press release
Ross Stores Reports Fourth Quarter and Fiscal 2022 Results
Announces 8% Increase in Quarterly Cash Dividend Provides First Quarter and Fiscal 2023 Outlook DUBLIN, Calif.--(BUSINESS WIRE)-- Ross Stores, Inc. (NASDAQ:
About this update from Ross Stores, Inc.
[{"type":"text","content":"\nAnnounces 8% Increase in Quarterly Cash Dividend\n\nProvides First Quarter and Fiscal 2023 Outlook\n\n DUBLIN, Calif.--(BUSINESS WIRE)--\nRoss Stores, Inc. (NASDAQ: ROST) today reported earnings per share for the fourth quarter ended January 28, 2023 of $1.31 on net income of $447 million. These results compare to earnings per share of $1.04 on net earnings of $367 million for the 13 weeks ended January 29, 2022. Sales for the fourth quarter of 2022 were $5.2 billion, with comparable store sales up 1% on top of a 9% increase for the same period in 2021.\n\nFor the 2022 fiscal year ended January 28, 2023, earnings per share were $4.38 on net income of $1.5 billion, compared to $4.87 per share on net earnings of $1.7 billion in 2021. Sales for 2022 were $18.7 billion, versus $18.9 billion in fiscal 2021, with comparable store sales down 4%, versus a robust 13% increase in the prior year.\n\nBarbara Rentler, Chief Executive Officer, commented, “During a very competitive holiday season, fourth quarter sales and earnings exceeded our guidance due to customers’ positive response to our improved assortments and stronger value offerings.”\n\nShe continued, “Fourth quarter operating margin was 10.7% compared to 9.8% in 2021. This improvement was mainly driven by lower freight and incentive costs that were partially offset by unfavorable timing of packaway-related expenses.”\n\nUpdate on Shareholder Payouts\n\nDuring the fourth quarter and fiscal 2022, the Company repurchased a total of 2.1 million and 10.3 million shares of common stock, respectively, for an aggregate purchase price of $231 million in the quarter and $950 million for the fiscal year. These purchases were made pursuant to the two-year $1.9 billion program announced in March 2022. We expect to complete the $950 million remaining under this authorization in fiscal 2023.\n\nThe Company’s Board of Directors also recently increased the quarterly cash dividend by 8% to $0.335 per share to be payable on March 31, 2023 to stockholders of record as of March 14, 2023.\n\nMs. Rentler noted, “Our stock repurchase and dividend programs reflect our continued commitment to enhancing stockholder value and returns, as well as our confidence in the Company’s projected future cash flows and the strength of our balance sheet.”\n\nFiscal 2023 Outlook\n\nLooking ahead, Ms. Rentler noted, “As...