Press release
Ross Stores Reports Results for Fourth Quarter and Fiscal 2023
Announces New Two-year Stock Repurchase Authorization and Raises Quarterly Cash Dividend Provides First Quarter and Fiscal 2024 Guidance DUBLIN,
About this update from Ross Stores, Inc.
[{"type":"text","content":"\nAnnounces New Two-year Stock Repurchase Authorization and Raises Quarterly Cash Dividend\n\n\nProvides First Quarter and Fiscal 2024 Guidance\n\n\n DUBLIN, Calif.--(BUSINESS WIRE)--\nRoss Stores, Inc. (NASDAQ: ROST) today reported earnings per share for the 14 weeks ended February 3, 2024 of $1.82, up from $1.31 per share for the 13 weeks ended January 28, 2023. Net income for the period rose to $610 million versus $447 million last year. Sales for the 14 weeks ended February 3, 2024 grew to $6.0 billion, with comparable store sales for the 13 weeks ended January 27, 2024 up a robust 7% over the same period last year.\n\n\nFiscal 2023 earnings per share for the 53 weeks ended February 3, 2024 grew to $5.56, up from $4.38 in the 52-week fiscal 2022 year ended January 28, 2023. Net earnings for fiscal 2023 were $1.9 billion on sales of $20.4 billion, up from net earnings of $1.5 billion in fiscal 2022 on sales of $18.7 billion. Comparable store sales for the 52 weeks ended January 27, 2024 grew a solid 5%.\n\n\nThe sales results for both the 2023 fourth quarter and fiscal year included a $308 million benefit from the 53rd week. Earnings per share for both periods also benefited from the extra week by approximately $0.20 per share.\n\n\nBarbara Rentler, Chief Executive Officer, commented, “We are pleased with our fourth quarter sales and earnings results that were well ahead of our expectations. Our above-plan sales were driven by customers’ positive response to our improved assortments of quality branded bargains throughout our stores.”\n\n\nMs. Rentler continued, “Fourth quarter operating margin grew 165 basis points to 12.4%, up from 10.7% in the prior year. This improvement was mainly due to the strong gains in same store sales and lower freight costs that were partially offset by higher incentives. The 53rd week also benefited operating margin by 80 basis points.\"\n\n\nBoard Approves New Two-Year Stock Repurchase Authorization and Increase in Quarterly Dividend\n\n\nDuring the recently completed fourth quarter, 1.9 million shares were repurchased for a total price of $247 million. For fiscal 2023, a total of 8.2 million shares of common stock were repurchased for an aggregate purchase price of $950 million, completing the two-year stock repurchase program as planned.\n\n\nThe Company’s Board of Directors recently approved a...